Iran-Turkmenistan trade to reach $60b in a decade

He told reporters at an Iranian trade exhibition in Ashgabat that the two neighbors also plan to set up a joint trade commission, Fars News Agency reported.

"The two sides have agreed to cooperate in finance, banking, transit of goods, technical engineering, natural gas swap, launching the Iran-Turkmenistan-Kazakhstan railway link, as well as joint economic and industrial ventures," he added.

Ashgabat is hosting a specialized exhibition of Iranian products from February 23 to 25. Over 90 Iranian manufacturers involved in the engineering, chemical industry and electronics, food and light industry, agriculture and water management, construction, trade, health and education, are showcasing their products at the exhibition.

Turkmen President Gurbanguly Berdimuhamedow directed his government at the last cabinet meeting to hold an exhibition at a high level.

"This traditional event must be another action to intensify fruitful partnership between Turkmenistan and Iran and determine new ways of economic cooperation on a wide range of areas," the president said.

Iran's New Ambassador to Turkmenistan Seyyed Mohammad Ahmadi said on Sunday that according to a memorandum of understanding signed by the presidents of Iran and Turkmenistan, trade transactions between the two countries will amount to $60 billion in the next ten years.

Ahmadi noted that among its 15 neighboring countries, Turkmenistan has the best relations with Iran, adding that Turkmen officials are enthusiastically interested in cooperation with Iran.