Publishe Date: 10:08 AM - 9/11/2012 | Print

Iran sets China trade target of $100 billion

Economy - Iran would like to increase annual trade with China to $100 billion, according to Iranian First Vice President Mohammad Reza Rahimi.

Rahimi made the remarks during a meeting with the chairman of the Standing Committee of the Chinese National People's Congress, Wu Bangguo, in Tehran .

“The Islamic Republic of Iran is ready to increase its economic and trade ties with China to $100 billion,” he said, adding that Tehran wants to raise the level of its interactions with China in the oil and gas sectors.

Wu described Iran as an important and effective country in the region, noting, “China’s relations with Iran are considered a major priority.”

Wu is on a three-day official visit to Iran, which he has made upon the invitation of Iranian Majlis Speaker Ali Larijani.

Iran is currently China's third largest supplier of crude, providing Beijing with roughly 12 percent of its total annual oil consumption -- nearly one million barrels per day.

Trade between the two countries is currently dominated by Iran's energy exports, while the main Chinese exports to Iran include machinery and textiles among other consumer goods.


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