Economy, Domestic Economy

Tehran, Ankara Discuss Expansion of Economic Ties

Tehran, Ankara Discuss Expansion of Economic TiesTehran, Ankara Discuss Expansion of Economic Ties

Iran and Turkey surveyed ways of expanding bilateral economic ties in a meeting held between Turkish Contractors Association’s President Mithat Yenigun and Iranian Ambassador to Turkey Mohammad Ebrahim Taherian-Fard in Ankara on Monday.

“We are hoping bilateral relations between the two countries’ private and public sectors will flourish. The $30 billion target for mutual commercial exchanges [per year] can be realized through the active participation of Turkish contractors in Iran’s economic projects,” Yenigun was quoted as saying by ISNA.

Trade volume between Iran and Turkey, which stood at $21.9 billion in 2012, fell below $10 billion in 2015, as a result of western sanctions imposed against Tehran over its nuclear program.

The $30 billion target was recently reiterated by Turkish Customs and Trade Minister Bulent Tufenkci who said the ease of doing business with Iran after the January removal of sanctions is already boosting bilateral ties.