Iran, Turkey pave the way for $30b in bilateral trade

TEHRAN – Hossein Pirmoazzen, deputy head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), announced the preparation of a memorandum of understanding (MOU) to establish a joint Iran-Turkey Chamber of Commerce and Industries following the visit of an Iranian trade delegation to Ankara.

Speaking to the press, Pirmoazzen stated that Iran and Turkey are seriously pursuing the enhancement of bilateral trade relations. The groundwork for increasing trade volume to the targeted $30 billion has been strengthened through meetings held during the Iranian delegation’s visit to Ankara.

According to the official, the current annual trade volume between the two countries stands at approximately $11.6 billion. He emphasized that closer cooperation between ICCIMA and Turkey’s Union of Chambers and Commodity Exchanges, along with Turkey’s Foreign Economic Relations Board (DEIK), is essential to achieving the trade goal set by the presidents of the two nations.

He also highlighted the advantages of the preferential trade agreement signed in 2015, which primarily benefits Iran in the agricultural sector. “This agreement provides significant opportunities for Iranian agricultural exports to Turkey, and Turkish agricultural businesses should take advantage of this,” he said.

Pirmoazzen noted that during the high-level Iranian delegation’s visit to Ankara, Turkish traders and the Union of Chambers of Commerce in Turkey were invited to visit Iran during the upcoming agricultural exhibition. He also stressed the need to ease truck movement in the food and agricultural sectors to minimize losses, calling it a key discussion point during the delegation’s visit, which included 180 representatives.

Based on the latest customs data for 2023, the total trade volume between Iran and Turkey reached $11.7 billion. Of this, Iran’s exports to Turkey amounted to $4.2 billion, while Turkey exported $7.5 billion to Iran. “These figures indicate that Turkey holds a stronger position in trade with Iran,” Pirmoazzen remarked.

The vice president pointed to recent agreements, including resuming negotiations on revising the preferential trade agreement, enhancing rail transportation capacity, and developing cooperation in free trade zones. These discussions were part of the 29th Joint Economic Committee meeting between Iran and Turkey held in Tehran last month.

Pirmoazzen also mentioned that Turkey is consistently one of Iran’s largest export markets after China, Iraq, and the UAE. In recent years, Iran has managed to increase the export of various goods to Turkey.

He announced that an MOU to establish a joint Iran-Turkey Chamber of Commerce and Industries is ready for signing. “With its implementation, the private sectors of both countries can work more closely to facilitate trade,” he said.

The official praised the efforts of Iran’s ambassador to Turkey, the Minister of Agriculture, and the ministry’s deputies. He concluded by proposing ways to expand economic cooperation, including investments in industries, trade of high-tech products, and the exchange of technical knowledge in various fields of technology.

EF/MA