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Iran issues permits for setting up trade centers in Shanghai, Minsk
The Trade Promotion Organization (TPO) of Iran said on Monday that it had issued a permit for opening the Islamic Republic of Iran’s Trade Center in Shanghai, a major trade and economic hub on the East China Sea coast, Press TV reported.
It said the center will be authorized to carry out trade activities on behalf of the Iranian government and businesses until the end of the current calendar year in late March.
Iran has already launched a trade center in the Chinese capital Beijing as part of its plans to expand economic relations with China and to increase its exports to the East Asian country.
China is currently Iran’s largest trade partner as the country accounts for nearly a fourth of all purchases of Iranian non-oil exports. The TPO on Monday also issued a permit for launching the Iranian trade center in Minsk, saying the permit will be valid until next May.
Iran and Belarus have sought better ties in recent years as part of plans to fight off sanctions imposed on their economies by the West.
Iran relies on Belarus for imports of heavy mining and manufacturing equipment and agricultural machinery while it exports sizable volumes of agrifood and manufactured products to Belarus.
Iran has signed a free trade arrangement with the Eurasian Economic Union (EAEU), of which Belarus is a key member.
Trade ties between the two countries can further expand once parliaments of Iran and all EAEU countries finalize the free trade agreement signed in December last year.