Iran Press/Asia: The agreement was of great importance to both countries, indicating that Korea is very concerned about relations with Tehran.
According to Yonhap News Agency, the agreement will allow Korean and Iranian companies to continue their extensive exchanges in various fields.
In addition, South Korea has said Korean companies can take advantage of the opportunity to exchange unsanctioned goods with Iran, including food and pharmaceuticals.
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South Korea to receive waivers on Iran oil imports
South Korea's official news agency reports that the two sides agreed to make payments and settle their financial and banking accounts with the South Korean national currency, 'Won'.
Iran's biggest oil customers - all in Asia - have been seeking waivers to sanctions to allow them to continue buying some of the Islamic Republic's oil.
South Korea, the world's fifth-biggest buyer of crude oil, mainly purchases an ultra-light form from Iran known as condensate.
Seoul also won an exemption from the US to continue financial transactions with the sanctioned Iranian central bank to facilitate oil imports, the official said.
Iranian Petroleum Minister Bijan Namdar Zangeneh stressed on 16 October that if US lifts sanctions against Iran, then oil prices will decrease and the market will not be unstable anymore.
Oil rebounded towards $73 a barrel on Wednesday as second round of US sanctions removed under the 2015 nuclear deal, targeting the Iranian oil and financial sectors, reimposed on Monday.
The United States has granted exemptions to eight countries — China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea — allowing them to continue buying Iranian oil, US Secretary of State Mike Pompeo said on Monday. Some of these are Iran's top customers. 101/202
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