Iran, Turkey agree to develop free trade zone on joint border

Tehran and Ankara have agreed to establish a free trade zone upon a visit by Iranian President Ebrahim Raesi to Turkey, seeking to revive economic relations.

News ID: ۸۲۱۸۸۰

29 January 2024

President Raesi and his Turkish counterpart Recep Tayyip Erdogan agreed on developing the free trade zone in the city of Khoy, a border area between the two countries, the head of the Iran-Turkey Parliamentary Friendship Association 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,” Adel Najafzadeh said.

He added that Raesi’s view on creating synergy with different countries in the region would lead to economic growth and constitute “major achievements” for the country.

Najafzade further said that Iran and Turkey both share a common stance concerning the issue of Palestine.

“This could create a powerful bloc between the two countries in the region,” he added.

Following his visit to Ankara last week, Raeisi announced that Iran and Turkey plan to engage in efforts to boost bilateral trade to 30 billion dollars annually.

The president said that the two countries have had good relations for many years and now they want to elevate these ties to even higher levels in the future.

He also said the two countries agreed to further boost their fight against the scourge of terrorism in the region.

In a joint news conference, Raeisi said Iran and Turkey are two regional heavyweights that can work to settle regional and even international issues.

Raeisi and Erdogan signed 10 cooperation documents in various fields including culture, media and communication, rail and air transportation, electricity, energy, economic, and free trade zones.

They also talked about the need for the cessation of Israel’s “inhumane” attacks on Gaza and the urgency of just and permanent peace.

Raeisi and Erdogan also agreed that more efforts must be made to support Palestinian resistance and to restore their rights. / Mehr