Turkey, Iran Sign Economic Protocol to Fight Global Financial Crisis

Tehran, Iran | November 28, 2008 by D-8 Secretariat

Manouchehr Mottaki

Turkish and Iranian officials signed a protocol at the 20th Turkey-Iran Joint Economic Commission meeting in Tehran on Wednesday, an indication of increased cooperation during the global economic crisis.
Speaking at the signing ceremony, Economy Minister Mehmet Şimşek said the protocol would improve relations between Turkey and Iran. “The two countries should boost bilateral cooperation in order to overcome the global economic crisis,” he said.

The minister noted that Turkey and Iran, as heirs of two deep-rooted neighbor civilizations, have been getting along well and living in peace. Regarding the ongoing global financial turmoil, Şimşek said the crisis has started to affect the two countries but that Turkey and Iran had the potential to overcome the crisis by sharing their experiences. “We should show the determination to cooperate more to unite our powers, increasing trade relations and mutual investments,” he noted, adding that trade volume between Turkey and Iran amounted to $8.3 billion in the first nine months of 2008 and that it would probably reach $11 billion by the end of this year.

Iranian Foreign Affairs Minister Manouchehr Mottaki, also speaking at the meeting, said Turkey and Iran had the potential to boost bilateral relations in every area, underlining that the two countries should take joint steps in transportation, banking, energy, industry and mining. Mottaki said the two countries would carry out joint projects through a joint fund.

Şimşek also met with Iranian President Mahmoud Ahmadinejad in Tehran on Wednesday. Şimşek and Ahmadinejad exchanged their viewpoints on the global financial crisis and what their respective countries can do.

D-8 Secretary General, Dipo Alam, said that the cooperation between Turkey and Iran has set itself as example for the other member countries in D-8 on how to handle the financial crisis. “Turkey and Iran has taken concrete steps to face the turmoil, and we hope that our other member countries will also formulate their steps too,” he said in his office.

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