Official Urges Boost to Iran-Iraq Trade

TEHRAN (Tasnim) – Chairman of the Iraqi union of chambers of commerce expressed discontent with the current status of bilateral trade between Iran and Iraq, calling for measures to give a fresh impetus to economic ties of the two neighbors.

Official Urges Boost to Iran-Iraq Trade

Addressing a conference on Iran-Iraq economic and commercial opportunities, held in Tehran on Sunday, Ja’far al-Hamdani urged support for the two countries’ private sectors provided by the Iranian and Iraqi governments.

He also called for the settlement of banking problems to ease trade transactions between the two Muslim neighbors.

 There are currently 4 joint banks that handle financial transactions between Tehran and Baghdad, the Iraqi official said, but they fall short of standards of international banks.

He also called for the necessary measures to encourage the Iranian merchants to make investment in Iraq.

Back in August 2014, Iranian Vice President Eshaq Jahangiri said Tehran sees no restriction on trade exchange with the western neighboring country, Iraq.

The Iranian official had earlier said the two countries should draw up a plan to raise the volume of their annual trade turnover to $20bln.

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