Officials from Iran, China and the Philippines agreed to develop economic ties after the historic 2015 nuclear deal that put an end to a decade of international sanctions on Iran’s economy.

“Iran’s economy is now ready to welcome foreign investments,” ISNA on Tuesday quoted the vice governor of Central Bank of Iran, Akbar Komijani, as saying in a meeting with a joint Philippines-Chinese business delegation in Tehran.

He cited the upturn in Iran’s economy since the nuclear accord went into force in January 2016 and said, “JCPOA allowed the government and CBI policies … to exert their intended effect on the country’s economic growth. One of the outcomes of JCPOA was an economic growth of 12.5%, the bulk of which came from a surge in oil revenues.”

JCPOA stands for the Joint Comprehensive Plan of Action, the formal title of the pact that scaled back Iran’s nuclear development in return for lifting international sanctions that had battered oil, banking and other key sectors of the Iranian economy for years.

Komijani stressed that Iran puts great emphasis on its relations with Asian nations.

“Establishing and developing the relations with Asian countries, particularly countries in Southeast Asia, is among the most important economic policies being pursued by Iran. It has always maintained a good level of relations with China, Malaysia, the Philippines, Indonesia and other Southeast Asian nations,” he said

Jose Donishia, Philippine President Rodrigo Duterte’s special envoy, said Manila is keen on expanding trade cooperation with Iran.

“We are confident that Iran can become one of our main trade partners and the Philippine government is prepared to help develop bilateral banking ties,” he said.

Donishia noted that the Philippines and China are seeking to increase joint economic cooperation with Iran, especially in the petrochemical sector.

Source:

2018, Iran, China, Philippines to Develop Economic Ties, Wednesday, May 09, p.1,<https://financialtribune.com>