Iran, Turkey agree to establish second railway to boost trade
Baku, Azerbaijan, Feb. 3
By Fatih Karimov - Trend:
Iran and Turkey have agreed to establish the second railway between the two countries to boost bilateral trade.
In a meeting between Iran's Telecommunication Minister Mahmoud Vaezi and Turkey's Customs and Trade Minister Nurettin Canikli, the two sides said the agreement could increase the volume of passenger and goods transit, Iran's IRIB reported on Feb. 3.
Vaezi said that the bilateral trade stands currently at $15 billion, which could be increased to $30 billion through streamlining customs regulations.
In January 2014, Iran and Turkey signed the agreement with the goal of boosting bilateral trade. The agreement was signed during Turkish Prime Minister Recep Tayyip Erdogan's visit to Iran.
According to the agreement, 125 items of Iranian goods and 140 items of Turkish goods are traded based on preferential tariffs as of January 1, 2015.