Iran, Turkmenistan to raise trade to $60b

Iran, Turkmenistan to raise trade to $60b

Baku, Azerbaijan, Mar. 11

By Umid Niayesh - Trend:

Iran and Turkmenistan are determined to bring the level of their annual trade turnover to $60 billion in ten years.

The issue emphasized in the meeting of Iranian president Hassan Rouhani with his Turkmen counterpart, Gurbanguly Berdimuhamedow this morning in Ashgabat, the official website of the Iranian president said March 11.

Rouhani also expressed Iran's readiness for boosting energy cooperation with Turkmenistan.

"Iran is willing to continue buying gas from Turkmenistan and boost cooperation in electricity trade as well as providing technical and engineering services to the neighboring country," Rouhani said.

The Islamic Republic also can cooperate with Turkmenistan in energy transit, Iranian president said, adding the two sides will boost their goods transit via railways to 10 million metric tons per year.

Rouhani further said that Iran also would facilitate road transport to activate Oman, Iran, Turkmenistan and Uzbekistan corridor to boost volume of trade turnover in the region.

Iran and Turkmenistan are willing to facilitate banking cooperation in order to expand trade, the president said.

Rouhani also urged further cooperation in protecting environment, fighting drug smuggling as well as managing water sources.

The Islamic Republic exports machinery, construction materials, sedans, buses, foodstuff, agricultural and petrochemical products, electrical products and home appliances to Turkmenistan, and imports natural gas, electricity, textiles and agricultural products from its northern neighbor.

Iran, Turkmenistan non-oil trade turnover stood at $1.112 billion in 2014. The Islamic Republic exported $933 billion worth of non-oil goods to Turkmenistan, meanwhile imported about $179 million worth of goods from Ashgabat in the same period, according to Iran's Customs Administration.

Edited by CN

Follow the author on Twitter: @UmidNiayesh

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