Iran, Turkey to start preferential trade in 2 months

Business Materials 16 November 2014 12:38 (UTC +04:00)

Baku, Azerbaijan, Nov.16

By Fatih Karimov - Trend:

Iran and Turkey will start the implementation of a preferential trade agreement in early 2015.

Director General of Trade Promotion Organization of Iran (TPOI), Valiollah Afkhami-Rad said the two countries will exchange a list of goods based on preferential tariffs, Iran's Fars news agency reported on November 16.

"In order to boost trade and expand markets, we are seeking to start preferential trade with regional countries, including Turkey," he noted.

Turkish Economy Minister Nihat Zeybekci said in August that Turkey and Iran seek to increase their trade volume to $35 billion by 2015.

Turkey's economy minister added that the two countries have recently signed a preferential trade agreement to facilitate bilateral trade.

Iran and Turkey signed 10 economic agreements during a visit of Iranian President Hassan Rouhani at the head of a high-ranking delegation to Turkey in June.

The value of trade between Iran and Turkey in the first half of 2014 stood at $6.5 billion, according to the data released by Turkish Statistical Institute.

The trade 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 Iran by the West.