News ID: 261961
Published: 0229 GMT November 23, 2019

Turkey, Iran to increase bilateral trade

Turkey, Iran to increase bilateral trade

Turkish investors plan to significantly increase the volume of trade between Turkey and Iran, Nail Olpak, the chairman of Turkey's Foreign Economic Relations Board (DEIK) said.

Olpak said in a meeting of the Iranian Business Council in Tehran that the goal was to increase the trade volume from $9.5 billion to the level of $30 billion set by the presidents of the two countries, reported Trend News Agency.

The 16th meeting of the Iranian Business Council was attended by business people from Turkey, Iraq, Oman, Qatar, Russia, Syria, India, Afghanistan, Azerbaijan and Uzbekistan during November 20-22.

Umit Kiler, chairman of the Turkey-Iran Business Council said they are focusing on improving trade relations with Iran and the next business forum will be held in Ankara after Tehran.

The governor of the Central Bank of Iran (CBI) said in September that the 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.

Such schemes have been set up to accommodate exchanges with major partners like Iraq and India while the share of payments settled in local currencies in trade with Russia is also increasing.

Hemmati said Iranian President Hassan Rouhani had also discussed economic and trade ties with Turkey in his meeting with Turkish counterpart Recep Tayyip Erdogan.

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

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