According to some estimates, Turkey has exported nearly 11 billion liters of fuel to the Israeli regime in the last decade.

Angered by the Ankara-Tel Aviv trade relationship, the Iranian students gathered in front of the Turkish embassy, carrying photos of Gaza martyrs and the Palestinian flag.

The protestors chanted “Down with the U.S.” and “Down with the Israeli regime.” They blasted Ankara for its policies towards the Israeli regime.

They also called for an oil embargo on the Israeli regime.

With Israeli war crimes intensifying in the Gaza Strip, several countries have put cutting ties with the Tel Aviv regime on their agenda.

The number of Palestinian martyrs has risen to more than 10,000, mostly women and children.

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In the opening of the forum, Head of international department of Tehran Chamber of Commerce Mr. Hesamudin Hallaj pointed to the historic relation between Iran and Turkey and said that despite geopolitical and geo-economic competitions, Turkey attaches importance for its ties with Tehran and for this reason both sides should work to elevate the level of current economic cooperation.

He then pointed to the drop in the place of Turkey’s trade partner rankings, adding that in the past, Iran was Turkey’s fourth to eight trade partner but this place has been reduced to the 20th and talks between economic activists of the two countries in the events like this can provide more opportunities for increasing the exchanges.

He noted that this is the first Turkish trade delegation visiting Tehran in the post-coronavirus era and expressed hope that Tehran Chamber of Commerce would host more delegations from Turkey in the future.

Then Seyedeh Fatemeh Moghimi, a member of the presiding board of Tehran Chamber of Commerce, in her speech pointed to the commonalities of the two countries in different fields like cultural, political, economic, historical and religious and called for close cooperation between Iran and Turkey for taking advantage of opportunities.

She added that Turkey is a gateway for Iran’s economic ties with Europe and Iran is also a corridor for connecting Turkey to the Silk Road, CIS region and India, adding that using these capacities can bring interests for both states.

Moghimi added that joint investments and exports of the jointly-produced exports to the third party countries in some industries like in the field of home appliances, chemical industries, auto, furniture, wood industries can be of the solutions for broadening cooperation and added that of course this point should be considered that reinforcement of trade exchanges will be impossible without improving the infrastructure of the transportation and development of the infrastructures should be taken into consideration by the two side.

She then pointed to the current condition of the trade between Iran and Turkey and said that Iran’s exports to Turkey increased from $3.247b in six years ago to $6.07b last year and Iran’s imports from Turkey have increased from $2.724b to $5.158b in the same period. She added that but Iran ranks 19th among exporting countries to Turkey and the country ranks 36th among Turkey export destinations.

She then announced readiness of Tehran Chamber of Commerce with its some 30,000 members for any cooperation for deepening economic cooperation with Turkey.

Then President of TUMKIAD Mr. Tanrikulu, for his part, said that Turkey can be a bridge between Iran and Europe, adding that despite sanctions against Iran and restrictions because of the sanctions, Turkey seeks to broaden its relations with Iran. He added that in fact both sides can produce new products and export to new markets like Europe through joint cooperation and this strategy can lead to boom in economy of both states.

He stated that Turkey is keen to use experiences of Iran in some fields, adding that the association wants to improve trade ties with Iran because both countries have great potentials and are hungry for greater activities.

Then Head of Iran-Turkey Chamber of Commerce Mr. Mehrdad Saadat, for his part, talked about the current condition of trade between Iran and Turkey and hailed Turkish traders for setting record of $225 exports in the coronavirus era. He then pointed to some hurdles in way of trade between Ira and Turkey and said getting 6% double tax from Iranian goods is one of major hurdles in way of developing Iran’s exports.

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Amir-Abdollahian made the remarks in his joint press conference with Turkish Foreign Minister Mevlüt Çavuşoğlu.

He expressed hope that in the future visit of Turkish President Erdogan to Iran, the two countries will finalize the roadmap for long-term cooperation between Tehran and Ankara.

“We agreed to start our diplomatic talks on the provisions of drawing a roadmap for long-term cooperation between the two countries, and we hope that this document will be signed in the presence of the two presidents during the forthcoming visit of Turkish President Erdogan to Tehran,” Amir-Abdollahian said.

Stating that the two sides had useful discussions on a variety of regional and international issues in the meeting, the Iranian foreign minister said, “Latest developments in Afghanistan, the need for expansion of stability, security and peace in the West Asian region and neighborhood policy of the two countries of Iran and Turkey were among the topics discussed during the meeting.”

The two administrations based in Tehran and Ankara are pragmatic, he said, adding that they should quickly remove any possible obstacles to the two countries’ relations.

