TEHRAN, Iran -- Iran's Chamber of Cooperatives (ICC) and Turkey's Independent Industrialists and Businessmen Association (MUSIAD) have signed a very comprehensive Memorandum of Understanding (MoU) to develop bilateral cooperation.

Iran's Mehr news agency reports that the commercial protocol was sealed on the sidelines of an exhibition in Istanbul between MUSIAD ICC.

Head of Iran's ICC Bahman Abdollahi and MUSIAD Chairman Nail Olpak signed the agreement for their respective organisations.

Speaking during the ceremony, Olpak said Ankara intended to implement all ,trade and economic agreement so far signed with Tehran.

MUSIAD enjoys a 20 per cent share in gross domestic product (GDP) of Turkey and has more than 100 thousand production and commerce units as its members.

Iran and Turkey have boosted efforts to reach a total trade turnover of US$30 billion.

Earlier in April, the two sides inked eight MoUs to reinvigorate bilateral cooperation in various areas.

The cooperation documents were endorsed in a ceremony in Ankara on April 16 at the presence Iranian President Hassan Rouhani and his Turkish counterpart Recep Tayyip Erdogan.

The agreements covered a wide range of fields including higher education, social security, plant maintenance services and standardisation.

Source: Nam News Network