Iran planning to boost exports to China

TEHRAN,July 29(MNA) – The Trade Promotion Organization of Iran has set up a special committee, aiming to explore ways to significantly boost exports to China, the TOPI director said on Saturday. Hamid Safdel emphasized the need to expand exports to China, as a strategic trading partner for Iran. “China is a profitable market for Iranian products, such as carpets, handicrafts, precious stones, as well as industrial and high-tech goods,” he noted. Trade between Iran and China soared by 55 percent year on year to exceed $45 billion in 2011, AFP quoted Tehran's envoy to Beijing as saying in February. Ambassador Mehdi Safari said that the annual trade figures showed a $16 billion increase in commercial ties with China since 2010. China is Iran's top trading partner, with economic ties expanding in recent years largely due to the withdrawal of Western companies implementing the sanctions imposed against the Islamic republic over its nuclear program. The Asian economic giant has also significantly strengthened its presence in Iran's oil and gas sector by signing a series of contracts worth up to 40 billion dollars in the past few years, in place of Western firms. Iran is the third largest provider of oil to China.