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FinancialNews


  • 02-12-18

    Iran, S. Korea finalize trade agreement

    (MENAFN) Iran and South Korea completed a trade exchange agreement, as they look to tackle the renewed sanctions the United States slapped the Islamic Republic with.

    Iran and South Korea, under the agreement, will be exchanging oil for products with an aim to recover oil export revenues from South Korea.

    Head of Iran-South Korea chamber of commerce Hossein Tanhayi stated: "by the new mechanism, Iran's oil export revenue will be bartered with imported goods."

    The chamber's head further added that the two countries are now capable of launching a joint fund between their central banks.

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