Iran, Turkey discuss expansion of trade

Business Materials 6 November 2016 15:45 (UTC +04:00)

Baku, Azerbaijan, Nov. 6

By Khalid Kazimov – Trend:

Turkish Minister of Economy Nihat Zeybekci and Iran's Minister of Industry, Mine, and Trade Mohammad Reza Nematzadeh, have joined a meeting on Nov. 6 in Tehran to discuss ways for expansion of trade and economic ties.

Mohammad Reza Nematzadeh has said that the two countries have implemented an agreement on preferential trade since early 2015 that has caused a push in the volume of trade ties between the two countries, SHATA news portal reported.

According to the minister, the sides have discussed adding 15 new commodities to the list of the agreed products under the preferential trade agreement between the two countries.

The minister further added that the number of the agreed products is expected to reach 200 over the current year.

Trade turnover between Iran and Turkey stood at $5.4 billion during the first seven months of 2016 and it is projected to hit $30 billion in the future.