Economy, Domestic Economy

Tehran-Ankara PTA to Expand

Tehran-Ankara PTA to ExpandTehran-Ankara PTA to Expand

The list of items in the preferential trade agreement between Iran and Turkey will be updated to include more goods, Iran’s attaché to Turkey said. Hamid Zadboum added that 125 Iranian goods and 140 Turkish items valued at $50-60 million annually are exchanged based on preferential tariffs. “The figure accounts for less than 10% of bilateral trade between the two neighboring countries. The first eight months of the current Iranian year (started March 21) saw a 10% rise in Iran’s exports and a 3% decline in imports from Turkey,” Mehr News Agency quoted Hamid Zadboum as saying. The PTA to reduce tariff barriers between Iran and Turkey was signed during the visit of President Recep Tayyip Erdogan (who was then Turkish prime minister) to Tehran in January 2014 after negotiations that lasted 10 years. The agreement went into effect in January 2015.