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Iraq plans to establish joint bank with Iran

Business Materials 2 September 2014 17:40 (UTC +04:00)

Baku, Azerbaijan, Sept.2

By Fatih Karimov - Trend:

Iraq plans to establish a joint bank with Iran, Iraqi Commercial Attaché to Iran Shaker Razzaq Abdo said on Tuesday.

The two sides have signed a memorandum of understanding as well as agreed to hold joint trade exhibitions, Iran's Fars news agency quoted Razzaq Abdo as saying.

Iranian companies should boost presence in the Iraqi market, he said, adding that a large number of Iranian companies are working in Iraq in projects related to power generation.

Iranian Minister of Economic Affairs and Finance Ali Tayyeb-Nia said in May that the volume of trade transactions between Iran and Iraq will reach $20 billion over the next three years.

Tayyebnia put the value of the 2013 trade exchanges between Iran and Iraq at $6 billion.

He said that the value of Tehran-Baghdad transactions, including technical and engineering exports, gas and electricity export and transit hit $12 billion in 2013.

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