TEHRAN – Iran exported non-oil commodities valued at $5.5 billion to Turkey during the first ten months of the current Iranian calendar year (March 20, 2024-January 19, 2025), Iran’s Trade Promotion Organization (TPO) announced.

According to the TPO’s report, Turkey was Iran’s fourth top export destination in the mentioned ten-month period.

Exporting commodities valued at $9.9 billion to Iran, Turkey was Iran’s third top source of import in the first ten months of the present year, the report added.

Turkey's Minister of Trade has emphasized the importance of expanding economic relations and cooperation between Iran and Turkey.

Omer Bolat, speaking at a joint press conference with Iranian Transport and Urban Development Minister Farzaneh Sadegh in late January, highlighted the 29th meeting of the Iran-Turkey Joint Economic Committee and the signing of a memorandum of understanding.

He mentioned the goal of increasing bilateral trade to $30 billion and noted that trade between the two countries had grown in 2024, with Turkish companies investing approximately $2 billion in Iran.

Bolat also pointed to other agreements reached during the meeting, including the renovation and reconstruction of border crossings on the Turkish side, measures to facilitate smoother transportation between the two nations, and the development of trade, transport, and transit relations.

The Iranian delegation, led by Farzaneh Sadegh, traveled to Ankara on January 27 for bilateral meetings with Turkey's ministers of transport and trade.

On December 11, a trade cooperation memorandum of understanding was signed between Iran and Turkey in the presence of Iran’s Minister of Transport and Urban Development and Turkey’s Minister of Trade. Both sides emphasized their commitment to increasing bilateral trade to $30 billion over the next five years.

Iran’s Minister of Industry, Mining, and Trade Mohammad Atabak has emphasized that enhancing trade between Iran and Turkey requires the establishment of a preferential trade agreement and the removal of tariff restrictions.