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Iran and Turkey to add steel products to preferential trade agreement

 

Thursday, 09 November 2017

Iran and Turkey plan to add new categories of goods to their preferential trade
agreement in December this year, according to Iranian non-governmental
newspaper the Financial Tribune. The preferential trade agreement between
Iran and Turkey was Ąrst signed in January 2014 and took eĂect a year later. The
agreement aims to boost bilateral trade.
The Financial Tribune stated that the two sides have 265 categories of goods
under their existing preferential trade agreement. Turkey has requested to add
new product categories to the agreement, including vehicle spare parts, electric
and mechanical machinery and equipment, iron and cast iron products and steel
products, while Iran plans to add new categories, including petrochemical
products, ferromolybdenum and other iron alloys, direct reduced iron, pellets,
cold rolled coil and steel bars.
Meanwhile, in October this year, the two countries also signed an agreement for
conducting bilateral trade in local currencies. According to the Financial Tribune,
the agreement will considerably reduce the costs for both Turkish and Iranian
traders, as they will no longer need to use intermediate currencies since the
speciĄed agent banks are allowed to Ąnance bilateral trading via international
payment tools such as letters of credit and remittances in their local currency