It is widely believed that Turkey will benefit from the lifting of the embargo on Iran as part of the nuclear deal. Turkey’s exports to Iran were severely restricted because of the embargo. The two countries are now trying to resurrect their volume of trade. That six ministers accompanied President Recep Tayyip Erdogan on his April 7 Tehran visit signals Turkey’s hope to boost trade, as does Erdogan's signing a series of accords on education, health and the environment.

Riza Eser, chairman of the Turkey-Iran Business Council, said the $13.7 billion volume of trade in 2014 could climb to $30 billion in two years. 

One of the major issues discussed during the visit was Turkey’s natural gas imports from Iran. Erdogan noted that Iran’s natural gas is the most expensive that Turkey buys, adding: “If they push the price down, we could significantly increase the natural gas we buy from Iran.” 

Natural gas is the main commodity of trade between the two countries. Turkey buys 10 billion cubic meters of Iranian natural gas each year. But Turkey, which has sought out international arbitration because of the high price, demands a 25% reduction. Minister of Energy Taner Yildiz said the arbitration may be concluded by May 2015 and that Turkey expects a new offer from Iran.