Tehran and Seoul to resume trading within 3 months
TEHRAN – The head of the Iran-South Korea Joint Chamber of Commerce has announced that trade between the two countries is expected to resume within the next three to five months, IRNA reported.
According to Hossein Tanhaei, the two sides agreed to exchange machinery and technical equipment instead of exchanging money for their business.
In an interview with IRNA on Sunday, Tanhaei said South Korean officials and businessmen have visited Iran more frequently in recent months.
“With the easing of sanctions, small and medium-sized enterprises in this country (South Korea) are making great efforts to resume trade with Iran, and on the other hand, large enterprises in South Korea have also announced their intention to re-enter the Iranian business scene, ”the official said.
Noting that trade with South Korea is expected to start within the next three to five months, he added: “As for the money blocked by Iran in this country, it is stipulated that instead of paying in cash or to exchange manufactured goods, technical equipment and machinery will be exported to Iran.
He said Iran and South Korea had already experienced $ 4 billion in annual trade, adding: “If the agreements between the two sides are implemented in the coming months, and given the interests of traders to join these economic exchanges, we can expect this figure. to recover quickly.
“The South Korean market is rich in terms of technical, electronic and petrochemical items and a high volume of trade in this area can be put on the agenda,” Tanhaei said.
As of April, South Korea released $ 30 million of the Islamic Republic’s frozen oil money to the Asian country to be used to buy the COVID-19 vaccine.
According to Tanhaei, South Korea had reached an agreement with the Islamic Republic on the release of $ 1 billion of the mentioned frozen funds, but so far only a small part of that agreement has been achieved.
Once one of Iran’s main oil buyers, South Korea has cut back on trade with Iran and held back multibillion-dollar silver release from Iranian oil under pressure from the White House.
EF / MA