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Iran holds 10 pct share in Iraq’s $200 bln market

Iran Materials 14 April 2014 17:45 (UTC +04:00)

Baku, Azerbaijan, Apr.14

By Fatih Karimov - Trend:

Iran holds just 10 percent share in Iraq's $200 billion market, an official at Iran's Trade Promotion Organization said.

Mehdi Nejatnia added that the government should boost its support from the private sector, Iran's Fars news agency reported on April 14.

The first exclusive exhibition of Iranian goods and modern technology services (Iran Technology Show-IRTEC) will be held in Erbil province of Iraqi Kurdistan from May 5 to 8.

The year 2013 registered high levels of commercial exchange between Iraq and Iran, which reached - according to both Iraqi and Iranian officials - more than $12 billion. This comes at a time when the Iraqi government aspires to increase trade between the two, with a goal of $15 billion, Al Monitor reported in December 2103.

Iraq was the main destination of Iranian non-oil goods in the first two months of 2014. Iraq imported $938 million of Iranian goods in the 2-month period, accounting for 46.57 percent of Iran's total exports, according to the Iranian Customs Administration.

Iraq's Undersecretary of Trade Yehya Ahmad Faraj has said Iraqi traders are eager to "import Iranian goods, given their competitive prices and the ease of transporting goods and bringing them into Iraq."

Mahmoud Behzar, director of commercial affairs of the
Iranian Embassy in Baghdad, says Tehran aspires to have $20 billion worth of trade with Iraq by the end of 2017.

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