Trade with Iraq to reach $30bn

Tehran, Oct 23, IRNA – Iran and Iraq are working to finalize a comprehensive trade document which could quintuple their bilateral trade to $30 billion per year.
Iranian Industry, Mines, and Trade Minister Mohammad Reza Nematzadeh and Iraqi Trade Minister Mohammed Abdul Karim Kasnazani held a meeting in Tehran on Tuesday, in which they called for the finalization of the comprehensive trade document as soon as possible.

Increasing industrial, mining, and banking cooperation and launching joint ventures can give a great boost to the efforts to increase bilateral trade, Nematzadeh said.

According to the IRI Customs Administration (IRICA), Iraq was the second leading importer of Iranian non-oil goods in the previous Iranian calendar year, which ended on March 20, 2014.

Iran exported $5.9 billion worth of non-oil goods to Iraq and imported $68.5 million worth of non-oil goods from Iraq in the twelve-month period.

An Iranian economic official said Wednesday that grounds are prepared for investment in Iraq, adding that speed of Iran’s exports to Iraq should be doubled through holding exclusive and international exhibitions.

Secretary of the Headquarters for Development of Iran-Iraq Economic Relations Rostam Qasemi pointed to trade opportunities and challenges with that country in the light of new political and security conditions and said today Iraq is in serious need of maintaining its infrastructures.

He said Iraq’s urgent need for infrastructures and the necessity to supply electricity has made the Iraqi government offer many proposals to the companies which are active in building factories for the assembly of products.

First Vice-President Eshaq Jahangiri and visiting Iraqi Prime Minister Haidar al-Abadi issued a joint press statement in Tehran on Thursday calling for further promotion of relations between the two capitals.

The joint statement came at the end of al-Abadi’s visit to Tehran.

The two officials voiced satisfaction over growing relations between Tehran and Baghdad and called for further promotion of bilateral ties.

The Iraqi premier arrived in Tehran on October 20 heading a top-ranking delegation for an official visit.

By IRNA

 

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