outh Korea is in the final stages of preparation to trade with Iran in the euro, which it aims to do 'as soon as possible', its finance minister said on Wednesday.
"It's probably going to happen by yearend," Yoo Il-ho told reporters, referring to efforts to finalize talks with Iranian counterparts, banks and possibly the United States as sanctions against the Middle Eastern country are being lifted, Reuters reported.
Yoo said he expects South Korean companies to conduct business with Iran in euros within this year.
Asia's fourth-largest economy has been trying to revive trade with Iran after a historic lifting of Western sanctions.
As a major buyer of Iranian oil, South Korea is bolstering efforts to facilitate trade between the two nations currently settled in the won.
Turning to the issue of trade protectionism, Yoo said it is time to consolidate international coordination to make sure countries don't impose more protectionist trade policies.
