News ID: 260875
Published: 0349 GMT October 29, 2019

US sanctions futile against Iran-Turkey trade: Official

US sanctions futile against Iran-Turkey trade: Official

Chairman of the Iran-Turkey joint chamber of commerce said political ties between Turkey and the United States will have no impact on Tehran-Ankara relations, meaning that even if Washington imposed or lifted sanctions on Turkey, the Iranian-Turkish trade ties will not be affected.

Despite the fact that US President Donald Trump had vowed sanctions against Turkey, there are in reality no sanctions to be lifted, Reza Komai said, reported IRNA.

This is while the governor of the Central Bank of Iran (CBI) said in September that use of local currencies in bilateral trade with Turkey would increase thanks to new agreements reached on the sidelines of a high-profile meeting between presidents of the two countries.

Abdolnaser Hemmati said after a meeting with his Turkish counterpart in Ankara that the two had agreed to increase the use of Iran’s rial and Turkey’s lira in trade between the neighbors.

He said in a post on his Instagram page that central banks of Iran and Turkey would seek to go beyond the current size of trade payments settled in local currencies, which he said is around 34 percent of the total exchanges between the two countries.

The announcement comes amid Iran’s efforts to use payment mechanisms that could protect trade with other countries from American sanctions.

Trade between Iran and Turkey has remained largely unaffected by US sanctions since they were enacted in November.

Official estimates suggest that overall trade between the two is still at levels above $10 billion, although Iran’s exports to Turkey, which mostly cover energy and petrochemicals, have slightly decreased over the past months.

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