Iran, Turkey plan to triple trade volume to $30 billion

Iran announces a joint Tehran - Ankara plan to triple bilateral annual trade volume from the current $10 billion to $30 billion in the future.

Minister of the Economy Shamseddin Hosseini made the remark after the Iranian and Turkish officials signed an agreement to increase Iran-Turkey customs cooperation.

The determination of the two neighboring states in aiming for a $30 billion trade exchange demonstrates that "Iran-Turkey relations are at the highest level," he added.

Hosseini said that the two sides have adopted many measures to facilitate the targeted trade level, which include the expansion of customs cooperation.

Iran and Turkey have also decided to ease trade barriers and begin using their national currencies in bilateral exchanges in a bid to boost trading.

"We should conduct some of our trade in Iranian rial and the Turkish lira through establishing joint banks," Iran's First Vice President Mohammad-Reza Rahimi said in April 2009.

"The level of trade ties between Iran and Turkey stands at about $11 billion, which is not satisfactory," he said.

"Following a proposal from Iran, the level of trade between Iran and Turkey will increase to $30 billion within the next 4 to 5 years," IRNA quoted Rahimi as saying.


/Press TV/