Turkey, Iran agree to improve economic ties, banking a priority

Turkey's President Recep Tayyip Erdogan, left, greets Iran's President Hassan Rowhani shake hands before the leaders and representatives of the Islamic countries gather for the 13th Organization of Islamic Cooperation Summit in Istanbul. (Anadolu Agency, Pool via AP

Turkey’s Prime Minister Ahmet Davutoglu and Iranian President Hassan Rowhani agreed on Friday to improve economic cooperation, with banking a priority, prime ministry sources told Reuters, following the lifting of international sanctions on Iran.

The two countries also agreed to increase trade and mutual investments, the sources told Reuters.

Iran is frustrated that few trade deals have been implemented since the nuclear-related sanctions were lifted, as foreign banks still steer clear of processing transactions.

On Friday it called on the United States and European Union to help it access the global financial system, but the White House said the nuclear deal did not include giving Tehran such access.

Last Update: Wednesday, 20 May 2020 KSA 09:47 - GMT 06:47