Iran, Iraq seeking to achieve $20bn in trade exchange

MNA – Chairman of Iran-Iraq Joint Chamber of Commerce said that the two countries of Iran and Iraq are seeking to attain $20 billion worth of bilateral trade exchanges.

Speaking to IRNA on Tuesday, Yahya Al-e Es’hagh pointed to the visit of Iraqi Prime Minister Mustafa al-Kadhimi to Iran today and said, “the visit of Iraqi prime minister to Iran will play a very constructive and important role in developing and strengthening trade ties between the two neighboring countries.”

During the Iraqi prime minister’s visit to Iran, planning to reach the horizon of $20 billion bilateral trade between Iran and Iraq will also be discussed, he added.

He further noted that economic issues will include a major part of the Iraqi prime minister’s visit to the Islamic Republic of Iran.

Iraq’s debt to Iran on importing electricity and energy will be the other important issues that will be discussed between Iranian and Iraqi officials, he said, adding, “agreements have already been made on the repayment of Iraq’s about $3 billion debt to the Islamic Republic of Iran, which is gradually being implemented, and during this trip, its payment system will be examined clearly.”

Elsewhere in his remarks, Al-e Es’hagh pointed to the spread COVID-19, and added, “given the outbreak of the COVID-19 and also the creation of restrictions for observing health issues in southern Iranian borders, this visit can have a direct impact in acceleration of reopening borders as well as improving bilateral trade.”

He put Iran’s value of products exported to neighboring Iran last year (ended March 20, 2020) at about $9 billion.

Some five million tons of products, valued at $1.450 billion, were exported from Iran to Iraq in the first three months of the current year (from March 21 to June 20).