Jul 5, 2020, 7:00 PM
Journalist ID: 956
News Code: 83845305
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Iran, Iraq aiming to achieve common economic objectives

Baghdad, July 5, IRNA – Bolstering economic relations with neighbors, such as Iraq, has been one of the priorities of President Hassan Rouhani’s Government as Tehran and Baghdad have been able to set a $20 billion outlook for their trade.

Iraq could be regarded as one of the world's largest oil reserves, presently the world's fourth-largest oil exporter and OPEC's second-largest oil exporter following Saudi Arabia.

The country shares one of the longest borders with Iran and enjoys 10 border crossings with Iran. This has made the two sides' borders one of the region's most prosperous countries.

President Rouhani's visit in 2019 could be considered as the beginning of a serious step taken by the Islamic Republic of Iran to realize a new approach.

It was during the visit that the 20 billion-dollar outlook for economic relations between the two sides was set, whereas the maximum trade volume for economic relations between the two countries did not exceed $12 billion dollars that year.

Prior to President Rouhani's visit, Mahmoud Ahmadinejad was the first president of Iran who paid a visit to Baghdad after the fall of Saddam's regime in 2008.

Meanwhile, Iran sent Iranian Foreign Minister Mohammad Javad Zarif at the head of a delegation of economic activists on January 13, 2019, to take advantage of Iraq's economic potential.

It is expected that as the COVID-19 pandemic and economic crisis subsides, the level of relations between the two countries will exceed $20 billion dollars.

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