TEHRAN- Iran and Turkey aim to increase the value of trade in technical and engineering services sector to $10 billion per annum.

Iranian Industry, Mining and Trade Minister Mohammad Shariatmadari and Turkish Economy Minister Nihat Zeybekci signed a memorandum of understanding to boost bilateral technical and engineering services transactions to $10 billion.

The MOU was signed at the end of the 26th Iran-Turkey joint economic committee meeting which was held in Tehran on November 25-26, IRNA reported.

During the meeting, the two ministers reiterated their willingness to increase bilateral economic cooperation through removing trade barriers, easing customs regulations for transportation of goods, setting preferential tariffs, and also facilitating the activity of private sector firms in the other country. 

In a meeting in late October, Iranian First Vice-President Es’haq Jahangiri and Turkish President Recep Tayyip Erdogan stressed that through the all-out planning underway by the two countries the target of $30-billion bilateral trade will be achieved soon. The two-way trade stands currently at $10 billion. 

Jahangiri said Iran and Turkey as two large countries in the region enjoy many capabilities and potentials that should be used to strengthen bilateral relations and emphasized that his country is determined to expand its ties with Turkey in all areas.

Erdogan, for his part, stressed Ankara’s strong will for expanding ties with Tehran in all fields and said: “Through removing the barriers, we should benefit from each other’s capabilities and experiences to boost our relations.” 

HJ/MG