Iran-Iraq trade

Iran-Iraq trade grows by 20% to $9 billion in one year

The volume of trade between Iran and Iraq hit $9 billion in the past Iranian calendar year (ending on March 21) showing a roughly 20% increase compared to that of the preceding year.

The two neighboring countries still intend to boost economic trade, Yahya Al-e Eshaq, the chairman of the Iran-Iraq Joint Chamber of Commerce, told IRNA on Friday.

Earlier, the Chairman of the Iran-Iraq Joint Chamber of Commerce said that the trade value between Iran and Iraq will reach $10 billion by the end of this year in 1401 (March 20, 2023).

He had stated that the Iran-Iraq trade will promote considerably with the removal of trade barriers.

With the effective measures taken by the officials of the two countries, trade between Iran and Iraq has been ameliorated, he emphasized.

Turning to the ups and downs of trade between the two countries, Al-e Es’hagh noted that reduced global trade was one of the main reasons behind the trade decline between the two countries.

The chairman pointed to the recent visit of the Iraqi prime minister to Iran and stated that officials of the two countries focused on boosting their activities in nine major pivots, some of them related to the political and security sectors.

Joint investment and cooperation in the oil sector were also emphasized by high-ranking officials of the two countries, he underlined.

In general, Iran and Iraq agreed to improve monetary and banking relations, so the central banks of the two countries were instructed to facilitate the existing situation in line with the removal of barriers facing ahead.

Iraq is one of the top trade partners with the Islamic Republic of Iran and the authorities of the two countries have targeted to increase the volume of trade to $20 billion.