TEHRAN - Iran and China signed a memorandum of understanding (MOU) based on which both sides will use national currencies in their trade transactions.

Iranian Finance and Economic Affairs Minister Masoud Karbasian who accompanied President Hassan Rouhani in his visit to China to attend the Shanghai Cooperation Organization (SCO) Summit on Sunday told IRNA that four MOUs were signed between the two countries.

The first MOU aimed for using national currencies in bilateral investments and trade exchanges, the minister said.

“Based on the signed MOU, the trade relations of both countries will be within the framework of One Belt One Road initiative, and the share of each country in this initiative has been emphasized and determined in the MOU”, he added.  

According to the report, developing technical and scientific cooperation between the two countries was the subject of the second MOU.

A third MOU was signed for cooperation between stock exchanges of the two countries.

The two sides also inked a document on anti-drugs activities, based on which both countries will have bilateral cooperation in fighting against drugs and organized crimes in this area.

EF/MA