Turkish economy minister to visit Iran to boost trade

Nihat Zeybekci will visit Tehran on Wednesday to announce the start of a preferential trade agreement.

Turkish economy minister to visit Iran to boost trade
World Bulletin / News Desk
 
Turkish Economy Minister Nihat Zeybekci will meet Iran’s Industry and Trade Minister Mohammad Reza Nematzadeh on Wednesday in the Iranian capital of Tehran to boost bilateral economic ties.

Zeybekci is expected to hold bilateral meetings with Iran's First Vice President Eshaq Jahangiri and Transport Minister Mahmoud Vaezi, the Turkish Ministry of Economy said in a statement Tuesday.

According to Turkish officials, trade between Turkey and Iran stood at $22 billion in 2012 before dipping to $14.5 billion in the following year because of international economic sanctions on Tehran. Bilateral trade is expected to reach $15 billion by end of 2015.

"The main topic during the visit will be the announcement of ‘the preferential trade agreement’ which was signed on Jan. 29 of 2014 in Tehran, within the framework of [Turkish President] Recep Tayyip Erdogan’s official visit," the statement said.

The ministry added that the agreement was the first of its kind for Turkey and that the two countries had been working on the agreement for 10 years.

"The agreement is an important instrument to achieve trade of $35 billion which is determined at the highest level between the two countries," the statement said. 

 

Transit fee for trucks

The transit fee for trucks has lately become a sticking point between Turkey and Iran.

Turkey retaliated with increasing transit fees for Iranian trucks when Iran hiked its own rates for Turkish trucks.

Iran also decided to seal Turkish trucks’ fuel tanks. Tanks of Turkish trucks were sealed before they entered Iran to prevent extra fee for the difference in fuel prices between the two countries.

On Dec. 1, Iran started sealing the fuel tanks of Turkish trucks at border checkpoints to solve the dispute on transit fees between the two countries since fuel prices are much lower in Iran than in Turkey because of state subsidies. Iran then decided to suspend the sealing of fuel tanks after officials from both nations discussed the issue.

On Dec. 9, Ankara accepted Iran’s offer to suspend sealing of fuel tanks on Turkish trucks for a limited period, Turkey’s transport minister said. 

 

Last Mod: 30 Aralık 2014, 18:03
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