Economy, Domestic Economy

Tayyebnia in Beijing for Joint Economic Commission

Tayyebnia in Beijing for Joint Economic CommissionTayyebnia in Beijing for Joint Economic Commission

Minister of Economic Affairs and Finance Ali Tayyebnia arrived in Beijing on Monday at the head of a delegation to attend the 16th session of the Iran-China Joint Economic Commission. The 15th meeting of the commission was held in 2014 in Tehran in February.

The commission is to meet after more than two years, following Chinese President Xi Jinping’s visit to Tehran at the head of a high-ranking political-economic delegation, a week after the implementation of Iran’s nuclear deal with the world powers in January. Seventeen memorandums of understanding were signed during the landmark visit and the two sides agreed to expand commercial ties to $600 billion within the next ten years. Long-term contracts in the energy and mining sectors were also discussed.

The so-called Implementation Day on January 16 officially marked the end of a decade of sanctions imposed against Iran over its nuclear energy program.

President Hassan Rouhani said Xi’s Iran visit, which was the first by a Chinese president in 14 years, marked “the beginning of an important era” in Sino-Iran relations.

“We discussed the strategic relationship between our two countries, setting up a comprehensive 25-year plan and promoting bilateral relations to $600 billion over the next 10 years,” Rouhani said after meeting with the Chinese leader.

The 2-day joint commission, which will open on Tuesday, seeks to follow up on the preliminary agreements reached between the two countries during Xi’s  Tehran visit.

The Iranian delegation comprising representatives of the public and private sectors in the fields of economy, industry, commerce, banking and culture will work on an economic roadmap with their Chinese counterpart to strengthen economic ties in the key sectors. The two sides are also expected to sign a memorandum of understanding on financial cooperation, IRNA reported.

 Main Trade Partner

Tayyebnia is scheduled to meet with Chinese Minister of Commerce Gao Hucheng, and Vice Premier Liu Yandong.

Moreover, a business forum is scheduled for Wednesday at the Iranian Embassy in Beijing with the aim of introducing investment opportunities in Iran following the removal of nuclear sanctions.

China is Iran’s biggest trade partner. Bilateral trade reached $17.6 billion during the last Iranian year (ended in March), with Iran’s exports to China standing at $7.23 billion, showing a 23% decline and imports amounting to $10.45 billion, down 22%.

Latest data on two-way trade pertains to the first four months of the current Iranian fiscal year (March 20-July 21). According to the Islamic Republic of Iran Customs Administration, 11 million tons of non-oil goods worth $2.9 billion were exported to China during the period, recording a 15% increase compared to last year’s corresponding period.

Petrochemicals, gas condensate, minerals, saffron and carpets were among the main exports. Iran’s import from the world’s second-largest economy stood at 1.38 million tons valued at $2.94 billion. It mainly included machinery, tires, rail tracks, industrial parts, steel products, air conditioners, computer parts and sunflower seed, over the same duration, indicating a 16% decline.