Turkey and Iran have resolved to try and triple annual bilateral trade to more than $30bn, Mehr News Agency reported on October 6.

Currently the trade volume officially amounts to around $10bn, according to Turkey's Daily Sabah.

The ambitious trade target was announced in the wake of Turkish President Recep Tayyip Erdogan's October 4 visit to meet Iran's president and supreme leader. Relations between Tehran and Ankara have necessarily intensified given that both sides find themselves opposed to the push by Iraq's Kurds towards establishing an independent state and on the side of blockaded Qatar in its dispute with fellow Gulf Arab monarchies. They may also both be wary of the consequences of Saudi Arabia's move to deepen cooperation with Russia.

After meeting Erdogan, Iran’s President Hassan Rouhani said: “Tehran and Ankara are resolute that they will deepen bilateral relations and economic cooperation with mutual interest.”

Rouhani mentioned the energy sector as one industry in which both countries can work together. There may be room to jointly invest in constructing pipelines.

Banking integration between the two countries is also on the agenda.

"The talks led to a stipulation that within a week there will be the signing of an agreement to use the national currencies of Iran and Turkey to facilitate trade between the two countries, using the central banks and two major banks," Rouhani added.

Meanwhile, the Turkish ministry of customs and trade has confirmed, via Twitter, that recently activated regulations requiring consulate approval for Iranian imports to Turkey have been cancelled.

The law was introduced in July this year, with Turkey saying it was in response to a similar law put in place in Iran. That law was temporarily withdrawn and then reinstated in September.

Iranian sellers will be gladdened by the change. The regulation meant each transaction invoked a $1,046 charge. The obligation to pay this was often passed by the seller onto the buyer.