Iran-Turkey trade volume expected to reach $12 billion by March

TEHRAN, Nov. 13 (MNA) – The Chairman of Iran-Turkey Chamber Reza Kami says the trade volume between Iran and Turkey is expected to observe a huge surge by the end of the current fiscal year (ends on March 20, 2019).

Kami hailed the “acceptable trend” of economic relations between the two neighbors, saying, while Iran and Turkey’s trade volume stood at around $8 billion during the past six months (May-Oct.), it is expected to rise significantly.

Noting that Turkey is the destination to over 50% of Iran’s non-oil exports, he added, the chamber expects to level up the bilateral trades to $12 billion by the end of the current Iranian year.

Dismissing the impact of US sanctions on the two neighbors’ economic ties, the official said, “back in 2012, amid the peak of strict sanctions, Iran-Turkey trades amounted close to $22 billion,” while after the 2015 nuclear deal, it stood at $11 billion.

Regarding the possible banking issues and obstacles in transferring money, Kami called for “closer cooperation between the two countries’ private sectors and opening joint banks" as the solution to counter such problems. 

Trades between the two neighboring states stood at $11 billion in 2017, while the governments have envisaged to increase the amount up to $30 billion in the coming years.

MR/IRN83097825

News Code 139586

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