Tasnim � Iran and Turkey are updating the list of items in a preferential trade agreement (PTA) they have signed, the Iranian ambassador to Ankara said.

In an interview with Tasnim, Mohammad Farazmand said the initial list of commodities under a preferential trade agreement between Iran and Turkey is not effective anymore, because it needs a revision.

He explained that Iran did not have any preference for a series of items in the initial PTA list, while a number of goods have also been removed from the list of Turkey�s preferential trade commodities in the wake of economic developments and the recent sanctions.

�The initial list is not implementable at present,� the envoy said, adding that the organizations in charge, namely the Trade Promotion Organization of Iran and Turkey�s Ministry of Customs and Trade, are compiling a new list of items with preferential trade tariffs.

Farazmand also unveiled plans for a new meeting of the Supreme Committee of Iran-Turkey Economic Ties in Tehran in the near future, saying the committee is going to make decisions to facilitate bilateral trade.

Should the conditions become normal, achieving a $30-billion annual trade target will be possible, since the value of trade exchanges between the two neighbors has hit even $20 billion in certain periods, the ambassador added.

Tehran and Ankara have ramped up efforts in recent years to boost bilateral trade, setting a $30-billion annual trade target and signing several agreements to enhance cooperation in various areas.

Turkey is one of Iran�s major trading partners in the region which has come under pressure from Washington to stop working with Tehran under the US� anti-Iran sanctions.

Turkey has emphasized that the US demands to stop purchasing oil and gas from Iran would go unheeded by Ankara.