TEHRAN, Dec. 11 (Xinhua) -- Iran and Türkiye have signed a memorandum of understanding (MoU) to increase bilateral trade to 30 billion U.S. dollars within five years, Iran's state news agency IRNA reported on Wednesday.
The agreement, focused on enhancing economic ties, was signed in Tehran by Iranian Roads and Urban Development Minister Farzaneh Sadegh and Turkish Trade Minister Omer Bolat.
The signing marked the conclusion of the 29th session of the joint economic cooperation commission, a three-day meeting aimed at fostering trade, banking, and investment collaboration.
Currently, annual trade between the two neighbors stands at 11.7 billion dollars, according to IRNA. The MoU outlines plans for expanded trade and economic cooperation in the coming year, laying the groundwork for further discussions at the 30th meeting of the joint commission. ■
