Iran hopes to tie up economic relations with Japan

NHK, Japan's national broadcasting organization, quoted Seyed Abbas Araghchi as saying that Tehran hopes for strengthening economic ties with Japan despite imposed US sanctions.

Iran (IMNA) - On the sidelines of the 90th anniversary celebration of diplomatic relations between Iran and Japan that was held on bilateral economic exchanges occasion, Deputy Foreign Minister of Islamic Republic of Iran said, "Iran still faces American sanctions, but hopes to stay in the pressure-resistant position through the deep inter-relations with Japan."

Japan has long been a heavy buyer of Iranian crude, but has stopped buying oil to comply with US sanctions. Araghchi told NHK that he hopes the Japanese government and companies will resume purchasing Iranian oil.

Iran–Japan relations were formally established in August 1929. Throughout history, except during World War II, both of the countries have maintained a relatively friendly and strongly strategic partnership.

Japan's foreign policy toward investments in Iran have historically been dominated by the desire to secure reliable energy supplies; Iran is Japan's third-largest oil supplier after Saudi Arabia and the United Arab Emirates. Before 2012, Iran has been providing Japan as a major supplier of its crude oil of about 10 to 15%.

The balance of trade between Iran and Japan is heavily weighted in favor of Iran, with Japan exporting automobiles and electrical products and importing petroleum and petrochemical products. As of 2010, Japan cooperates with Iran on several major projects; the annual trade volume of the two states exceeds $11 billion.

News Code 401612

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