Iran, Turkey agree to modify trade agreement
Baku, Azerbaijan, July 9
By Khalid Kazimov – Trend:
Iranian and Turkish officials have agreed to modify an existing preferential trade agreement in the near future, Iran’s ICT minister said.
Maumoud Vaezi, ICT Minister and the co-chairman of Iran-Turkey Joint Economic Commission, has said that the preferential trade agreement which was inked back in 2015 will turn into a free trade deal in a bid to help both countries benefit from the bilateral trade, IRNA news agency reported.
Speaking at a meeting with Turkish Economy Minister and the co-chairman of the commission, Nihat Zeybekci, Vaezi stressed on the two countries target to boost the trade volume to $30 billion per year.
He further added that the commission’s 26th meeting is scheduled to be held in Tehran in September in which banking ties are expected to be discussed.
According to the Turkish Statistical Institute (TUIK), trade turnover between the two neighboring countries in April stood at $921,193, of which $361,353 accounted for Iran’s exports to Turkey.