Iran, Turkey to es­tab­lish joint bank to boost trade ties

Iran Daily - - Do­mes­tic Econ­omy -

Kiler stressed that the es­ti­mated $30-bil­lion Iran-turkey trade in the fu­ture can be re­al­ized through ex­pan­sion of re­la­tions be­tween banks in the two coun­tries.

He also said that an eco­nomic del­e­ga­tion com­prised of Turk­ish busi­ness­men and man­agers of eco­nomic sec­tors are to visit Iran in or­der to re­view new means to de­velop bi­lat­eral trade and de­vise a roadmap to cir­cum­vent sanc­tions.

Cur­rently the trade ex­change be­tween Iran and Turkey stands at $11 bil­lion.

Along with Turkey, the Euro­pean Union is also or­ga­niz­ing a spe­cial ¿nan­cial sys­tem to thwart US sanc­tions and en­able Iran to con­tinue sell­ing oil to Europe as well as con­tin­u­ing busi­ness trans­ac­tions.

The plan un­der re­view in Ber­lin and Brus­sels would in­volve es­tab­lish­ing a kind of clear­ing house for all Euro­pean trade with Iran.

A form of com­mer­cial en­tity known as a “spe­cial pur­pose ve­hi­cle” would be es­tab­lished, with Euro­pean govern­ments as share­hold­ers.

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