Seoul in Final Stages of Trading with Iran in Euro: S Korean Minister
TEHRAN (Tasnim) – South Korea’s finance minister said Seoul is in the final stages of preparation of trade with Iran in the euro.
Efforts to finalize talks with Iranian counterparts and banks are underway, Yoo Il-ho told reporters on Wednesday.
"It's probably going to happen by year-end," he added as quoted by Reuters.
Yoo said he expects Korean companies to carry out business with Iran in euros within this year.
According to an earlier report, 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.
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. They 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.
