Iran, Turkey to use national currencies in bilateral transactions: Turkish minister

[Hindustani78]

Iran, Turkey to use national currencies in bilateral transactions: Turkish minister | worldwide | Finland Times
Fri, 02 Jan, 2015 02:24:48 AM

Iran and Turkey have agreed to use their national currencies in trade transactions, the visiting Turkish economy minister said, Tasnim news agency reported on Thursday.

The arrangement, part of a preferential trade agreement concluded after 11 years of negotiations, starts on Thursday, Tasnim quoted Nihat Zeybekci as saying on Wednesday.

"With implementation of the agreement, we plan to increase the value of our bilateral trade transactions from the current 16 billion U.S. dollars to 30 billion dollars," said Zeybekci, who met with Iranian Minister of Industries, Mines and Commerce Mohammad-Reza Nematzadeh.

Iran, which boasts the world's largest natural gas reserves, is Turkey's second biggest gas supplier after Russia. Turkey uses a significant portion of its imported Iranian natural gas to generate electricity.

Turkey's main exports to Iran include machinery, motor vehicles, iron and steel products, and tobacco products. Crude oil and natural gas are Iran's major exports to Turkey.

 

[deadmau5e]

This is a good step. Turkey needs to do the same with other countries it has import-export relationship with.

 

[In arduis fidelis]

Say no to $$$

 

[Hindustani78]

Say no to $$$

The annual trade volume between Turkey and the United States is about $19 billion in 2014 and Turkey relations with United states are expanding more.

In 2014, Sikorsky announced a major 30-year co-production partnership for the Turkish Utility Helicopter Program, worth up to $8 billion over its life cycle. Boeing continues its strategic partnership with Turkish Airlines, which now flies to more countries than any airline in the world. Pratt and Whitney opened a new engine parts facility in Izmir that will supply the Joint Strike Fighter, in which Turkey has partnered. General Electric announced a $900 million investment in Turkey across several of its business lines. American firms are pursuing energy, aerospace, defense and health care projects throughout the country.

 

[In arduis fidelis]

The annual trade volume between Turkey and the United States is about $19 billion in 2014 and Turkey relations with United states are expanding more.

In 2014, Sikorsky announced a major 30-year co-production partnership for the Turkish Utility Helicopter Program, worth up to $8 billion over its life cycle. Boeing continues its strategic partnership with Turkish Airlines, which now flies to more countries than any airline in the world. Pratt and Whitney opened a new engine parts facility in Izmir that will supply the Joint Strike Fighter, in which Turkey has partnered. General Electric announced a $900 million investment in Turkey across several of its business lines. American firms are pursuing energy, aerospace, defense and health care projects throughout the country.

Dude read my statement again.i didn't say "say no to USA".i said "say no to $$$".As clearly you didn't get my point let me explain it to you that i meant countries should start avoiding $$$ in their bilateral trade as much as possible and ultimately lead to total banishment of $$$ as an international currency.Instead a new international currency should be made which is controlled by no one.

 

[Hindustani78]

Dude read my statement again.i didn't say "say no to USA".i said "say no to $$$".As clearly you didn't get my point let me explain it to you that i meant countries should start avoiding $$$ in their bilateral trade as much as possible and ultimately lead to total banishment of $$$ as an international currency.Instead a new international currency should be made which is controlled by no one.

Believe me it wont affect much to United states because United states can do business with any country the recent improvement of relations with Cuba and the coming up big deals with India etc , just some defense deals by United states along with Technology transfers will keep up the dollar. I think United states is just watching whatever all are doing from its allies to foes. United states itself has let the NATO allies to take their financial burdens and this is the reason all the NATO member countries have increase their defense budgets.