Turkey To Increase Trade With Iran Despite Sanctions

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Context

The Turkish environment and planning minister has said that Turkey wants to deepen trade volume with Iran to 30 billion US dollars by 2015, pledging not to comply with the western sanctions against the Islamic republic.

He said that trade between the two countries saw an increase of 70 percent in 2011, and hoped that new measures will be taken within the framework of the joint commission to further boost it. During the two-day Joint Economic Cooperation Commission session, both signed Memorandum of Understanding to increase bilateral trade covering areas such as transportation, energy and industry.

Even though United States has called for sanctions against financial institutions doing business with Iran’s central bank, Turkish Petroleum Refineries are continuing its imports from Iran.