Iran and Turkmenistan Establish Economic Consortium to Enhance Trade

The Iran-Turkmenistan Joint Chamber of Commerce has announced the creation of a specialized economic consortium designed to boost exports and trade between the two nations, with backing from their respective chambers of commerce.

According to IRNA, Ramezan Bahrami, head of the Iran-Turkmenistan Joint Chamber of Commerce, said on Saturday that the establishment of the consortium has been met with broad support from economic operators and provides a valuable opportunity to streamline trade, facilitate investment, and remove commercial barriers between the two nations.

Bahrami emphasized the consortium’s role in fostering sustainable trade relations, describing it as an effective tool for increasing exports, attracting investment, and easing economic interactions. He noted that the initiative creates a structured platform for Iranian businesses to enter the Turkmen market strategically and unlocks new opportunities for bilateral cooperation.

He added that the consortium, developed with private-sector participation under the framework of the Iran-Turkmenistan Joint Chamber of Commerce, is expected to expand trade volume, reduce business costs, and strengthen regional economic ties.

Bahrami welcomed the broad participation of Iranian companies in the initiative, saying their involvement would pave the way for sustainable trade growth and facilitate access to Central Asian markets.

Iran and Turkmenistan, two neighboring countries sharing a border of over 1,000 kilometers, have developed strong trade and economic relations over the years. Since Turkmenistan’s independence from the Soviet Union in 1991, the two nations have collaborated in various sectors, including energy, transportation, and infrastructure development.

In terms of trade, Iran is Turkmenistan’s second-largest trading partner after Russia. Joint projects such as the Friendship Dam and the Korpeje-Kordkuy gas pipeline highlight the extensive cooperation between the two countries. However, trade volumes have fluctuated in recent years. For instance, trade between the two nations reached $3.2 billion in 2008 but dropped to $1.2 billion in 2009 due to declining oil and gas prices.

These wide-ranging collaborations in energy, transportation, and infrastructure underscore the significance of Iran-Turkmenistan economic ties, contributing to regional economic integration and development.