Iran should revise preferential trade agreement with Turkey

Business Materials 31 May 2015 12:59 (UTC +04:00)

Baku, Azerbaijan, May 31

By Fatih Karimov - Trend: Iran should revise its preferential trade agreement with Turkey, Hassan Alidousti, the director general for exports at the Iran Customs Administration said.

"This issue is being followed up in meetings, and it should be certainly revised. Definitely, it will happen, because the list of goods on the preferential trade agreement should be balanced. Of course, the Trade Promotion Organization is pursuing the case," Iran's Fars news agency quoted Alidousti as saying on May 31.

He also said that exports to Iraq have dropped mainly due to insecurity in Iraq and some other reasons.

He went on to say that a recent fall in exports to China was probably due to a decrease in prices of raw materials. However, an exact and appropriate analysis of the issue cannot be presented for the time being.

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.

Iran and Turkey signed a preferential trade agreement in 2014 that went into effect in January 2015. According to the agreement, each country will reduce its tariffs on a list of import products from the other side. This list includes 142 Iranian products and 120 Turkish products.