Iran proposes setting up joint bank with China

TEHRAN -– The director of the Trade Promotion Organization of Iran in a meeting with the Chinese ambassador in Tehran said that Iran and China can boost mutual trade by establishing a joint bank and using national currencies for their transactions.

IRNA news agency quoted the TPOI director, Hamid Safdel, as saying that the two sides could create a joint trade committee at the ministerial level, and pointed out that the countries would be better off if they signed an MOU on trade and customs cooperation.

He added that the two countries’ joint economic committee would help expand bank relations and ease opening letters of credit as well as establishing commercial firms.

The Chinese ambassador, Yuhong Yang, said for his part that soon an economic delegation from his country would come to Iran.

He said the delegation’s first priority is to review ways of expanding economic relations and resolve current problems in their trade ties. The president of Iran-China Joint Chamber of Commerce has predicted that the annual trade between the two countries will reach $50 billion in the next 5 years.

Asadollah Asgaroladi added that Iran-China trade value was $3.5 billion ten years ago and has currently reached $30 billion through the ardent endeavors of the Iran-China Joint Chamber of Commerce