TEHRAN (Dispatches) – Director-General of Iran’s Trade Promotion Organization (TPO) for the Arab and African Countries Farzad Piltan said on Monday that Iranian exports to Iraq over the past nine months from March to December stood at $5.9 billion.
According to Iran’s Trade Promotion Organization (TPO), Piltan said that 23.6 percent of the import market in Iraq is held by Iran.
Highlighting efforts to increase Iran’s share in the Iraqi market, he added that Trade Promotion Organization of Iran has for the first time dispatched a commercial attaché to the Iraqi city of Basra.
"Iran has the potential to experience a big rise in exports to Iraq,” he added, citing the difficulty caused by US sanctions for the Iranian trade relations.
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, trade exchanges have continued with all the health protocols on the borders.
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 granting 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 Husseini, 80% of Iranian companies use the Iraqi Kurdistan Region to take part in the Iraqi market.