Iran, China form joint arbitration committee for trade ties

November 18, 2019

TEHRAN – Head of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) said Iran and China have established a joint arbitration committee to supervise the trade between the two sides.

“Considering the high volume of trade between the two countries, it is necessary to resolve some issues that arise between the two sides’ traders through this joint arbitration committee, without the need to referring them to the court,” Masoud Khansari told IRNA on Monday.

Khansari who visited northern China on top of a trade delegation last week, said Tehran and Beijing commerce chambers are strong chambers and cooperation between them could have very positive outcomes for both sides.

Mentioning the Iranian delegation’s meetings with the Chinese sides, the official said China is Iran’s top trade partner and a large number of businessmen from both Iran and China are doing business in the two countries, so regular visits and meetings between the two sides are crucial.

Further emphasizing the good economic relations between the two sides, the TCCIMA head said, “Despite sanctions, [economic] relations between the two countries have been particularly good in recent years, and we can increase the relations between the two countries’ private sectors even further.”

Iran and China have great economic and political relations and the two countries have been taking steps to further expand their relations in all areas especially in economic sectors.

According to Khansari, the trade turnover between the two countries reached $32 billion in the past Iranian calendar year (ended on March 20, 2019). 

Headed by Khansari, the Iranian delegation visited China to explore avenues of economic cooperation between the two countries’ private sectors.

During their visit, the Iranian delegation met with representatives of Shanghai International Cooperation Association of Small and Medium Enterprises (SME), wherein the two sides stressed expansion of cooperation between their SMEs.

TCCIMA also signed a trilateral memorandum of understanding (MOU) for cooperation with China Chamber of International Commerce (CCOIC) and the Iranian Chamber of Commerce in the North China region of Beijing on Wednesday.

EF/MA

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