Iran to boost bilateral trade with turkey to USD 15 bn by 2025

Iran and Turkey are looking to strengthen bilateral trade to reach USD 15 bn by 2025 through cooperation with the private sector, Mehr News Agency quotes Head of Iran's Trade Promotion Organization (TPO) Farzad Piltan as saying. However, certain items traded between the two countries are facing challenges due to US sanctions. “Some of these commodities are subject to the sanctions and we have to carry out more negotiations for the PTA agreement to become more effective,” he added. Annual trade between the two countries reached some USD 13.6 bn in March, with Turkey being Iran’s third largest non-oil export customer with some USD 7.5 bn exports. Iran’s imports from Turkey experienced a 15% y-o-y growth in the year to March to reach USD 6 bn.