Iran, Iraq to Launch Joint Bank, Trade Zone Jointly: TPOI

Iran, Iraq to Launch Joint Bank, Trade Zone Jointly: TPOI

TEHRAN (Tasnim) – Iran and Iraq will jointly set up a joint bank and trade zone in the near future, the director general of the Trade Promotion Organization of Iran (TPOI) for the Arabic-African Affairs Office said on Tuesday.

As an influential Arab country, Iraq is very important to Iran, so initial licenses were issued in 2021 for launching two trade centers in the cities of Iraq, Farzad Piltan noted.

He went on to say that targeting $20 billion worth of trade between the two countries has been put atop the agenda of Iran.

The private sector can play a leading role in the materialization of the objectives defined in this regard, he stated.

Iran exported $3.5 billion worth of non-oil products to neighboring Iraq in the first five months of the current Iranian calendar year (March 21 to August 22, 2023), showing a 24 percent hike compared to the same period last year, he noted. 

This is while Iran had exported about $1.887 billion worth of non-oil commodities to Iraq from March 21 to August 22, 2022, Piltan emphasized.

Effective planning has been made for the promotion of trade ties with Iraq in various sectors including export of technical-engineering services, transit of goods, export of gas and electricity, etc, he continued.

Elsewhere in his remarks, the official revealed plans for the establishment of five trade centers in the Iraqi cities of Baghdad, Basra and Karbala.

Also, a joint bank and trade zone will be set up between Iran and Iraq in the near future, Piltan reiterated.

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