Adraft law that proposes the establishment of new border gates between Turkey and Iran was approved by the Turkish Grand National Assembly on Wednesday.

According to the draft law, two new crossings, Dilucu-Maku and Kapikoy-Razi, will be opened on the Turkish-Iranian border to increase the number of trade and transport routes between the two countries, Daily Sabah reported.

Turkish exports to Iran last year reached almost $3.70 billion, marking a 0.12% increase over figures from the previous year. Turkey’s main export items to Iran consisted of gold, iron, steel, textile yarn, fabrics and vehicles.

Turkey’s main import items from Iran included raw petroleum materials, natural gas and plastics, as well as metals other than iron and organic chemicals.

The two countries have signed a preferential trade agreement signed by Turkey’s Economy Minister Nihat Zeybekci and Iranian Industries, Mining and Trade Minister Mohammad Reza Nematzadeh on December 31, 2015. Some of the goods listed in the agreement included medical supplements, healthcare products, tires, washing machines, ventilation systems, caviar, textile products and furniture.

Both countries seek to increase bilateral trade to $30 billion. They have also agreed to conduct trade transactions in their respective currencies.

Source: financialtribune.com