IRNA – The director-general of Iran’s Trade Promotion Organization (TPO)’s Office of Arabian and African Countries, Farzad Piltan said that 25 percent of the import market in Iraq is held by Iran.
According to Iran’s Trade Promotion Organization (TPO), Piltan said on Saturday that the value of Iranian exports to Iraq during a period of 7 months from March to October stood at 5 billion dollars.
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,” The director-general of Iran’s Trade Promotion Organization (TPO)’s Office of Arabian and African Countries added, citing the difficult trade conditions caused by US sanctions.
Iran and Iraq Presidents have agreed to reach $20 billion in trade balance between the two countries 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.
Also, with the aim of developing trade with Iraq, Iran’s ministries of industry and economy, as well as the Central Bank, 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 Hosseini, 80% of Iranian companies use the Iraqi Kurdistan Region to enter Iraq’s market.