Economy, Domestic Economy

Baghdad Fair Offers Opportunity to Boost Trade

Baghdad Fair Offers Opportunity to Boost Trade
Baghdad Fair Offers Opportunity to Boost Trade

An exclusive trade fair in Baghdad will provide a perfect platform for Iranian traders to showcase their products, Valiollah Afkhamirad, the head of Iran’s Trade Promotion Organization (TPO) said on Tuesday.

Afkhamirad referred to the exclusive trade fair which is to be held in the Iraqi capital city of Baghdad in February-end as a “golden opportunity for both Iranian and Iraqi traders to boost trade relations,” IRNA reported.

Iranian companies plan to showcase various commodities in the exhibition, ranging from building materials to water and electricity, car and medical equipment, food, petrochemical and engineering products.

In an attempt to find new trade avenues, the head of Iran’s TPO has already travelled to the neighboring country and met with Iraq’s Minister of Trade, Mohammed Abdul-Karim Kasnazani Al-Hosseini. Both parties have emphasized the need for boosting trade relations between the two countries.

Trade between Iran and Iraq has experienced a twenty-fold increase over the past decade following the fall of former Iraqi dictator Saddam Hossein. However, both parties believe that through strategic trade agreements, their mutual trades could reach $25 to $30 billion per year.

In December last year, Afkhamirad announced a trade protocol between Iran and Iraq to promote mutual cooperation and called for establishing a special committee to facilitate further export of engineering services to Iraq.

He also announced the establishment of a new mutual bank with private sector’s assistance in a bid to facilitate financial transactions for both Iranian and Iraqi traders.