Iran, South Korea to form joint barter trade fund

IRNA- The head of the joint chamber of the Islamic Republic of Iran and South Korea proposed to draw closer economic relations between the two countries by forming a joint barter fund for commodities.

‘Since 1998, we have economic cooperation with South Korea, and this cooperation has the capability to expand,’ Hossein Tanhaie said on Tuesday evening at a joint seminar on economic opportunities of Iran and South Korea.

In 2013, crude oil exports (including crude oil) to South Korea were $8 billion, and South Korea exported $4 billion worth of goods to Iran, he added.

Tanhaie noted, ‘In the last 10 months of 2018, bilateral trade reached five billion and 700 million dollars, of which Iranian exports contributed three billion and 700 million dollars.’

“South Korea is the third economic partner of Iran after China and the UAE”, he continued, noting that “many of the goods we import from the UAE produced in other countries could be said that South Korea is our second trade partner.”

Tanhaie expressed, “South Korean manufactured goods, such as home appliances and cars imported in Iran, are generally consuming goods, so Iranian people are familiar with the goods in the country, but Iran’s exports to South Korea like oil and petrochemicals are infrastructure and thus, the people of Korea are not familiar with the imported products from Iran.