Iran still has banking problems in trade with China: Official

TEHRAN (Tasnim) – Head of the Trade Promotion Organization of Iran Valiollah Afkhami Rad said banking problems are still hampering the progress of economic relations between the Islamic Republic and its biggest trade partner, China.

“Correspondent banking relations should be established to develop trade between the two countries,” Afkhami Rad said in a speech in Tehran on Tuesday.

He further emphasized that Iranian businessmen and economic activists still cannot open letters of credit (LC) to cooperate with Chinese firms.

Afkhami Rad, who is also deputy minister of industry, mines, and trade, went on to say that the banking problems in the way of boosting Iran-China cooperation should be resolved as soon as possible.

While the Joint Comprehensive Plan of Action (JCPOA), a 159-page nuclear agreement between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) came into force in January, some Iranian officials complain about the US failure to fully implement the accord.

Back in March, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said Americans have yet to fulfill what they were supposed to do as per the nuclear deal.

Iran still has problems in its banking transactions or in restoring its frozen assets, because Western countries and those involved in such processes are afraid of Americans, the Leader said at the time, criticizing the US for its moves to prevent Iran from taking advantage of the sanctions removal.

By Tasnim News Agency