Iran, Turkey to establish free trade zone as economic ties develop
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The two neighbors will create the free trade zone in a city on the border area between the two countries.
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Turkey’s President Tayyip Erdogan and Iran’s President Ebrahim Raisi shake hands following a press conference in Ankara, Turkey, January 24, 2024 (AFP)
The Islamic Republic in Iran and Turkey have agreed to develop their economic ties, which would include establishing a free trade zone between the two countries.
This came during a trip made by Iranian President Ebrahim Raisi to the neighboring country earlier this week to participate in the Supreme Economic Council and engage in discussions on enhancing bilateral relations.
Raisi met with Turkish President Recep Tayyip Erdogan, and the two leaders delved into an array of common matters, while the ongoing Israeli genocide in Gaza and how to stop the humanitarian crisis and establish a permanent ceasefire were on top of the meeting's agenda.
Read more: All ties with 'Israel' must be severed: Raisi from Ankara
The City of Khoy, a border area between the two countries, was designated as the location for this zone, the head of the Iran-Turkey Parliamentary Friendship Association, Adel Najafzadeh said on Sunday.
“Vast investments in the Iran-Turkey joint free trade zone could lead to economic prosperity in the border region and on country level and will result in an increase in turnover,” Najafzadeh said.
He added that Raisi’s policies to create and develop good relations with regional countries would drive economic growth for Iran and are regarded as “major achievements”.
Najafzade also pointed out that both countries share common views on Palestine.
“This could create a powerful bloc between the two countries in the region,” he added.
Read more: Fighting terrorism in the region is a common mission, Iran, Turkey say
Before leaving for Turkey this week, the Iranian president said that it is "a neighboring Muslim country and an important commercial and economic partner of Iran, and we have set a target for our commercial and economic relations to reach 30 billion dollars. He added this goal can be achieved with the existing capacities."
Alongside the topic of occupied Palestine, Turkey, and Iran were said to have discussed ways to develop trade and energy partnerships, as well as defense industry cooperation and the signing of related agreements.
