TEHRAN – Iran and Turkmenistan wrapped up their 14th Joint Economic Committee Meeting with signing a couple of agreements to broaden bilateral economic ties in different areas.

Iranian Transport and Urban Development Minister Abbas Akhoundi and Turkmen Foreign Affairs Minister Rashid Meredov signed the agreements in Tehran on Tuesday, the IRNA news agency reported.

The two sides emphasized the need for accelerating the implementation of 17 cooperation documents signed in March in economic, cultural, political, legal, scientific, and technological fields. The two sides are determined to boost their bilateral trade to $60 billion by the next 10 years.   

Boosting maritime cooperation and launching a joint shipping line between ports of the two countries neighboring the Caspian Sea were also agreed upon.

The two countries also agreed to promote natural gas trade, facilitate road transport, establish trade exhibitions, and exchange economic delegations toward giving a boost to their bilateral relations.

Turkmenistan was the 7th leading importer of Iranian non-oil goods in the previous Iranian calendar year, which ended on March 20, 2015, according to the Iran Customs Administration.      

Iran exported $973.65 million of non-oil goods to Turkmenistan and imported $113.72 million of non-oil goods from the country.    

In the first three months of the current Iranian calendar year (March 21-June 21), Iran exported $187.15 million of non-oil goods to Turkmenistan and imported $3.93 million of non-oil goods from the country.   

In a meeting between Iranian President Hassan Rouhani and Turkmen Vice-President Khajeh Mohammadov, which was held in Tehran on May 11, Rouhani announced Iran’s readiness to speed up the implementation of road building, technical and engineering, as well as energy projects.