Code: 360068 A

Iran and Turkey signed three memorandums of mutual understanding following their joint economic committee's 25th meeting in Konya.

The documents are related to banks and chambers of commerce.

Earlier, Hossein Yaghoubi, director general of the Public Relations Department at Iran's Central Bank announced a new chapter in banking relations between Iran and Turkey.

"With the plans made by the governments of the two countries to the effect that bilateral trade should rise to $30 billion a year, we have a clear message that in the new era the two sides should conduct new cooperation under international standards," the Iranian official said.

In recent meetings between Tehran and Ankara, the two governments announced their intention to raise bilateral trade to $30 billion per annum.

The trade turnover between the two countries stood at $13.71 billion in 2014 and $9.76 billion in 2015. Although the trade turnover dropped by 29 percent in 2015 compared to the preceding year, many observers believe that the decline came amid global economic crisis ruling out the role of the political disagreements.

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Turkey iran
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