Ankara, Tehran aim to up trade to $30 billion
By Sara Rajabova
Turkey and Iran are following a goal of raising trade turnover between them to $30 billion.
Turkish Development Minister Cevdet Yılmaz and Iranian Minister of Economic and Finance Ali Tayebnia discussed ways of increasing bilateral trade, IRNA reported.
Yilmaz said the two neighboring countries are ready to increase their trade and economic ties.
Noting that current annual bilateral trade is at $14 billion, he said they target to raise it up to $30 billion.
Yilmaz also noted that removal of sanctions against Iran will prepare the ground for expansion of cooperation.
Tayebnia, for his part, said that he was hopeful about expansion of relations between Iran and Turkey as political and economic relations have increased in recent years.
He also underlined that with lifting of sanctions and limitations imposed from abroad the ground will be set for further development of bilateral ties.
Tayebnia said he together with the Turkish minister reviewed the steps to raise the trade to $30 billion in a faster and more effective way.
Iran and Turkey also took a step forward with signing a memorandum of understanding for trade, economic ties.
Under the MoU the sides aim to establish a working committee to further develop the roadmap on trade and economic cooperation in light of coordination between the Iranian and Turkish chambers of commerce.
The MOU was signed between the Iran Chamber of Commerce, Industries, Mines and Agriculture and Union of Turkey's Union of Chambers of Commerce and Stock Exchange Markets.
The MOU was inked after negotiations held by the heads of the Iranian and Turkish chambers Mohsen Jalalpur and Turkey's Hisar Jikli Uglu.
Jalalpur referred to the beginning of a new era in Iran which is very appropriate for making investments and conducting economic activities.
He further noted that although the Turkish firms do not have high investments in Iran, they are very successful in their small trade, adding that the ground will be prepared for expansion of trade and economic cooperation.
The two states have signed a preferential trade agreement that could pave the way for a hike in bilateral trade. The two countries' trade turnover stood at $13.7 billion in 2014, according to data released by Turkish Statistical Institute.
The trade turnover between Turkey and Iran stood at $22 billion in 2012 before dipping to $14.5 billion in the following year due to the economic sanctions imposed on Tehran by the West.
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Sara Rajabova is AzerNews’ staff journalist, follow her on
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