News / Economy

Iran, South Korea sign 19 agreements

Monday, 02 May 2016 1:11 PM [ Last Update: Monday, 02 May 2016 1:08 PM ]

Iran and South Korea signed over a dozen documents to promote cooperation in a variety of areas in a ceremony that was overseen by Iran's President Hassan Rouhani and his visiting South Korean counterpart Park Geun-hye.

Iran and South Korea on Monday signed 19 basic agreements to expand mutual cooperation over a variety of areas.

The visiting South Korean President Park Geun-hye and Iran’s President Hassan Rouhani oversaw the signing of the agreements by the related ministers from both sides.

They covered areas such as energy, transportation, water resources, ports, science and education, health, insurance, banking and customs.

A series of other documents are also expected to be signed between the private sector enterprises from both sides.

President Park arrived in the Iranian capital Tehran on Sunday on her first trip to Iran and the first by a South Korean president in decades.

She is heading a delegation that comprises over 230 executives and businesspeople and is expected to stay in the Islamic Republic until Tuesday.

Earlier in the day, Iran’s President Rouhani emphasized that Iran and South Korea are set to boost their trade volume from the current $6 billion to $18 billion.

President Park in response emphasized that Seoul is determined to expand ties with Iran in industrial, trade and cultural sectors.

South Korea has been a major importer of Iran’s crude oil. On Sunday, Minister of Petroleum Bijan Zangeneh said Iran's oil exports to South Korea have more than quadrupled to 400,000 barrels a day since sanctions were lifted in January.

Iran, whose exports to South Korea were less than 100,000 barrels a day before sanctions were lifted, has since worked to quickly boost its output. It has focused on selling to its traditional customers in Asia, but has also shipped cargoes to Europe.

The value of non-oil trade between Iran and South Korea in 2013 stood at around $4.1 billion from which $3.8 billion were the exports of South Korea to Iran and some $300 million were Iran’s exports to South Korea.

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