Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh arrived in the Turkish capital on Tuesday at the head of a delegation to discuss ways of boosting trade ties with the neighboring country. Nematzadeh is scheduled to meet Turkish Minister of Economy Nihat Zeybekci to discuss the preferential trade agreement in place between the two countries among other topics, IRNA reported. The two sides are planning to review the list of commodities included in the PTA and add new items. This is a follow-up to Minister of Communications and Information Technology Mahmoud Vaezi’s visit to Turkey last month. Based on the preliminary agreement, tariffs on 125 Iranian goods were lowered in Turkey’s favor and those of 140 Turkish goods in favor of Iran. The pact was signed on January 29, 2014, when the then Turkish Premier (now President of Turkey) Recep Tayyip Erdogan paid an official visit to Tehran, but it took a year for the deal to take effect. The preferential tariff system, which requires both countries to levy lower rates of duty on imports from each other than they do on imports from other countries, is expected to ease two-way transactions of goods and services.
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