Iranian Foreign Minister Mohammad Javad Zarif says Iran and Turkey have agreed to establish a new financial mechanism in a number of areas similar to that of Europe's long-awaited financial initiative known as the Instrument in Support of Trade Exchange (INSTEX).
The mechanism will cover five areas covering preferential trade, energy, banking ties and use of each others currencies to facilitate mutual ties, Zarif said on Thursday speaking to reporters following his one-day visit to Turkey.
He referred to the growing mutual ties between Iran and Turkey and said the Islamic Republic of Iran appreciates Turkish officials' stance to slam the US unilateral sanctions on Iran as well as the latest decision by Trump to blacklist Iran's Islamic Revolution Guards Corpse as a terrorist organization, a report by Fars news agency said.
Zarif said during his visit to Turkey he held talks with Turkish officials on ways to continue their trade ties despite the US pressure.
"We agreed to specifically expand our ties in at least five areas including preferential trade, energy, banking and use of joint currency. To this end, the Turkish foreign minister and I are expected to follow up on the agreements made during the visit," he said.
According to Zarif, special joint commissions are assigned to pave the way for implementing the agreements.
Turkish officials have shown that they are interested in expanding their ties with Iran in various economic, security, political, regional and international issues, he added.
He further noted that Iran and Turkey have established unprecedented cooperation on border issues.
"We are happy to establish similar ties with our neighbours like Azerbaijan, Iraq, Afghanistan, Pakistan and those in Central Asia," he said.
Zarif also referred to his visit to Damascus earlier this week and said he discussed the latest developments in Syria with Turkish officials while in Ankara.
The Iranian foreign minister then referred to his discussions with Turkish officials on the developments in Venezuela and North Africa.
"I also exchanged views with Turkish officials on Venezuela developments and the US illegal meddling in the Latin country. We also discussed the US worrisome decision to use force in North Africa," he said.
On his recent letter to his foreign counterpart on the repercussions of the US decision to blacklist the IRGC as a terrorist organization, Zarif said immediately after the US announced its decision, he wrote a letter to the UN on the dangers of the decision.
"Then after the US officially blacklisted the IRGC on April 15, I wrote a letter to my foreign counterparts and outlined the dangerous repercussions of the move."
In the letter, Zarif warned against the political and legal fallouts of the US unilateral move which violates all international law.
He then referred to the growing influence of the Israeli prime minster in the US politics and said "unfortunately, Benjamin Netanyahu's influence in the US politics has increased so much that today, we see Israel impacts not only the US interests but also its politics. This shows how deep Israel has penetrated into the US politics."
Zarif made a one day visit to Turkey for talks with the country's officials on mutual and regional issues. Earlier he paid a visit to Syria on Monday for talks on regional issues.