News ID: 262690
Published: 0415 GMT December 08, 2019

Iran, Turkey revising PTA list: Envoy

Iran, Turkey revising PTA list: Envoy

Iran and Turkey are updating the list of items in a preferential trade agreement (PTA) to ensure efficacy, the Iranian ambassador to Ankara said.

Talking to Tasnim News Agency, Mohammad Farazmand said the initial list of commodities under the preferential trade agreement between Iran and Turkey was not effective anymore, and needed revision.

He explained that Iran did not have any preferences for a series of items in the initial PTA list, while a number of goods have also been removed from the list of Turkey’s preferential trade commodities in the wake of economic developments and the recent US sanctions.

“The initial list is not implementable at present,” the envoy said, adding that the organizations in charge, namely the Trade Promotion Organization of Iran and Turkey’s Ministry of Customs and Trade, are compiling a new list of items with preferential trade tariffs.

Farazmand also unveiled plans for a new meeting of the Supreme Committee of Iran-Turkey Economic Ties in Tehran in the near future, saying the committee is set to make decisions to facilitate bilateral trade.

Should the conditions turn normal, achieving a $30-billion annual trade target will be possible, since the value of commercial exchange between the two neighbors has even hit the $20 billion mark at certain times, the ambassador added.

Tehran and Ankara have ramped up efforts in recent years to boost bilateral trade, setting a $30-billion annual trade target and signing several agreements to enhance cooperation in various areas.

Turkey is one of Iran’s major trading partners in the region, which has come under pressure from Washington to stop working with Tehran under Washington’s maximum pressure campaign against the Islamic Republic.

Turkey has emphasized that the US demands to stop purchasing oil and gas from Iran would go unheeded by Ankara.

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