TEHRAN - Iran-China Joint Chamber of Commerce and Industries signed a memorandum of understanding (MOU) with China Foreign Trade Centre (CFTC) on Thursday via video conference on the sideline of the 127th China Import and Export Fair (Canton Fair) which is being held virtually.

As reported by prnewswire.com, during the signing ceremony, Majidreza Hariri, the president of Iran-China Joint Chamber of Commerce and Industries, said the cooperation MOU highlights the achievements of the 127th virtual Canton Fair in breaking through geographic barriers to open up more trade opportunities for Iran and China.

"I am convinced that this Canton Fair will further consolidate our economic ties and friendship," he added.

Li Jinqi, Secretary-General of the China Import and Export Fair and Director-General of the CFTC, for his part said: "Canton Fair has served as a crucial platform for China's opening-up over the past sixty-three years and exemplifies our dedication to strengthening economic ties between China and the world."

He noted that the 127th online Canton Fair aims to create a win-win opportunity for global companies where they can showcase new products and innovative technologies, injecting a new impetus to the global trade growth and stabilizing supply chains.

Iran and China have had a long history of cultural, political, and economic exchanges along the Silk Road since at least 200 BC, and possibly earlier. To this day, China and Iran have developed a friendly economic and strategic partnership.

Approximately 80 percent of China's total imports from Iran are oil and the rest is mineral and chemical products.

The two countries’ trade has fallen recently due to the outbreak of coronavirus; however the two sides are taking all necessary measures to boost up their trade turnover back to its pre-corona levels.

Trade between Iran and China reached $5.26 billion in the first four months of 2020, 40 percent less than the same period last year.

EF/MA