Amir-Abdollahian also pointed to the historical and friendly relation between Iran and Turkey, saying, “The development of economic and trade cooperation, the increase of cooperation in the field of energy, the facilitation of transit traffic, the strengthening of cross-border trade and consular issues were discussed in the meeting, and we do not see any serious obstacles to accelerate the cooperation.”

Mevlüt Çavuşoğlu, for his part, said that the two sides discussed the preparation of the 7th High Cooperation Council between Iran and Turkey, adding that based on the proposal of the Iranian side, a long-term roadmap between the two countries will be prepared and signed on the sidelines of this council.

“We also talked about various issues, including illegal immigration, smuggling and border issues,” he added.

Cavusoglu said sanctions imposed on Iran are ‘unjust’, calling for an end to the unilateral measures adopted by the United States after withdrawing from the Iran nuclear agreement.

“At present, the two countries are cooperating not only on bilateral issues but also on regional issues such as Afghanistan, Iraq and stability in the South Caucasus region, and we are ready to cooperate with Iran within the proposed 3+3 framework.

He also pointed to the resumption of Vienna talks, saying that Turkey believes that the sanctions imposed on Iran are cruel. “Those who have left the JCPOA must return to the deal and lift the unilateral sanctions imposed on Iran.”

Elsewhere in his Monday remarks, Cavusoglu hailed as “promising” the rise in the volume of trade between Turkey and Iran, which, he said, increased by 71 percent this year, but the minister also stressed that “We are very far from our goals,” calling for more actions to be taken to promote bilateral trade relations.

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Erdogan said on Saturday he had told his foreign ministry to expel the envoys of 10 Western countries, including the U.S.

The currency had already hit record lows last week after the Turkish central bank (CBRT) cut its policy rate by 200 basis points, despite rising inflation, in a shock move derided as reckless by economists and opposition legislators.

Media reports said on Monday that the lira, one of the worst performing emerging market currencies in recent years, was closing in on 10 to the US Dollar, a rate it has never reached in the past.

The lira hit an all-time low of 9.75 by 18:40 GMT on Sunday, weakening from Friday’s close of 9.5950. Two bankers attributed the early weakness to Erdogan’s comments on Saturday. It has fallen nearly 24 percent so far this year, the worst performer in emerging markets. The lira’s one-month implied volatility rose to the highest since May on Friday.

“I worry … for Turkish financial markets on Monday. The lira will inevitably come under extreme selling pressure,” said veteran emerging market watcher Tim Ash at BlueBay.

“And we all know that (Central Bank Governor Sahap) Kavcioglu has no mandate to hike rates, so the only defence will be spending foreign exchange reserves the CBRT does not have.”

The foreign powers triggered Erdogan’s ire after demanding that Ankara release a Parisian-born Turkish political activist who has been in jail for years.

In a joint statement on October 18, Canada, Denmark, Finland, France, Germany, the Netherlands, New Zealand, Norway, Sweden and the US accused Ankara of delaying the legal cases lodged against Osman Kavala.

The dramatic developments triggered the fall of the lira against other currencies.

Meanwhile, financial experts have attributed weakening of the Turkish currency to other factors as well.

The lira had already suffered a terrible week after Turkey was placed under surveillance for allegedly failing to properly address issues related to money laundering and terrorism financing.

There were also growing concerns over Ankara’s monetary policy and alleged Central Bank interference by President Erdogan.

The Central Bank cut the policy rate from 18 percent to 16 percent on Thursday even as inflation surged to nearly 20 percent in September.

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IRAN NEWS ECONOMIC DESK

TEHRAN – Head of Iran-Turkey Joint Chamber of Commerce Mehrdad Saadat Dehghan says in the current condition that everyday a new sanction is imposed on Iran, revealing details of some joint actions and trade activities may be against the country’s interests, and it may force the other side to withdraw from cooperating.

Speaking to ILNA regarding Iran Minister of Industry, Mine and Trade’s agreement with his Turkish counterpart on imports of goods in exchange for Iran’s frozen assets in Turkey, Mr. Saadat said that importing goods in exchange for the frozen assets is to the benefit of Iran and will be. He added that if some action is to be taken, it should not be magnified.

He noted that in the current condition that everyday a new sanction is imposed on the country, revelation of details of these issues may be against the country’s interests, and it may force the opposite party to withdraw from cooperation.

Saadat that the chamber is working to find solutions for the problems of the country and there are several solutions, adding that it does not mean that nobody wants to work with the country, on the contrary, in the economic and trade issues there are many countries keen to cooperate with Iran. He noted that private sectors work together and they do not have any problem but this trade should not be noisy because it will ultimately harm our interests.

On the effects of recent tensions between Iran and Turkey on their trade, he said recent tensions have not have any effect on the trade, and trade diplomacy still goes on. He noted that the chamber does its best that such political issues do not have any impact on the economy and it has been so far successful.

