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Turkey and Iran implement preferential tariffs as of Jan 1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 02/01/2015 (15:00)
According to media reports, the preferential trade agreement which was signed in January, 2014 between Turkey and Iran went into effect as of January 1, 2015. Under the agreement, custom duties for 125 items of Iranian goods and 140 items of Turkish goods will be significantly lowered. In addition, the agreement envisions adding several new products to the list of items to be traded with preferential duty rates by the end of the year.

Turkey’s Economy Minister Nihat Zeybekci called the agreement a “milestone” for both countries, through which the parties aim to increase bilateral trade and support bilateral investments. The countries also agreed that trader could be conducted using the local currencies of Turkey and Iran in order to overcome problems in the banking sector. Turkey plans to raise its trade with Iran to $35 billion in 2015.
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