Fresh indications show a main barrier for trade between Iran and South Korea will be removed soon.<\/p>\n

South Korea announced on Thursday that it will start a euro-based settlement system for trade with Iran next week.<\/p>\n

The move follows the removal of sanctions against Iran in January and is expected to help the two countries further expand economic relations.<\/p>\n

“The euro-based settlement system for South Korea-Iran trade will start on August 29,” South Korea\u2019s Finance Minister Yoo Il-ho told reporters after a policy meeting held in Seoul. “The opening of the system will help further promote bilateral trade and investment,” Yonhap News Agency quoted him as saying.<\/p>\n

Iran and South Korea have been using a won-based settlement system since September 2010 to bypass trade sanctions and allow the two sides to conduct trade.<\/p>\n

Under the current system, two local banks — Woori Bank and the Industrial Bank of Korea — have their own accounts at the Central Bank of Iran (CBI), and trade payments are made through the accounts.<\/p>\n

The South Korean government has made efforts to set up a new settlement system as an alternative method that can possible expand trade and investment with the oil-rich country, Yonhap added.<\/p>\n

The finance minister said KEB Hana Bank, Shinhan Bank and Woori Bank will handle the euro-based payment system, which uses the euro as a medium of trade, which is widely preferred by Iranian companies.<\/p>\n

Industry data showed that the trade volume between Korea and Iran stood at $6.1 billion in 2015, down sharply from $17.4 billion in 2011 in what appears to have been a result of sanctions against the Islamic Republic.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fresh indications show a main barrier for trade between Iran and South Korea will be removed soon. South Korea announced on Thursday that it will start a euro-based settlement system for trade with Iran next week. The move follows the removal of sanctions against Iran in January and is expected to help the two countries…<\/p>\n","protected":false},"author":1,"featured_media":2710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[70,436],"tags":[235,3,233,234],"_links":{"self":[{"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/posts\/2709"}],"collection":[{"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/comments?post=2709"}],"version-history":[{"count":0,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/posts\/2709\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/media\/2710"}],"wp:attachment":[{"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/media?parent=2709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/categories?post=2709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/tags?post=2709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}