Iran, Iraq to Increase Volume of Trade Ties to 10 Billion Dollars Soon
Iran and Iraq have set a target of $20 billion in annual trade, and businessmen and authorities of both countries are determined to meet that target, Head of Iran-Iraq Joint Chamber of Commerce Yahya Al-e Es'haq said.
He added that the trade challenges between the two countries have been mostly resolved, noting that Iran and Iraq have had the experience of reaching $14 billion in annual trade in previous years.
The international trade recession and lower Iranian electricity and energy sales to Iraq were the main reasons for the decline in trade exchanges between Iran and Iraq, Al-e Es'haq explained.
He added that the ban on the export and import of certain goods according to the laws of the two countries has also been a major reason for the decrease in the trade volume.
The official pointed to the Iraqi prime minister's recent visit to Iran, saying that various areas of cooperation including joint investments, oil and gas and collaboration in the economic sector were discussed during this trip.
“In general, Iran and Iraq have agreed to improve relations and change the monetary and banking conditions so that the central banks of the two countries will ease the current situation and solve the problems,” he said.
Exports to Iraq accounted for 18.3 percent of Iran’s total non-oil shipments in the previous year.
The value of Iran’s exports to Iraq increased 20 percent during the previous Iranian calendar year (ended on March 20) as compared to the preceding year.
Iran exported $8.916 billion worth of commodities to its neighbor in the mentioned year, making Iraq the Islamic Republic’s second-biggest trade partner.
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