He admitted that economic relations with Turkey are not as the chamber expects and it has different reasons but he predicts a bright future in the trade relations of both states, adding that Turkey has realized that relations with Iran are good for them and Iran in the current sanction condition has realized that it needs Turkey as a strategic country and continues its interactions.

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IRAN NEWS ECONOMIC DESK

TEHRAN – Chairman of Iran-Turkey Business Council says any country has its own customs laws and regulations and recommends economic activists to have a check-list in order that their goods do not face delay or damage at the border checkpoint customs.

Osman Aksoy pointed to the continuation of border checkpoint customs activities of Iran and Turkey, adding that every country has its own customs regulations and traders should be familiar with it in order to avoid any delay or damage for the release or transit of their goods.

He urged Iranian officials and managers of companies to be well aware of problems and regulations and if some problem happens despite completing their necessary documents, the council will do its best to resolve it.

Aksoy pointed to the closure of borders between Iran and Turkey on February 23, adding that at that time companies were unable to send their goods but since June 4, borders reopened. He also said that U.S. sanctions were intensified from May 18, 2018, and since major part of Iran’s exports are under sanctions, small space for trade with Iran has left open. He reiterated that production, textile, mining and construction and the whole Iran banking system have been targeted by the U.S. sanctions.

He went on to say that currently agro products, medical equipment, detergents and respiratory machines are exempted from sanctions and Turkish producers can export them to Iran but according to the U.S. sanctions, the Turkish side should be assured that its product is obtained by ordinary citizens and Iran would not re-export it to another country.

Aksoy also pointed to high potentials for economic cooperation between Iran and Turkey, saying that Iran is a favorable medicine market and if both countries can reach an agreement, Turkey can export considerable amount of medicine to Iran. He also pointed to the effects of the coronavirus pandemic on bilateral relations, saying that besides sanctions, the pandemic has also had its impacts on Iran-Turkey economic relations.

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IRAN NEWS ECONOMIC DESK

TEHRAN – Commercial attache of Embassy of Turkey in Tehran Mr. Abdullah Oskay met Deputy Head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) for International Affairs Mohammad-Reza Karbasi and during the meeting both sides emphasized developing trade between Iran and Turkey because of strong determination of policy-makers and activists in different economic sectors of both states.

In the meeting, Karbasi explained the latest development on the bilateral trade between Iran and Turkey and the hurdles for bilateral trade since early March due to the Coronavirus pandemic which has become a big challenge for trade between Iran and Turkey and caused the trade volume drop sharply.

He also called for a strong determination from activists of different economic sectors of both countries for resumption and expansion of activities.

Karbasi noted that the trade volume of Iran and turkey was around $1.5b in the first seven months of 2020 which shows a considerable decline comparing to the same period last year. He added that this had made it more difficult to touch the target set for bilateral trade of $15b.

He noted some of imposed restrictions especially in transit and customs formalities as well as imposing ban on imports and exports can be easily resolved through constructive talks between both states.

He reiterated that Iranian statesmen and private sector have always been supportive of developing and easing economic relations with Iran, adding that the ICCIMA expects, despite all created economic difficulties, more cooperation to be shaped for removing the challenges for developing trade between both states especially by Turkey.

Karbasi deplored that due to the current inconsistencies, Iranian exports to Turkey and European states in the field of transportation and transit of goods are facing huge costs and hurdles.

He also called for acceleration in holding talks on preferential trade between Iran and Turkey and called it a necessary action for economic activists for expanding cooperation, stipulating that despite good relations of both states, they still need agreements to improve the cooperation level in the current condition.

Karbasi noted due to the restrictions because of the pandemic, economic relations are necessary to continue by using virtual capacity and it is also necessary economic activists and investors of booth countries to be supported more, and a reference should be set up for settling the disputes.

He further said that auto-making, apparel and textile, home appliances, energy and petrochemical sectors are of major fields for bilateral cooperation.

Meanwhile Turkish Commercial Attache Mr. Oskay, for his part, emphasized that deepening economic ties have great impact on political ties.

He then pointed to the raised problems by Mr. Karbasi regarding delay in passage of trucks in the joint borders as well as customs formalities, adding that Turkey’s Trade Ministry will pursue these issues and would take necessary actions.

He admitted that the health protocols have also created problems for Turkey’s businessmen and they are facing with return of 15 percent of their exported goods from the borders. But he reiterated that these problems can be solved through mutual cooperation.

Oskay noted that developing the preferential tariffs is important for Turkey and Turkey’s Trade Ministry presented its proposed list of the goods to Iran in July.

