Iran supports free trade agreement with Turkey to boost economic relations
(MENAFN) Niloufar Asadi, Director of the Asia and the Pacific Office at the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), has proposed the implementation of a Free Trade Agreement (FTA) between Iran and Turkey to bolster economic relations. Asadi emphasized the need to replace existing trade agreements with a more comprehensive FTA to facilitate increased economic exchanges between the two nations.
Previously, Iran and Turkey had established a preferential trade agreement within the framework of the Group of Eight Developing Islamic Countries (D8). Asadi highlighted perceived shortcomings in this agreement and underscored the importance of enhancing and expanding trade cooperation through a new FTA.
The bilateral trade between Iran and Turkey demonstrated growth, reaching USD2.3 billion in the first five months of 2024, marking a five percent increase compared to the same period the previous year. This upward trend reflects ongoing efforts to strengthen economic ties despite external challenges.
Recent data from the Turkish Statistical Institute (TURKSTAT) indicated that trade between Iran and Turkey amounted to USD2.189 billion from January to May 2023, underscoring the significant economic interaction between the two neighboring countries.
The proposal for a comprehensive FTA between Iran and Turkey signals a strategic initiative to deepen economic integration, potentially paving the way for enhanced trade flows and mutual benefits in the future.
MENAFN08072024000045015839ID1108415958
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.