Turkey, Iran seek to boost trade volume to $35bn

03 August 2014 | 20:52 Code : 1936686 Latest Headlines

Turkish Economy Minister Nihat Zeybekci says Turkey and Iran seek to increase their trade volume to USD 35 billion by 2015.

Speaking to reporters on Saturday, he said Turkey aims to boost the trade volume between the two countries to USD 35 billion by next year.

The Turkish economy minister added that Tehran and Ankara have recently signed a preferential trade agreement to facilitate bilateral trade.

Iran and Turkey signed 10 economic agreements during a visit by Iranian President Hassan Rouhani at the head of a high-ranking delegation to Turkey in June.

The value of trade between Iran and Turkey in the first half of 2014 stood at USD 6.5 billion, according to data released by Turkish Statistical Institute.

Trade between Turkey and Iran stood at USD 22 billion in 2012 before dipping to USD 14.5 billion in the following year due to the economic sanctions imposed on Tehran by the West.