Iraq Aims to Boost Trade With Iran From $12bn to $20bn

TEHRAN: According to the Iraqi Trade Ministry, trade between Iran and Iraq is expected to grow from the current $12 billion to $20 billion a year.

“The annual trade between the two countries is more than $12 billion now, and we are working to increase it through the opening of new border crossings and the development of joint industrial zones,” Mohammad Hanoun, the Trade Ministry spokesperson, said to Rudaw on Saturday.

Hanoun claims that despite obstacles, such as declining Iranian non-oil exports, Iraq would keep working with Tehran, particularly in the energy sector, because of their close proximity and cheap commodity prices.

“Our main task is to support domestic production and import fewer goods. At the same time, we will maintain our trade balance with Iran and strengthen the capacity of Iraqi factories through technical cooperation with them (Iranians),” he added.

“Both sides are trying to activate railway projects and develop border crossings to facilitate the movement of goods and provide a transparent trade atmosphere,” Hanoun further said.