Tehran, Dec 12 (IANS): Iran and Turkey have signed a memorandum of understanding (MoU) to increase bilateral trade to $30 billion within five years.
The agreement, focused on enhancing economic ties, was signed in Tehran by Iranian Roads and Urban Development Minister Farzaneh Sadegh and Turkish Trade Minister Omer Bolat, Xinhua news agency reported quoting Iran's state news agency IRNA.
The signing marked the conclusion of the 29th session of the joint economic cooperation commission, a three-day meeting aimed at fostering trade, banking, and investment collaboration.
Currently, annual trade between the two neighbors stands at $11.7 billion according to IRNA. The MoU outlines plans for expanded trade and economic cooperation in the coming year, laying the groundwork for further discussions at the 30th meeting of the joint commission.