Baku, Azerbaijan, Aug. 5
By Fatih Karimov - Trend: Establishing a preferential trade system between Iran and Turkey has led to a jump in Turkish exports to Iran.
The preferential tariffs have not only helped Iran curb smuggling of goods and boost its exports, but also led to a surge in imports from Turkey, Fars news agency reported August 5.
Imports from Turkey to Iran jumped by 30 percent, while exports from Iran dropped by $1.5 billion after establishing the preferential trade system.
According to Turkey's official statistics bureau, Turkey's exports to Iran rose by 30 percent in the first six months of the current year, reaching from $1.5 billion to $1.9 billion.
Iran and Turkey signed a preferential trade agreement in 2014 that went into effect in January 2015. According to the agreement, each country will reduce its tariffs on a list of import products from the other side. This list includes 142 Iranian products and 120 Turkish products.
Turkey was the 6th leading importer of Iranian non-oil goods in the previous Iranian fiscal year, which ended on March 20, according to the Iran Customs Administration.
Tehran exported $2.15 billion of non-oil goods to Turkey and imported $3.82 billion worth of goods from the country.
Edited by CN