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By Trend

Turkish Minister Economy of Nihat Zeybekci on November 26 met with Iranian Minister of Industry, Mine and Trade Mohammad Shariatmadari as follow-up to previous agreements to boost economic ties.

Speaking at a meeting, Shariatmadari pointed to good political and economic relations between the two neighboring countries and called for expediting implementation of initiatives for further expansion of bilateral cooperation.

He also referred to provisions of the draft agreement resulted from meeting of the Tehran-Ankara Joint Economic Commission explaining "the Commission needs to move from planning stage to an operational phase in a bid to alleviate all existing barriers in the shortest possible time.

Trade between the two economic powers stood at $8.15 billion during nine months since the beginning of 2017. The figure indicates a 14.24 percent rise compared to same period of the preceding year.
Iran's exports during the nine months amounted to around $5.84 billion, 75.7 percent more year over year. In return, Turkey exported $2.31 billion worth of goods, compared to $3.81 billion in the corresponding period of last year, indicating about 65 percent decline.

Iran and Turkey have 265 categories of goods under their PTA, of which Iran accounts for 140 and Turkey for 125 categories in the list.

Trade between Iran and Turkey was further facilitated after the governors of the two countries’ central banks signed an agreement in October to use their national currencies to do business with each other.
The boost in trade ties is reinforced by the two countries’ shared experience of political achievement over the Syrian crisis, an end to which they celebrated along with Russia last week.

On November 26, Iran and Turkey also reached a trilateral trade agreement with Qatar in a bid to grasp an Arab boycott on Qatar and boost their exports.

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