He stated that Turkish economic activists are eager to invest in investment and expanding business in the field of mines in all provinces of Iran and especially in Isfahan, Fars and Yazd but they need to get familiar with the existing investment opportunities.

Oskay went on to say that Turkey’s small and medium-sized companies can take advantage of capacities in Iran for investment and it needs promotion and propagation about advantages of the investment.

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According To Iran News, Iran is ready to increase trade exchanges with Turkey, the head of Iran Customs Administration said, referring to carrying out the pilot plan of electronic exchanging customs information, following up the possibility of electronic inquiry of the certificate of origin from the relevant Turkish authorities doing joint projects and increasing trucks’ transit.

Speaking with Turkey’s Deputy Minister of Customs and Trade Riza Tuna Turagay via a joint video conference, Mahdi Mir Ashrafi expressed readiness for holding border meeting in Bazargan-Gorbolagh border and implementing the pilot plan of the technical final project for exchanging customs information.

He added that Iranian customs also suggested following up the possibility of electronic inquiry of the certificate of origin from the relevant Turkish authorities.

Mir Ashrafi noted that Iran Customs Administration is ready to sign MoU on implementing the Authorized Economic Operator (AEO) and green corridor.

He went on to say that increasing the capacity of accepting trucks in Gorbolagh customs and also increasing the capacity in Esendere.

Mir Ashrafi said the Turkish side has started accepting 120 people per day in the Esendere border since August 14.

He added that 110 trucks move toward Turkey per day and 50 ones move toward Iran.

Elaborating on Iranian drivers’ dissatisfaction over services provided and health conditions in Gorbolagh border, he said the issue is being addressed by the Turkish deputy economy minister.

He went on to say that the Turkish side suggested lifting the ban on the import of 68 items which are subject to Iran’s preferential tariff for Turkey.

They also requested for finalizing phase 3 of the e-TIR project and facilitating its implementation.

Mirashrafi ithen put forward the following suggestions, asking for required follow-up measures to be taken by the Turkish side.

1. Iran suggests holding an introductory online meeting among the IT experts of the two parties on Tuesday, September 16th, to discuss the requirements and set the schedule for an upcoming face-to-face border meeting at Bazargan-Gorbolagh customs as well as the pilot implementation of a finalized project for electronic and online exchange of customs information,
2. The Islamic Republic also calls for pursuing the possibility of electronic inquiry of the origin certificate from the affiliated authorities in Turkey,
3. Iran Customs voices its readiness for signing a Memorandum of Understanding with the Turkish counterpart for implementation of a project of Authorized Economic Operator (AEO) and simplified green corridor customs,
4. Iran urges Turkey to increase the acceptance capacity of trucks at Gorbalag and Essen Darreh customs in Turkey by improving sanitation and quarantine facilities at the borders,
5. Tehran wants Istanbul to remove the imposed restrictions on the reception of Iranian travelers to Turkey,
6. Iran urges Turkey to increase the time span for receiving Iranian passengers at Gorbalagh Customs,
7. To prevent the congestion of exported goods from Iran in the customs area of Gorbalagh in Turkey, the Turkish government is asked to do its required investigations on the specified Iranian goods at Doğubayazıt border,
8. Iran announced its drivers’ dissatisfaction with the services provided and the lack of sanitary facilities at the Gorbalagh customs parking lot in Turkey and calls for required measures to be taken,
9. Iran wants the acceptance of wagons Kapikoy-Razi border t be increased, and
10. Iran criticized the frequent damages made to Iranian exported goods during assessment procedures carried by the Turkish side at Gorbalagh Customs.

The Iranian official said that the Turkish side, for his part, has asked for lifting of the ban on the imports of 68 items of goods subject to preferential tariffs and finalization of the third phase of the e-TIR project between the two sides.

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According to the statistics, Iran and Turkey trade value has reached $270 million over the period, a slight increase compared to the last quarter of 2019 but significantly down from figures seen over the first three months of the same year, Press TV reported.

Iran had maintained a trade surplus of over 1$ billion with Turkey at the beginning of 2019 mainly because of its growing exports of products derived from crude.

However, the TCCIMA survey said that Iranian petchem exports to Turkey declined by a staggering figure of 99 percent over the past year causing Iran’s balance of trade with Turkey to slide into the negative territory.

Trade deficit narrowed from $250 million in early 2019 to $117 million in the first quarter this year, said the report.

It said Iran’s total imports from Turkey amounted to $376 million over the first quarter, a decline of 35 percent compared to the similar period last year.

The reduction was mainly blamed on fewer shipments of tobacco, plastic products and cardboard from Turkey into Iran.

The report concluded that first-quarter trade between Iran and Turkey was significantly down in March when a new coronavirus pandemic caused a closure of border crossings between the two neighbors.

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