Iran-Turkey Trade Volume Up 30%

Turkey’s customs minister said Wednesday that the volume of trade exchanges between Tehran and Ankara has increased by 30 percent since the removal of sanctions against Iran.

Turkey’s trade with Iran has increased 30 percent since the removal of anti-Tehran sanctions, Bulent Tufenkci said, Reuters reported.

He added that Iranian and Turkish companies were working on joint investments in other countries.

Back in April, Iran and Turkey signed eight memorandums of understanding (MoUs) to strengthen bilateral cooperation in various areas.

The cooperation documents were signed in a ceremony in Ankara, attended by Iranian President Hassan Rouhani and his Turkish counterpart Recep Tayyib Erdogan.

The documents covered a range of spheres, including higher education, social security, plant maintenance services and standardization.

Iran and Turkey have ramped up efforts in recent months to boost bilateral trade after implementation of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

The deal took effect on January 16, terminating all nuclear-related sanctions on Iran.

(Source: Tasnim, under Creative Commons licence)

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