Iran, Turkey Ink Three Economic Deals

High-ranking officials from Iran and Turkey signed three trade and banking agreements as part of efforts to boost economic relations between the two neighboring countries.

The three documents were signed by the two countries’ officials at the end of the 25th session of Iran-Turkey Joint Economic Cooperation Commission.

At the end of two days of intensive talks between various governmental officials of Iran and Turkey, which were held in Ankara and Konya, Iranian Minister of Communications and Information Technology Mahmoud Vaezi and Turkish Minister of Development Cevdet Yilmaz signed a memorandum of understanding (MoU) to boost cooperation between the two sides.

Vaezi and Yilmaz also signed another document, which will reportedly open a new chapter in banking ties between the two neighbors in the post-sanctions era.

Another MoU was signed between the Iranian Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) and The Union of Chambers and Commodity Exchanges of Turkey.

The agreements come against the backdrop of a new wave of interest in ties with Iran after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached a conclusion over the text of a comprehensive 159-page deal on Tehran’s nuclear program and started implementing it on January 16.

The comprehensive nuclear deal, known as Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions imposed on Iran.

Experts believe that Iran’s economic growth would rise remarkably after the final nuclear deal takes effect.