Increasing trade turnover between Iran, Trkiye requires serious decisions – official

BAKU: The increase of annual trade turnover between Iran and Trkiye to $30 billion demands serious decisions, the head of the board of the Iran-Trkiye Association of Industrialists and Businessmen (ISIAD), Saeed Mohammad Jan, said at a meeting with members of the Steel Association in Tabriz, Trend reports. According to him, the fact that trade turnover between Iran and Trkiye does not reach $30 billion is a great weakness for Iran. Many problems can be solved if the country has export potential. Iran is one of the richest countries in the world in terms of raw materials. Mohammad Jan emphasized that Iran's trade turnover with Trkiye increased to $21 billion in 2016. However, with the withdrawal of the US from the Joint Comprehensive Plan of Action and the imposition of harsh sanctions against Iran, the figure dropped to $2.8 billion. The trade turnover between Iran and Trkiye improved to about $14 billion in 2022 with the coming of Joseph Biden to power in the US. However, in 2023, the trade turnover betwee n the two countries decreased to $7.5 billion. 'The annual trade turnover between Iran and Trkiye in the steel sector is set at $3.8 billion. However, the trade turnover between the two countries in this field has not reached $1 billion,' he added. To note, Iran's non-oil trade turnover with Trkiye in the last Iranian year (from March 21, 2023, through March 19, 2024) amounted to about 12.7 million tons worth about $11.7 billion. Compared to the previous year (from March 21, 2022, through March 20, 2023), Iran's non-oil trade turnover with Trkiye decreased by 13.8 percent in value and 30.2 percent in weight. Source: Trend News Agency