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EghtesadOnline: Iran’s private sector is in negotiations with the Chinese for creating a barter trade system, the president of Tehran Chamber of Commerce, Industries, Mines and Agriculture said upon returning from a recent visit to China.

“Negotiations are in their final stages and when implemented barter trade will be carried out in cooperation with China and Hong Kong. This will facilitate and expedite our commercial transactions,” Masoud Khansari was quoted as saying by the news portal of Iran Chamber of Commerce.

The official noted that Iran and China’s private sectors have agreed to launch an arbitration center for the settlement of commercial disputes between traders and businesspeople from the two countries after the reimposition of economic sanctions against the Islamic Republic by the US last year.

“We had meetings with the officials of China, Beijing and Shanghai Chambers of Commerce as well as Iranians residing in China … The Chinese sides expressed their willingness to invest in Iranian mineral, power plant and agricultural projects that promise early profit returns, but said their investments will be indirect due to the sanctions against Iran,” Financial Tribune quoted him as saying.

Khansari further said Iran is aiming to increase the share of Chinese tourists in its inbound tourism and agreements have been made for China’s tourism industries to introduce Iran as a destination to their clients.

According to the TCCIM chief, Chinese tourists spent about $120 billion in their foreign trips in 2018 and Iran has ample capacity to increase the share it attracts from this sum.

China has for long been Iran's biggest trading partner, both on the import and export fronts.

Latest data provided by the Islamic Republic of Iran Customs Administration show Iran exported $6.1 billion worth of non-oil goods to China during the first seven months of the current Iranian year (March 21-Oct. 22). 

China accounted for 24.99% of Iran's total exports during the period.

In exchange, China exported $6.39 billion worth of goods to Iran during the same period to account for 25.42% of Iran’s total imports.

 

Iran China Tehran Chamber of Commerce Barter Trade private sectors