TEHRAN - Director of Asia and the Pacific Office of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) International Affairs Department Niloufar Asadi has 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.”

The trade exchanges between Iran and Turkey in the first five months of 2024 reached $2.3 billion, showing a five percent increase compared to the same month last year.

According to the latest figures released by the Turkish Statistical Institute (TURKSTAT), Iran’s trade with the neighboring country stood at $2.189 billion in January-May 2023.