Iran-Turkey Trade OverviewDuring the first eight months of the current Iranian calendar year (March 20–November 20), Iran exported $4.4 billion worth of non-oil commodities to Turkey, making Turkey its fourth-largest export destination. Simultaneously, Turkey exported $7.8 billion worth of goods to Iran, ranking as Iran's third-largest import source.Emphasis on Trade CooperationIran’s Minister of Industry, Mining, and Trade, Mohammad Atabak, highlighted the need for a preferential trade agreement and the removal of tariff barriers to enhance bilateral trade. In a meeting with Turkey’s Trade Minister Omer Bolat, he emphasized the untapped trade potential between the two countries, urging for implementation of agreements, establishment of joint committees, and revival of preferential trade to strengthen economic ties. The Iranian government is also focused on expanding border operations to facilitate smoother trade.Joint Economic OpportunitiesDuring meetings between the Tehran Chamber of Commerce, Industries, Mines, and Agriculture (TCCIMA) and the Turkish Exporters Union (TiM), private-sector cooperation in industries such as tourism, food, textiles, and pharmaceuticals was explored. Mahmoud Najafi-Arab, head of TCCIMA, emphasized the importance of leveraging Turkish expertise in tourism and branding Iranian textile products internationally. Both sides expressed interest in joint investments and the construction of factories in each country to boost trade.Preferential Trade and Transit CooperationIranian officials have proposed replacing the existing preferential trade agreement with a Free Trade Agreement (FTA) to address existing limitations and enhance trade volumes. On transit, Iran’s strategic location linking Asia and Europe was highlighted as a critical factor in regional freight and transportation networks, with plans to increase operations at border crossings and improve connectivity.Trade and Transit GrowthIn the first seven months of the current Iranian calendar year (March 20–October 21, 2024), 13.2 million tons of cargo were transited through Iran, marking a 42% year-over-year increase. Non-oil trade with neighboring countries, including Turkey, grew by 23% in value and 16% in weight, totaling $41.1 billion and 64.5 million tons, respectively. Major export destinations included Iraq, the UAE, and Turkey, while key import sources were the UAE, Turkey, and Russia.Future CollaborationTurkey’s Trade Minister Omer Bolat expressed optimism about accelerating trade through revised agreements and invited Atabak to the upcoming Economic Cooperation Organization (ECO) summit in 2025. Both sides emphasized the importance of resolving trade barriers and enhancing bilateral and regional economic ties. (ICE TEHERAN)

Fonte notizia: Tehran Times