Economy, Domestic Economy
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Ties With Iraqi Kurdistan

Ties With Iraqi KurdistanTies With Iraqi Kurdistan

Despite an economic downturn in Iraq’s Kurdistan region, Iran’s cross border trade with the neighboring region has increased by 40% in the last two months, compared to the same period of 2014, according to Kurdish border officials. “Compared to Turkish or other foreign goods, Iranian products are more consumer-friendly in terms of prices,” Aso Qadir, manager of the Haji Omran border gate was quoted by Kurdish media network Rudaw as saying. Haji Omran is one of the two official crossing points between Iraqi Kurdistan and Iran. Cross-border trade with Iran has increased in recent years, as many restrictions were removed on both sides. According to the Kurdish Chamber of Commerce in Sulaimani, the total value of trade between Iraqi Kurdistan and Iran is close to $2 billion a year. Official statistics show that in 2007 Iran exported nearly $2.8 billion worth of goods to Iraq, of which nearly $1 billion worth of imports were routed via Iraqi Kurdistan’s borders. The Kurdish region of Iraq has been suffering from economic crisis brought on by a war with the IS militants that has raged for more than a year.

 

Financialtribune.com