TEHRAN - Governors of the central banks of Iran and Turkey met before the sixth meeting of the governors of the central banks of the Organization of Islamic Cooperation (OIC) member countries in Istanbul on Monday, IRNA reported.

As reported, Governor of the Central Bank of Iran (CBI) Mohammadreza Fazin and Governor of the Central Bank of the Republic of Turkey Fatih Karahan exchanged views on ways of increasing economic and banking cooperation between the two countries.

During the annual meeting of the OIC central bank governors, the bank officials are going to discuss and exchange opinions regarding the latest state of economic growth and inflation of the OIC member countries, while examining the dimensions of using new technologies in electronic banking.

During a meeting between a delegation of Tehran Chamber of Commerce, Industries, Mines, and Agriculture (TCCIMA) and the senior directors of the Turkish Exporters Union (TiM), the two sides explored the ways to improve and develop trade relations between the private sectors of the two countries.

In the meeting, held at the place of TiM in Istanbul in early September, the areas of development of commercial cooperation between the private sectors of the two countries were discussed and the use of advantages and capacities in the fields of tourism, food, textile and pharmaceutical industries was emphasized.

In this meeting, TCCIMA Head Mahmoud Najafi-Arab referring to the trade balance of 1.6 billion dollars between the two countries, which is also positive for Turkey, mentioned the re-export of some Iranian products through this country as one of the opportunities to optimize the trade relations between the two countries.

Recalling that Turkey has great power and experience in the field of tourism, he mentioned the use of the capacity of Turkish tourism companies to cooperate with the Iranian tourism industry and to increase the attraction of foreign tourists to Iran as another area of development of relations between these two neighboring countries.

Najafi-Arab also pointed to Iran's high power and knowledge in the textile industry and said that by setting up a joint cooperation program, the global expertise of Turkish companies can be used to strengthen the branding of Iranian products in international markets.

The TCCIMA head then pointed to the technical knowledge and expertise of Iranian companies in the pharmaceutical industry, especially in biotech drugs and probiotic industries, and emphasized on strengthening cooperation between the two countries in these sectors.

Addressing the same meeting, TiM Deputy Ahairman Ahmet Gulec explained about this large Turkish private sector union and reminded that currently 150,000 Turkish exporters are members of this union and 61 export associations of this country also form the body of this large entity.

According to him, this union covers 27 product groups in the agricultural, industrial, mining and service sectors, and supporting Turkish exporters for their greater presence in the world markets is one of the main goals of the union.

He further put the export value of Turkey in 2023 at $357 billion and the import value at $410 billion, and reminded that the country plans to rise the value of products export to $375 billion and the value of services export to $200 billion by 2028.

He called the joint investment and the construction of Turkish factories in Iran and vice versa, among the capacities of joint cooperation and reminded that the TiM is ready to cooperate and interact with the TCCIMA to strengthen and develop the exports of the companies of the two countries.

In early July, Director of Asia and the Pacific Office of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) International Affairs Department Niloufar Asadi said a Free Trade Agreement (FTA) between Iran and Turkey should replace the previous trade agreements between the two countries to boost economic exchanges.

In a meeting with the Consul General of Iran in Istanbul, Asadi referred to a previously reached preferential trade agreement between Iran and Turkey under the framework of the Group of Eight Developing Islamic Countries (D8) and said: “Considering the shortcomings of the previously signed preferential trade agreement and the necessity to improve and develop it, I suggest that a free trade agreement between the two countries replaces the previous agreements.”

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Photo: Central Bank of Iran Governor Mohammadreza Fazin (L) and Central Bank of Turkey Governor Fatih Karahan meet in Istanbul