Iran Could Triple Its Exports to China in Coming Years - Report

On March 27, Iran and China signed a comprehensive partnership agreement outlining a 25-year roadmap for economic cooperation. In particular, attention will reportedly be paid to economic cooperation in the private sector and Iran's participation in the Belt and Road initiative.

Iran's exports to China could triple in value to nearly $27 billion in the next few years, amid expectations that Tehran and Beijing would expand their trade relations exponentially following the signing of a long-term economic partnership agreement, PressTV reported Saturday.

According to the report, Hamid Zadboum, the head of Iran's Trade Promotion Organization (TPO), said non-oil exports to China had reached $9 billion in the Persian calendar year, ending in March. However, Iran's export positions toward China have reportedly diversified over time, with products that were previously imported from China being exported to the East Asian nation in the past calendar year.

According to him, exports could easily triple in the next few years as Iranian products become more common among Chinese customers.

"If someone manages to find a market for a product in China, he’ll face a very big demand," the TPO head is quoted in the report as saying.

According to the report, the agreement would result in increased production of energy products in Iran for export to the Chinese market. Petrochemicals have accounted for the majority of Chinese imports from Iran in recent years, owing to a historic boom in the Iranian oil and gas industry's downstream sector.

China remained Iran's largest trading partner in the Persian calendar year, accounting for nearly a fourth of all imports and exports reported at the Iranian customs office.

According to a draft of the Iranian-Chinese cooperation agreement released last year, China will commit to a significant investment in the Iranian energy sector in exchange for Iran guaranteeing a steady supply of crude and petroleum products to China.

Prior to the official signing, Iranian Foreign Ministry spokesman Saeed Khatibzadeh stated that the document would touch upon political and economic issues of cooperation between the two countries.

In his turn, Chinese Foreign Minister Wang Yi, at a meeting with Iranian President Hassan Rouhani, said last week that China opposes unjustified unilateral sanctions against Iran, and strongly supports Tehran in protecting state sovereignty and national dignity.

Iran and China released a joint comprehensive strategic statement in 2015, and the two countries agreed to finalize a comprehensive cooperation plan.