Turkey, Iran strengthen economic cooperation
Date
1/28/2025 7:32:04 AM
(MENAFN) Turkey's Minister of Trade, Ömer Bolat, emphasized the importance of strengthening economic relations and cooperation between Iran and Turkey during a joint press conference on Monday. Speaking alongside his Iranian counterpart, Bolat highlighted the 29th meeting of the Iran-Turkey Joint Economic Committee, where significant agreements were made, including the signing of a memorandum of understanding aimed at expanding bilateral trade and collaboration.
Bolat set an ambitious target of increasing trade between the two countries to $30 billion and noted that trade had already seen growth in 2024. He also pointed out that Turkish companies had invested approximately $2 billion in Iran, reflecting growing economic ties between the nations. Other key agreements were reached during the meeting, including plans to renovate and reconstruct border crossings on the Turkish side, which will help facilitate smoother transportation between the two countries.
The Iranian delegation, led by Farzaneh Sadegh, traveled to Ankara on January 27 for bilateral meetings with Turkey’s ministers of transport and trade. These discussions were centered on furthering the economic partnership and addressing logistical challenges to boost trade, transport, and transit relations between Iran and Turkey.
In a previous agreement on December 11, both Iran and Turkey signed a trade cooperation memorandum of understanding. This document formalized their commitment to reaching the $30 billion trade target over the next five years, further strengthening the economic ties between the two nations.
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