Iran, Turkey eye $100bn in annual trade transactions

Iran and Turkey have set a long- term target of 100 billion U.S. dollars for annual trade transactions, Turkish ambassador to Tehran was quoted as saying by Iran daily on Saturday. The target was made during the latest visit of Turkish Foreign Minister Ahmet Davutoglu to Tehran in November to participate in the 21st Meeting of the Economic Cooperation Organization, said Umit Yardim. During his visit, Davutoglu held meetings with Iranian President Hassan Rouhani and other senior officials, in which they outlined an expansive vision for Iran-Turkey trade ties, Yardim said. The Iran-Turkey trade declined to 16 billion dollars in 2013 from 22 billion dollars in 2012. The two countries have always stressed that their short-term annual trade target should be about 30-35 billion dollars, the Turkish ambassador said. He added that if the two countries set up a regional center of power together, they can further accelerate development. "They have the necessary components including large population, favorable geographical location, stable governments and generative cultures to achieve this purpose." In November, Turkish foreign minister said in Tehran that his country could become an energy corridor for its eastern oil- and gas-rich neighbor of Iran, according to Tehran Times daily. "Turkey's annual energy demand stands at 60 billion dollars. Turkey is a corridor country, Iran is a producer country. If we tap both potentials, Turkey could become the corridor of Iran as an energy provider," Davutoglu was quoted as saying.