Iran-China trade could double to$30bn this year if US eases sanctions: Businessman
A senior Iranian businessman says trade between Iran and China could double in value this year if the United States rejoins an international deal on Iran’s nuclear activity, known as the JCPOA.
Majid Reza Hariri, who serves as chairman of Iran-China Joint Chamber of Commerce, said on Tuesday that trade between the two allied countries could reach $30 billion at the end of 2021 in case the US eases its sanctions on Iran as a result of a potential success in ongoing talks in Austria to revive the JCPOA.
“It is expected that trade between the two countries could see a two-time surge compared to 2020 in case sanctions are lifted,” Hariri was quoted as saying by semi-official ILNA news agency.
China remains the top customer of Iranian crude despite US sanctions imposed since 2018 while it is responsible for a fourth of all non-crude exports from Iran. China is also a major importer into Iran although shipments from the country have dropped in recent years mainly because of US bans and restrictions on trade caused by the coronavirus pandemic.
Trade between Iran and China reached nearly $16 billion in value terms in 2020. That comes as figures on Iran’s crude shipments to China have remained confidential as the two countries seek to protect the vital trade activity from the harms of US sanctions.
Hariri dismissed concerns about low figures recorded in trade between Iran and China this year, saying the five-month data published by customs offices in the two countries could not reflect the real trends in bilateral trade.
He said JCPOA revival would hugely boost Iran’s crude shipments to China while Beijing would be able to ramp up its exports to Iran and increase its purchases of non-crude shipments from the country.
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