Preferential trade deal with Iran to turn into FTA
Daily Sabah | 5 Feb 2015
Preferential trade deal with Iran to turn into FTA
DAILY SABAH WITH AGENCIES
ISTANBUL
Customs and Trade Minister Nurettin Canikli has noted that the scope of the Preferential Trade Agreement signed between Turkey and Iran will eventually be extended and the agreement will be transformed into a free trade agreement.
Canikli attended the Turkey-Iran Business Forum in Tehran, Iran.
The Preferential Trade Agreement, which came into force on Jan. 1, 2015, targets a trade volume of $30 billion between the two countries.
On whether a free trade agreement is on the future agenda, Canikli said the agreement currently offers discounts on custom fees of 125 goods for Turkey and 140 goods for Iran, yet the scope needs to be extended.
He noted that the final target is for the agreement to evolve into a free trade agreement; however, this can only be achieved gradually.
According to diplomatic sources, single customs clearance, the use of national currencies for trade activities and the scope of the Preferential Trade Agreement were discussed during the forum.
