TEHRAN (Press Shia Agency) – Iran and Turkey are updating the list of items in a preferential trade agreement (PTA) they have signed, the Iranian ambassador to Ankara said.
In an interview with Press Shia Agency, Mohammad Farazmand said the initial list of commodities under a preferential trade agreement between Iran and Turkey is not effective anymore, because it needs a revision.
He explained that Iran did not have any preference for a series of items in the initial PTA list, while a number of goods have also been removed from the list of Turkey’s preferential trade commodities in the wake of economic developments and the recent sanctions.
“The initial list is not implementable at present,” the envoy said, adding that the organizations in charge, namely the Trade Promotion Organization of Iran and Turkey’s Ministry of Customs and Trade, are compiling a new list of items with preferential trade tariffs.
Farazmand also unveiled plans for a new meeting of the Supreme Committee of Iran-Turkey Economic Ties in Tehran in the near future, saying the committee is going to make decisions to facilitate bilateral trade.
Should the conditions become normal, achieving a $30-billion annual trade target will be possible, since the value of trade exchanges between the two neighbors has hit even $20 billion in certain periods, the ambassador added.
Tehran and Ankara have ramped up efforts in recent years to boost bilateral trade, setting a $30-billion annual trade target and signing several agreements to enhance cooperation in various areas.
Turkey is one of Iran’s major trading partners in the region which has come under pressure from Washington to stop working with Tehran under the US’ anti-Iran sanctions.
Turkey has emphasized that the US demands to stop purchasing oil and gas from Iran would go unheeded by Ankara.