Iran, China to use local currencies in trade exchanges
“Under a Memorandum of Understanding (MoU) inked between Iran and China, the two countries will use their local currencies in trade exchanges," Iranian Minister of Economic Affairs and Finance (MEAF) said.
Publish date : Monday 11 June 2018 15:38
Speaking on the sidelines of President Rouhani’s visit to China, Masoud Karbasian said, “concurrently, a number of four Memoranda of Understanding (MoUs) were inked between Iran and China for broadening bilateral trade ties.”
In the same direction, MEAF and Chinese Infrastructure Development Organization signed a MoU in the field of using financial resources of the two countries for investing and using local currencies of the two countries in relevant trade exchanges, Karbasian maintained.
Under the agreement, trade and business relationshiop of the two countries was diagramed within the framework of ‘One Road, One Belt’, based on which, share of the two countries was emphasized in the roadmap.
Moreover, the two countries inked a contract for enhancing bilateral technical and scientific cooperation, he observed.
Turning to the increase of trade exchanges between the two countries, he said, “it was agreed to accelerate activities in the banking, oil and petrochemical fields.”
China is Iran’s first trade partner, he said, adding, “China has maintained its amicable relationship with the Islamic Republic of Iran over the past decade. In addition, China is the first and largest buyer of Iran’s oil.”