Sanctions could expand Iran-China trade: Iranian official

TEHRAN, Nov. 23 (MNA)--Global economic sanctions on Iran can help the country expand its trade ties with China, the Iran-China Joint Chamber of Commerce deputy chairman said. Majid-Reza Hariri told that Iran may expand its economic relations with China to deal with sanctions imposed by western powers. Chinese are also interested in developing trade ties with Iran, he noted. He predicted that the annual trade between the two countries would reach $40 billion by the end of 2011. China has so far imported over $6 billion worth of non-oil goods from Iran in 2011, making it the top importer of Iranian products, the official added. Previously, Trade Promotion Organization chief Hamid Safdel had said the value of non-oil exports is expected to hit $43 billion in the current Iranian calendar year (March 20, 2012) and $50.5 billion in the year after. Iran's non-oil exports have increased considerably in recent years. China, Iraq, the United Arab Emirates, and India are the top four destinations for Iranian exports.