Jan 13, 2021, 12:55 PM
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Iran calls for achieving $20 billion trade target with Iraq

Tehran, Jan 13, IRNA – Minister of Industries, Mining and Trade Alireza Razm-Hosseini on Wednesday called for achieving $20 billion trade target with Iraq, saying that Iranian goods make up for 25 percent demands of the Iraqi market.

Razm-Hosseini made the remarks in a meeting with the Iraqi Minister of Trade Alaa Ahmed al-Jubouri on Wednesday.

Iran seeks to expand and deepen trade ties with neighbors to boost the export level, he said, adding that Iraq ranks first on exporting Iranian products to neighboring countries.

Regarding some potentials of Iranian Industry, he noted: "Steel production in Iran hits 30 million tons, producing the capacity of 400,000 tons in copper industry and exports amounted to eight billion dollars.

"Iran will achieve production capacity of more than 52 million tons of steel in the near future, and in the next four years it will take place in the field of copper production in the number of top 10 countries in the world  and these capacities are suitable fields for deepening trade relations between Iran and Iraq," he said.

*** Iran ready to hold specialized exhibits in Iraq

Razm-Hosseini stressed Iran's readiness to hold specialized exhibits in the main cities of Iraq and activity in the field of modernizing industries, saying,.

"Despite the sanctions on Iran, Iranian trade activists have taken great steps thanks to the domestic manufacturers to deepen cooperation of the two countries.

*** Iraqi Minister emphasize on Barter Trade with Iran

Iraqi Minister of Trade Alaa Ahmed al-Jubouri too for his part in this meeting, called for the development of trade ties between the two countries, especially in the barter trade.

The trade balance of Iran and Iraq is high, which is a positive field for the interests of the two countries, Iraqi Minister of Trade said, stressing the necessity of holding different exhibitions to offer products directly.

Al-Jubouri added: Iraq is the second largest trading partner of Iran after China.

The Iraqi Minister of Trade underlined the cooperation between two countries in the time of COVID-19 Pandemic, noting COVID-19 Pandemic impact on the world economy, emphasizing that the development of trade ties is essential and the development of trade cooperations is considered.

Iraqi Minister of Trade Alaa Ahmed al-Jubouri arrived in Tehran on Monday at the head of a delegation to attend  the 4th Iran-Iraq Joint Economic Commission.

The 4th Iran-Iraq Joint Economic Commission meeting began in the Iranian capital on Tuesday.

The two-day commission meeting is participated by high-ranking officials from both sides and a number of economic activists.

Iraqi Minister of Trade Alaa Ahmed al-Jubouri on Tuesday had a meeting with Iran’s First Vice-President Eshaq Jahangiri.

He also attended the inauguration  ceremony of the 20th Iran International Electricity Exhibition (IEE 2020) and the 16th International Water and Wastewater Exhibition in Tehran

*** Iran, Iraq targeting 20 billion dollar trade

Iran and Iraq Presidents have agreed to augment trade to $20 billion a year and regarding the economic ties between Iran and the Iraqi Kurdistan Region in the time of Pandemic COVID-19.

As the trade volume between Iran and Iraq grows, Iraq is becoming Iran's main export market, and even in some months of the year, Iran's export to Iraq has outgrown the volume with China.

With the aim of developing trade with Iraq, Iran's ministries of industry and economy, as well as the Central Bank of Iran, have already increased provision of foreign exchange assistance to support exporters of technical and engineering services to Iraq for two years

According to Secretary-General of Iran-Iraq Chamber of Commerce Hamid Hosseini, 80% of Iranian companies use the Iraqi Kurdistan Region to take part in the Iraqi market. 

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