Iran: Turkey may reduce import duties on Iran for some petchems

According to Iran’s local media sources, Iran and Turkey are planning to enhance petrochemical trade and ease some trade barriers between the two countries by reducing the import duties imposed by Turkey on Iranian petrochemicals.

Accordingly, Iranian officials reportedly provided a list of petrochemicals including PET, PP copolymers, PS, PE as well as methanol and urea to Turkey for duty discounts.

Iranian officials reportedly argued that Turkey expressed readiness to levy lower tariffs on certain Iranian petrochemical products during the negotiations, although no confirmation was obtained from the Turkish authorities about this at the time of press.

Previously, both countries had officially abolished the requirement of consulate approval for imports reciprocally. The aforementioned implementation had caused complications in import and export activities between Turkey and Iran for around two months.