Iran, Turkey ink economic cooperation MoU

Business Materials 13 May 2015 17:28 (UTC +04:00)

Baku, Azerbaijan, May 13

By Fatih Karimov - Trend:

Iran's West Azarbaijan Province signed an agreement with Turky's provinces of Van, Agri, Igdir, and Hakkari to boost economic cooperation.

The governor general of West Azarbaijan Province and the governor general of Igdir Province signed the agreement, Iran's IRNA news agency reported on May 13.

West Azarbaijan is located northwest of Iran and the four Turkish provinces are located east of the country.

The cooperation agreement covers transport, customs, border trade, industrial investment, tourism, culture and education, and medical treatment.

Iran and Turkey have signed a preferential trade agreement which could pave the way for a hike in the bilateral trade. The goal is to boost trade between the two neighbors to $30 billion by 2015.

In December 2013, the Ankara ambassador to Tehran said Iran and Turkey have set a long-term target of $100 billion for annual trade transactions.

Turkey was the 6th leading importer of Iranian non-oil goods in the previous Iranian calendar year, which ended on March 20, 2015, according to the Iran Customs Administration.

Iran exported $2.15 billion of non-oil goods to Turkey and imported $3.82 billion of non-oil goods from the country.