1. The 9th Session of the Joint Economic and Technical Cooperation Commission between the Republic of 
Korea and the Islamic Republic of Iran was held in Tehran from May 18 to 19, 2002.  The ROK and Iranian 
delegations were each headed by Minister for Trade Hwang Doo-yun and Minister of Industries and Mines 
Eshaq Jahangiri, respectively. 

 
2. Taking this opportunity, the two sides exchanged views on the bilateral economic and trade relations 
between the two countries, such as cooperation in the areas of trade, investment, finance, industrial 
technology and agriculture, construction, energy development, transportation and telecommunication.  They 
also shared comprehensive discussions on ways to further promote substantial cooperation between the 
two countries.  The agreements reached at the Commission are as follows:


A. Expansion of Bilateral Trade

The ROK side asked the Iranian side to pay attention to the specific trade barriers and the Iranian side 
promised to consider addressing the barriers in a positive way.  The two sides also agreed to hold the 
Comprehensive Korean Products Exhibition in Tehran in October 2002.


B. Cooperation in Finance and Banking

The two sides agreed to exert efforts to realize inter-banking relations between the two countries, and 
conclude a framework agreement between the Korea Exim Bank and 5 Iranian banks at an early date.

 
C. Cooperation in Industrial Technology and Agriculture

The two sides emphasized cooperation in the following industries: power plant, semiconductors, food, 
packing, textile, electronics, chemical and petrochemical, and oil and gas.  They also agreed to strengthen 
cooperation between the medium and small-sized businesses, and pursue cooperation in agriculture.

 
D. Cooperation in Investment, Construction and Energy

The two sides agreed to encourage Korean companies’ participation in oil and chemical projects of Iran, and 
pursue cooperation in the housing and urban development of Iran.  They also emphasized the importance of 
stable demand for and supply of oil.

 
E. Cooperation in Transportation and Telecommunication

The two sides reached a common understanding on the need for the resumption of direct flight between 
Seoul and Tehran, and also agreed to expand cooperation in the Information Technology industry.

 
F. Conclusion of Agreements between the two Governments

The two sides agreed to conclude, at an early date, the following agreements:  Trade Agreement, Avoidance 
of Double Taxation Agreement, Investment Protection Agreement, and Maritime and Merchant Shipping 
Agreement.

 
G. Others

The ROK side expressed its support for Iran’s accession to the WTO.  The two sides agreed to encourage 
their companies to jointly participate in different projects in the two countries as well as other countries, 
especially in Central Asia and Afghanistan.

 
3. Taking this opportunity, Minister Hwang will also pay a courtesy call on First Vice-President Mohammed-
Reza Aref and have individual meetings with Minister Kamal Kharrazi of the Ministry of Foreign Affairs, 
Minister Eshaq Jahangiri of the Ministry of Industries and Mines, Minister Bijan Namdar Zanganeh of the 
Ministry of Oil, and Minister Mohammad Shariatmadari of the Ministry of Commerce.

4. The ROK is the 2nd largest trade partner of Iran, and Iran is the 3rd largest provider of crude oil for the 
ROK.  The cooperative relations between the two countries in economy are very active.  The 9th ROK-Iran 
Joint Economic and Technical Cooperation Commission is expected to further expand the substantial 
cooperation between the two countries.

                                                                 Spokesperson of MOFAT

* unofficial translation