Iran and Turkey have signed a memorandum of understanding (MoU) that reduces current trade restrictions through the two countries' shared border, PressTV reported.
The MoU was signed between Iran's Minister of Economic Affairs and Finance Shamseddin Hosseini and Turkish State Minister Cevdet Yilmaz in the Iranian capital on Tuesday.
Based on the MOU, customs duties will be adopted in the country of exit only in specific cases of suspicion; otherwise, the main customs duties are only to be carried out in the country of entry.
The MoU falls in line with the two countries' previously set trade regulations as well as the framework of international conventions and agreements.
Turkey has sent a high-ranking 135-member delegation headed by President Abdullah Gul to the Islamic Republic.
Iranian President Mahmoud Ahmadinejad expressed the country's firm determination to increase the value of annual trade ties with Turkey to USD 30 billion.
The trade volume between the two neighbors passed the USD 10 billion mark last year.
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