Economy, Domestic Economy

Iran-Turkey PTA Committee Convened in Ankara

Iran-Turkey PTA Committee Convened in AnkaraIran-Turkey PTA Committee Convened in Ankara

The second meeting of Iran-Turkey Preferential Trade Agreement Committee was held in Ankara last week where the representatives of Iran’s Trade Promotion Organization and Turkey’s Economy Ministry discussed its implementation.

The two sides also considered the addition of new items to the list of goods to the PTA as well as the upcoming meeting between Iran’s Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh and Turkey’s new Economy Minister Mustafa Elitas in Nairobi, Kenya, on the sidelines of the 10th World Trade Organization’s Ministerial Conference.

The PTA, which defines the joint committee’s roadmap and future meetings in Tehran and Ankara, was also signed by the two sides. Turkey agreed to cut the 6.5% import duty on Iran’s low-density polyethylene until July 2016, IRNA reported.

The PTA to reduce tariff barriers was signed during the visit of Turkish 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.

Based on the PTA, tariffs on 125 Iranian goods have been lowered in Turkey’s favor and those of 140 Turkish goods are reduced in favor of Iran.