China playing key role in Iran sanctions transition: Official

The chair of Iran-China Chamber of Commerce and Industries (ICCCI) has described Iran’s largest trade partner as key in the country’s transition from sanctions to post-sanctions era.

ICCCI chief Majid Reza Hariri told Iran Daily in an exclusive interview that China has over the past 40 years assumed a key position in Iran’s defense mechanism against the unilateral US sanctions.

Hariri said China is becoming the largest global market with an annual import rate of over two trillion dollars, which by itself constitutes some 20% of the world market, adding that if Iran acquired only one percent of that market, it would translate into an export rate of more than $20 billion.

Iran is capable of earning such a revenue merely through a 5-year program of tourism and non-oil exports, he noted.

The official also explained that although Sino-Iranian trade has experienced fluctuations due to US sanctions, the amount of commercial exchange has steadily been on the increase.

Drops in global oil prices, for example, led to some occasional reductions in bilateral export-import rate, noted Hariri, adding, however, that trade balance between the two nations has always been tipped in Iran’s favor over the last four decades.

Last year, the volume of bilateral trade, including oil and non-oil products, was slightly more than $32 billion, of which Iran’s share was over $18 billion worth of exports, said the official.

He also made reference to planned trade exhibitions between the two nations and said Iranian enterprises and entrepreneurs have so far participated in at least four expos in China this year and are set to take part in another such major event known as the Shanghai Trade Expo 2019 due in October.

On top of oil, gas and petrochemical products, Iranian goods and commodities such as carpets, handicrafts as well as nuts and dried fruits find their way each year into Chinese markets, the ICCCI chief said.

Hariri further called for Iranian businesspeople to venture beyond regional markets of neighboring nations and try to gain foothold in large markets like China.

We at the ICCCI maintain programs to introduce new products to the Chinese market each year, and encourage Iranian merchants to harbor long-term visions in order to achieve sustained and more profitable businesses in that country, he said.