The 14th session of Iran-China Joint Economic Commission has been held in Beijing as officials from the two countries discussed ways to boost bilateral ties on multiple fronts.
The meeting, which was co-chaired by Iranian Minister of Economic Affairs and Finance Shamseddin Hosseini and Chinese Minister of Commerce Chen Deming, took place at the Chinese Ministry of Commerce in the capital Beijing on Thursday, IRNA reported.
The two officials signed a memorandum on trade and economic cooperation following the session as they held comprehensive talks, aimed at exploring venues to further strengthen mutual cooperation in varies areas, including investment, banking, insurance, transportation and energy.
Iran is currently China's third largest supplier of crude oil, providing China with roughly 12 percent of its total annual oil consumption -- nearly one million barrels per day.
The volume of Iran's trade with China stood at about $30 billion in 2010, and the two countries have sought to enhance their bilateral trade ties significantly.
During the Thursday meeting, the Chinese commerce minister hailed economic and trade ties with the Islamic Republic, saying that expansion of bilateral cooperation would benefit both nations, the region as well as the entire world.
Chen noted that Chinese companies have invested some $570 million in the Islamic Republic over the past two years while Iranian firms have made $38 million investment in China.
In February, Head of Iran-China Joint Chamber of Commerce Asadollah Asgaroladi pointed out that the two countries have drawn plans to increase the value of bilateral trade exchanges to $50 billion by 2015.
The 13th meeting of Iran-China joint economic commission was held in the Iranian capital city of Tehran in 2009.