Banking ties key to trade with Iran: Hong Kong Min.

Tehran, Nov 8, IRNA – Hong Kong Secretary of Finance John Tsang Chun-Wah said on Tuesday that banking ties are the key to establishment of trade relations with Iran. Banking ties key to trade with Iran: Hong Kong Min. He made the remarks in a meeting with Governor of Central Bank of Iran Valiollah Seif. In the meeting, Seif talked about historical background of positive cooperation between the two countries and expressed hope that in the post-JCPOA era the two countries can use existing capacities to expand economic ties. He called visit of Hong Kong Secretary of Finance to Iran as a turning point in bilateral relations. Seif reminded that banking relations could be a prelude to economic cooperation. He expressed hope that banking delegations of the two sides would prepare the ground for expansion of cooperation between the two countries. Brokerage relations are necessary for expansion of banking cooperation between Iran and Hong Kong and added that brokerage ties is a precondition for formation of banking relations. He proposed Hong Kong banks begin brokerage relations with Iranian state trade banks as a start up to the activities. Governor of the CBI said economy of the two countries is complementary to each other and are related to each other. Iran is located in MENA region (Middle East and North Africa) with a vast market of around 750 million population, which could be an appropriate consumption market for supplying and selling products. Meanwhile, stability and security in Iran is one of advantages of the country in comparison with other countries of the region. Seif said the CBI has good relations with the International Monetary Fund (IMF) and is using its technical assistances. He said annual report of the IMF concerning Iran's economy had been positive in the past years. Tsang said that banks prepare the ground for financial infrastructures and important of the pre-needed elements for trade exchanges. He recalled his visit to Iran 16 years ago and said compared with 16 years ago, Iran has gained noticeable progresses. He noted that 16 years ago he had noticed capacities of Iran's market. He said that banking standards including Basel III and FATF have been executed in Hong Kong, so the two cou ntries can share experience in that concern. Secretary of Finance of Hong Kong said that Iran's Chamber of Commerce is active in Hong Kong and there is hope for expansion of activities between the two countries. 1378/IRNA