Turkey, Iran sign industry and trade deal

Turkey and Iran signed a memorandum of understanding on industry and trade Tuesday on the sidelines of a D-8 meeting in Tehran.

Turkish Industry and Trade Minister Nihat Ergün and Iranian Minister of Industries and Mining Ali Akbar Mehrabian put their signatures to the document that aims to boost industrial and commercial relations between the two countries.

The two ministers met at the first Developing Eight Muslim Countries, or D-8, ministerial meeting on industry held in Tehran.

The D-8 members include Iran, Bangladesh, Egypt, Indonesia, Malaysia, Nigeria, Pakistan and Turkey. The group’s objectives include improving developing countries’ positions in the world economy, diversifying and creating new opportunities in trade relations, enhancing participation in decision-making at the international level and providing better standards of living.

"With this memorandum, we will have better and increased cooperation between small and medium scale enterprises and standards agencies, and we will also cooperate in the transfer of technology," Ergün said during the signature ceremony.

The Turkish minister said Turkey and Iran also agreed to establish a joint free industrial zone at the border.

Turkish and Iranian governments are determined to strengthen and diversify their relations, Ergün said.

Ergun also said, "Countries, particularly neighboring countries, need closer cooperation for regional peace, development and justice."

Also speaking during the ceremony, Mehrabian said he believed Turkish and Iranian businessmen would invest in the region and that the competitive power of Turkey and Iran would increase thanks to their potential.

Trade volume between Turkey and Iran was over $10 billion in 2009.

Turkey's Industry Minister Ergün was received by Iranian President Mahmoud Ahmadinejad and Supreme Leader Ali Hoseini-Khamenei.

Ergün, who completed his talks in the capital, Tehran, will proceed to Isfahan on Wednesday and return to Turkey on Thursday.

Participants at the D-8 industry ministers meeting released a Tehran declaration at the end of their meeting expressing the determination of the member countries to achieve common goals, to take necessary steps to increase industrial, market opportunities and financial resources and to boost technological cooperation.

The second D-8 Ministerial Meeting on Industry will be hosted by Turkey in 2011.