Economy, Domestic Economy

Trade With Iraq Near $12b

Trade With Iraq Near $12b
Trade With Iraq Near $12b

Tehran and Baghdad have increased trade to $12 billion in recent years, head of Tehran’s Chamber of Commerce, Mines, Industries and Trade Yahya Al-Es’haq announced on Friday.

“An Iranian delegation to be headed by First Vice-President Es’haq Jahangiri will soon visit Iraq to discuss expansion of trade ties,” Forsate Emrooz quoted Al-Es’haq as saying, while addressing a conference on ‘Iran-Iraq Special Economic and Trade Opportunities’ in Tehran.

He added that Iran is looking to make continuous investment in Iraq, noting that trade between the two countries must be pursued in such a way that both countries can benefit.

He stressed that both countries are willing to increase bilateral trade, noting that Iran is pursuing a 25% share in Iraq’s market.

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 sides believe trade could reach $25 to $30 billion a year.

Iran is expected to launch a trade fair in Baghdad by the end of February. Iranian companies plan to showcase various commodities in the exhibition, ranging from building materials to water and electricity equipment, car and medical equipment, food, petrochemical and engineering products.