28 Mar 2024
Wednesday 12 March 2014 - 14:37
Story Code : 88854

S. Korea to allow service sector transactions with Iran as of next week

TEHRAN (FNA)- South Korea said it will allow transactions with Iran in the service sector to start next week in a move to expand bilateral trade with the country after the recent ease of sanctions against Tehran.
The change will come into effect from next Monday, targeting companies that have either a previous export record with Iran or are engaged in service sector business in domestic markets, according to the finance ministry, the South Korean Yonhap news agency reported on Tuesday.

A total of 11 types of service sector business will be allowed including management consulting and designing, the ministry added.

In 2009, before the sanctions were imposed on Tehran, Korea's service sector trade with Iran reached some $1.06bln but the amount tumbled to $340mln in 2012.

According to the Geneva nuclear deal cut by Iran and the six major world powers late in November, which took effect on January 20, the Sextet of world powers undertook to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period.

Iran and the world power also agreed that no nuclear-related sanctions will be imposed on Iran during the same period.

By Fars News Agency

 

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