Economy, Domestic Economy

Turkey Will Lift Iran Trade Barriers

Turkey Will Lift Iran Trade BarriersTurkey Will Lift Iran Trade Barriers

Turkish Prime Minister Ahmet Davutoglu attended the Turkey-Iran Business Forum in Tehran over the weekend and called on Turkish and Iranian businesspeople to lift trade barriers between the two countries.

“We negotiated and agreed to no delays in the implementation of a preferential trade agreement. We will lift the customs wall in a way that will propel efforts toward a free trade agreement following the preferential trade agreement,” he said, stressing that his visit was the start of a new period in Turkish-Iranian relations, reads an article in Turkish newspaper Daily Sabah.

Davutoglu added that they are taking serious steps in the infrastructural sector regarding highways, railroads and airports.

“Within the next period, we will strengthen our relations for the construction of railroads between the Mersin and Trabzon ports and the Port of Bandar Abbas, as well as the high-speed train line in Turkey and the line in Iran, which will lead to Tabriz,” he said, adding that the banking systems would step in to support the investments in both countries.

Davutoglu’s visit to Iran is the first step in a series of diplomatic and economic talks that Turkey and Iran plan to hold in the near future. Since sanctions connected to Iran’s nuclear program were lifted, Turkey and Iran now aim to reach an annual trade volume of $35 billion. Diplomatic talks between the two countries are at the top of the agenda in the Turkish business world, which has begun seeking business opportunities in the country.

The 25th meeting of Iran-Turkey Joint Economic Commission is slated to be held in Ankara in the upcoming months.

Additionally, a trilateral meeting will be attended by Turkish, Iranian and Azeri foreign ministers in Tehran.

The highest level visit will be that of Iranian President Hassan Rouhani who is scheduled to arrive in Turkey as part of the High-Level Strategic Cooperation meeting.

The Turkish business world is highly interested in Iran and a delegation from the Turkish Industrialists and Businessmen Association is expected to visit the country.

With the removal of western sanctions against Iran, Tehran and Ankara, which have deep-rooted cultural and historical ties, are emerging as important potential markets for each other.

Authorities from both countries aim to increase bilateral trade to $35 billion per year. This commercial potential is one of the most important motives pushing Turkey and Iran to improve relations despite differences on regional issues.