Iraq eyes $20b in trade with Iran, adviser says
A senior official from Iraq’s Ministry of Trade said on Saturday that expanding trade ties with Iran was a shared goal and that the two countries were planning to raise annual trade to $20 billion.
Mohammed Hannoun, an adviser to Iraq’s Ministry of Trade, told Rudaw Media Network that his country, “welcomes the development of economic and trade relations with all neighboring and regional countries in ways that serve mutual interests and help achieve economic development goals.”
On efforts to lift bilateral trade to $20 billion, Hannoun said, “The expansion of commercial ties between the two countries is a shared goal that will be achieved by removing obstacles, facilitating procedures and creating a suitable environment for the private sector and economic operators.”
The head of the Iran-Iraq Joint Chamber of Commerce said on Wednesday that the two countries could raise their annual trade to $20 billion from unofficial estimates of $14 billion to $15 billion.
Yahya Ale-Es’haq, speaking at a meeting with business figures in the western Iranian province of Kermanshah, described the target as “practical and achievable.”
Iran is one of Iraq’s main trading partners, with most Iranian exports to Iraq concentrated in natural gas, electricity, construction materials and food products.