Tehran, Ankara ink cooperation pact with $30b trade target
Iran and Turkey signed a memorandum of understanding (MoU) to enhance bilateral trade, with both countries setting a target of $30 billion in trade within the next five years.
The agreement was signed in the presence of Iran’s Minister of Roads and Urban Development Farzaneh Sadeq-Malvajerd and Turkey’s Minister of Trade Ömer Bolat during the 29th Joint Economic Cooperation Commission meeting held in Tehran on Wednesday.
According to Amineh Tarfa’a, head of the International Affairs Center at Iran’s Ministry of Roads and Urban Development, the three-day event concluded with the signing of a comprehensive MoU that covers various sectors, including trade, transport, customs, transit, investment, banking, electricity, agriculture, culture, tourism, and cooperation.
The agreement will strengthen existing ties, particularly in the transport sector, where the two countries have maintained robust relations, especially in road transportation, Tarfa’a said.
Currently, trade between the two nations stands at $11.7 billion, with plans to increase this figure to $30 billion over the next five years, the official said, adding that the strategic plan to achieve this ambitious goal has already been laid out.
Iran and Turkey are working to reach a target of $30 billion in bilateral trade, Bolat said on Wednesday.
His remarks followed a meeting with Iranian President Masoud Pezeshkian during his visit to Tehran for the 29th Turkish-Iranian Economic Cooperation Commission.
Bolat, for his part, pointed to plans to modernize border crossings and establish two additional crossings to streamline customs operations and boost trade.
He also stressed the importance of revitalizing a preferential trade agreement from 2015 and concluding a comprehensive tourism pact between the two nations. Iranian President Pezeshkian stressed the importance of strengthening relations between the Islamic countries, emphasizing the benefits of increased cooperation in trade, transportation and resource sharing. Bolat said relations between Turkey and Iran have been strengthened in economy and trade within the framework of the High-Level Cooperation Council, which is chaired by the presidents of both countries. He explained the initiatives discussed during the commission meeting, including cooperation in such areas as trade, energy, health, agriculture and urbanization.