TEHRAN- The value of non-oil trade between Iran and China stood at $18.8 billion in the first seven months of the current Iranian calendar year (March 20-October 21), the former head of the Islamic Republic of Iran Customs Administration (IRICA) announced.

Mohammad Rezvanifar said that Iran exported non-oil commodities valued at $8.6 billion to China in the seven-month period, adding that China was the top export destination of Iran in that time span.

The official also announced that Iran has imported goods worth $10.2 billion from China in the first seven months of this year.

China was the second top source of import for Iran in the mentioned time span, he added.

In a meeting with Chinese Ambassador to Tehran Cong Peiwu on October 15, Iranian Finance and Economic Affairs Minister Abdolnaser Hemmati emphasized the importance of implementing the memorandums of understanding (MOUs) signed between Iran and China.

In the meeting, held at the place of the ministry, the Iranian minister followed up on the negotiations that took place during the BRICS Economic Ministers' Meeting in Samarkand, Uzbekistan, stressing the importance of implementing the MOUs between the two countries.

He also considered the two countries’ Joint Economic Committee as a suitable platform for negotiations on economic, trade, and investment cooperation, and welcomed the holding of the 19th Joint Economic Committee in Tehran.

Cong Peiwu, for his part, stated that Beijing aims to expedite the implementation of the MOUs and enhance practical cooperation to deepen relations between the two countries.

Both sides also highlighted the commitment of their statesmen to comprehensive development, expressing hope that consultations between senior officials of Iran and China will continue to expand bilateral relations.

In late September, Hemmati had also met and held talks with Chinese Minister of Finance Lan Fo’an, during which the two sides emphasized the implementation of the two countries’ long-term strategic partnership plan.

Hemmati met with Fo’an on the sidelines of the 9th ministerial meeting of the Asian Infrastructure Investment Bank (AIIB) members in Samarkand, Uzbekistan.

In addition to the issues related to the cooperation of the two countries in AIIB, the two sides discussed the most important issues related to bilateral relations, especially the follow-up of the results of previous agreements.

Holding the two countries’ Joint Economic Committee meeting in the new future was another topic discussed by the two officials.

In this meeting, the ministers of the two countries emphasized that Iran and China have put a more serious and deeper implementation of the comprehensive long-term strategic plan of the two countries on their agenda and will continue this path in the official interactions of the two countries until concrete practical achievements are reached.

Also, in a meeting with Iran’s Trade Promotion Organization (TPO) Head Mohammad-Ali Dehghan Dehnavi on October 28, Chinese Ambassador to Tehran Cong Peiwu emphasized that his country is willing to strengthen trade ties with Iran in all fields.

The ambassador emphasized the importance of enhancing trade cooperation between Iran and China.

He highlighted the necessity of developing trade relations across all economic sectors and expressed China's willingness to strengthen trade exchanges with Iran in every field.

Dehghan Dehnavi, for his part, emphasized that trade cooperation between Iran and China is at its highest level, adding that the Trade Promotion Organization of Iran is keen to enhance and grow constructive trade relations between the two countries.

Additionally, he highlighted that Iran's membership in regional agreements like BRICS and the Shanghai Cooperation Organization will facilitate trade cooperation.

Dehnavi also underscored the importance of developing bilateral ties through international exhibitions, technology transfer, and commercial advancements in the industrial and mining sectors.

It is worth mentioning that Mohammad Aghajanlou, the head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), was also present at the meeting and shared his insights on developing joint cooperation between Iran and China in the mining and mineral industries.

He emphasized the importance of transferring modern technologies from China to Iran, noting that this updated knowledge would enhance productivity in mining and enable the processing of mineral products with higher added value.

Moreover, he pointed out that sharing knowledge and experiences between mining experts and engineers from both countries could help improve skills and standards in the industry.

Iran and China officially signed the document for 25-year comprehensive cooperation in March 2021.

The document was signed between Iran’s former Foreign Minister Mohammad Javad Zarif and Chinese Foreign Minister Wang Yi at the Iranian Foreign Ministry.

Back in December 2022, Iran and China finalized 16 MOUs under the framework of the two countries’ strategic 25-year agreement.

The MOUs were signed in an Iran-China comprehensive cooperation program summit which was held in Tehran on December 13 in the presence of Iran’s former First Vice President Mohammad Mokhber and China’s Vice Premier Hu Chunhua.

The summit was focused on four areas explored by four committees between the two countries with the aim of paving the way for the implementation of the 25-year agreement.

Iran and China also signed 20 memoranda of understanding in the presence of the presidents of the two countries in Beijing in mid-February, 2023.

MA