China is set to overtake the European Union as Iran’s largest trading partner, the Financial Times newspaper reported on Tuesday.The growing business ties between the two countries underline Beijing’s reluctance to agree to further economic sanctions against Tehran over its controversial nuclear program.
Iran’s announcement today that it has started to enrich uranium to higher levels prompted fresh calls by Western powers for a fourth round of United Nations Security Council sanctions against Tehran.
While Russia has appeared to move closer to backing further measures, China has not.
According to the London-based daily, official figures say Iran’s trade with the European Union in 2008 totaled 35 billion dollars, compared with 29 billion dollars with China.
However, much of Iran’s trade with the United Arab Emirates consists of goods channeled to or from China.
Majid-Reza Hariri, deputy head of the Iran-China Chamber of Commerce, said that transshipments to China accounted for more than half of Iran’s $15 billion trade with the UAE.
When this is taken into account, China’s trade with Iran totals at least $36.5 billion, meaning Beijing has overtaken the EU as Tehran’s largest trading partner.
The daily noted that no definite conclusion is possible since it is unclear how much of Iran’s trade with Europe is channeled through the UAE.
Source: Financial Times newspaper , Washington TV
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