Iranian, South Korean Firms to Trade in Euro Soon: Report

News ID: 1145606 Service: Economy

TEHRAN (Tasnim) – South Korean companies will be able to trade with their Iranian counterparts in the euro currency instead of the local won from as early as September, a report said.

South Korea will start trial run in the new payment system as early as next month before full-fledged service following the removal of anti-Tehran sanctions, Pulse News reported on Monday.

The euro-based payment system is expected to pave the way for Korean businesses to speed up $45.6 billion worth bilateral projects that have been sealed in May during President Park Geun-hye’s visit to Iran.

Korean firms will reportedly start working with Iranian companies in euro upon receiving a green light from Washington.

Korean companies had been under compliance of US-led sanctions on Iran for its peaceful nuclear activity.

The sanctions were lifted after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached an agreement on Iran’s peaceful nuclear program and started implementing it on January 16.

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