News ID: 232564
Published: 0324 GMT October 10, 2018

Iran, Turkey poised to up trade of pharmaceuticals

Iran, Turkey poised to up trade of pharmaceuticals

Iran-Turkey Chamber of Commerce announced on Wednesday that the two neighboring countries are making assessment to increase trade in pharmaceuticals.

According to Fars News Agency, Director General of Iran-Turkey Chamber of Commerce Jalal Ebrahimi announced this noting "roadmaps have been devised for developing mutual economic cooperation".

He underlined that both countries are seeking to boost trade in biotechnological drugs.

He had earlier expressed an Iranian pharmaceutical company's readiness to establish a pharmaceutical industrial park in Turkey from which it could export its products to European countries.

The official highlighted the importance of creating a joint export guarantee fund to pave the way for transactions between the two neighboring states, adding Iran has proposed the establishment of a joint bank, which is being mulled over by the Turkish side.

Once established, the fund would facilitate trade relations and mutual investments, as well as ease the issuance of export guarantees.

Ebrahimi added, "Iran and Turkey have taken steps to further develop economic ties and are seeking to boost trade in broader aspects including petrochemicals, minerals and industrial equipment."

According to reports, trade between Iran and Turkey amounted to $5.2 billion in the first half of 2018, with Iran’s exports taking the top position.

According to Iran's Commercial Attaché in Turkey Alireza Jafarbeiglou, Iran's exports to Turkey during the six months amounted to around $3.8 billion. In return, Turkey exported some $.14 billion worth of goods to the Islamic Republic.

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