South Korea’s Minister of Trade and Iran’s Minister of Industry and Mines recently signed a Memorandum of Understanding (MoU) for following up on economic agreements signed earlier between the two nations, reported IRNA.
According to the MoU, South Korea and Iran will enhance bilateral investment, avoid double taxation and promote cooperation in the customs, commerce, cargo and passenger shipping. The agreement will also boost banking cooperation between the two states by turning a branch of Bank Mellat in Seoul into a joint venture.
Turkey has traditionally maintained good relations with countries in the Far East, however, it has no diplomatic relations with Taiwan and only established diplomatic ties with North Korea in July 2001. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
