Turkey and Islamic Republic of Iran signed a treaty on economic and trade cooperation according to which the level of trade transactions between two countries will reach USD 30 billion by the year 2015.
The cooperation pact was signed between Iranian Foreign Minister Ali Akbar Salehi and Turkish Urbanization Minister Erdogan Bayraktar in Ankara on Thursday.
The two ministers also discussed the new bilateral trade and economic cooperation roadmap.
The cooperation pact has five chapters on energy, trade, transportation, joint investments, and monetary cooperation between both countries.
The cooperation agreement was finalized after three days of talks between Iranian and Turkish high-ranking delegations and at the 23rd meeting of Joint Economic and Trade Cooperation Commission in Ankara.
“Iran and Turkey intend to increase the value of their trade to USD 30 billion by next four years which seems quite attainable,” Iranian Foreign Minister Salehi said.
He noted that holding Iran-Turkey joint economic cooperation Commission is the best way for familiarization of both countries with their potential and this paves the way for removal of the existing obstacles hindering the expansion of economic ties between both countries.