Iran, China to use national currencies for trade: Min.

Qingdao, June 11, IRNA – Based on an MoU signed by Iran and China, both countries will use their national currencies in trade exchanges, Iran Economy Minister Masoud Karbasian said.

Speaking to the Islamic Republic News Agency (IRNA) on the sidelines of the Shanghai Cooperation Organization (SCO) Summit in China, Karbasian said four documents were signed by Iran and China during the trip.

One of the MoUs was reached between Iranian Economy Ministry and China Infrastructure Development Organization on taking advantage of financial resources for investment and also on using national currencies in trade exchanges, he added.

Based on the MoU, the trade ties between the two countries will be drawn within the framework of One Belt One Road Initiative, he noted.

Developing technical and scientific cooperation between Iran and China was also among other MoUs, the Iranian minister said.

Karbasian went on to say that the third document was signed between exchange organizations of both countries on cooperation in the field of stock and securities exchange.

Referring to the 4th MoU signed on fighting narcotic drugs, he said based on the MoU both countries will have bilateral cooperation in fighting illegal drugs and organized crimes.

Both sides also discussed reinforcing cooperation in banking, oil, petrochemical and trade fields, he reiterated.

The Iranian president attended the 18th summit upon an invitation by his Chinese counterpart Xi Jinping.

The heads of eight member states--China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Uzbekistan, India, and Pakistan--as well as those of the four observer states- Afghanistan, Belarus, Iran, and Mongolia participated in the summit.

Some senior officials, such as the Foreign Minister Mohammad-Javad Zarif, Oil Minister Bijan Zangeneh, and Minister of Economy Masoud Karbasian were accompanying President Rouhani in the meeting.

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