Iran Eyes Higher Share in Iraq’s Foreign Trade

TEHRAN (Tasnim) – Iran has ramped up efforts to seize one-fourth of neighboring Iraq’s annual foreign trade exchange, an official announced.

Iran Eyes Higher Share in Iraq’s Foreign Trade

Addressing an economic conference in Tehran on Sunday, Chairman of Iran-Iraq joint chamber of commerce, Yahya Al-e Eshaq, said 17 percent of Iraq’s total foreign trade is now allocated to Iran.

He further unveiled plans to increase the figure to 25 percent.

Al-e Eshaq said 90 percent of Iran’s commercial activities in Iraq are done by the private sector, stressing the need for stronger presence of Iranian brands in the Arab country.

In May 2014, Iranian first vice-president called for a major boost to the economic ties between Tehran and Baghdad, saying the two neighboring countries should draw up a plan to raise the volume of their annual trade turnover to $20bln.

And earlier this month, Secretary of Iran's Supreme National Security Council (SNSC) Ali Shamkhani said mutual cooperation between Iran and Iraq in oil and gas industries can serve as a model for other nations.

He also expressed the hope that given the good agreements made between the two countries’ economic organizations, Tehran-Baghdad cooperation would be further promoted on issues like dredging the Arvand River, connecting railroad networks of the two countries, and developing transit of goods and joint ventures in oil, gas and petrochemical industries.

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