Iran & Turkey eye deepening cooperation in feed trade
Iran has signed a memorandum of understanding with Turkey on enhancing trade cooperation in the livestock, poultry, and aquatic feed industry during a meeting hosted by the Union of Chambers and Commodity Exchanges of Turkey in Ankara.
Majid Movahed Ghaderi, a board member of the Tehran Chamber of Commerce, expressed optimism about the potential of the new agreement. He believes it could significantly boost the current bilateral trade of $11.7 billion in 2023 to a promising $30 billion by the end of the decade, with around $5 billion coming from the agricultural industry.
Despite the challenging political landscape in the Middle East, the agricultural trade between Turkey and Iran has shown remarkable resilience, with a growth of 30% in 2024.
The parties emphasise joint investment opportunities, mutual marketing development, and information exchange on feed safety, livestock nutrition, and sustainable practices.
The agreement is seen as a step forward in enhancing strategic agricultural ties and strengthening trade relations in the region”
Iran-Turkey Agricultural Strategic Committee said in a statement.
The parties also discussed further modernisation of border gates to facilitate smoother trade, with an emphasis on transportation routes that connect both countries and Central Asia.
Feed industry at the forefront
Feed is expected to largely contribute to the future growth in the agricultural trade turnover between the 2 countries.
During the Ankara meeting, a cooperation agreement was also signed by the Turkish Feed Industry Association (Türkiyem-Bir) and the Iranian Feed Industry Association.
As one of the promising areas of cooperation, Ghaderi underlined Turkey’s significant demand for aquatic feed and raw materials, which he assumed presented an opportunity for Iranian producers.
Broad development opportunities are expected in the Iranian market, where the feed industry suffers under the pressure of the Western sanctions and the general economic downturn. Recent reports from local officials indicated that the industry operates at only 30% of its designed capacity due to insufficient raw material supply and waning demand.
Turkey’s officials reaffirmed the country’s commitment to maintaining strong economic and trade ties with Iran despite the Western sanctions against the country, calling it a vital gateway between Europe and Asia.
“Iran is Turkey’s gateway to Asia, and Turkey is Iran’s gateway to Europe. Despite the sanctions, we will not end our economic and trade relations with our neighbour. We are committed to this,” Ibrahim Yumaklı, Turkish Agricultural Minister, said during a press conference following the meeting, as quoted by local press.
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