Iran’s trade with Iraq’s Kurdistan region to reach $30 billion
Tehran, Iran, May 27
By Milad Fashtami - Trend:
Iran's trade value with Iraq's semi-autonomous Kurdish Regional Government (KRG) will reach $30 billion in the near future.
Qorban'ali Sa'adat, West Azerbaijan province's governor, said that expanding trade and commercial relations with KRG is among top priorities of the Iranian government, Iran's IRNA News Agency reported on May 27.
"Tehran's trade value with KRG is currently around $6 billion," he said.
He went on to note that Iran plans to establish a free trade zone in the southern part of the West Azerbaijan province in order to achieve the goal.
"Establishment of a free trade zone will also help us fight smuggling," he added.
Tehran and Baghdad's total trade value has surpassed $12 billion in the 12-month period which ended on March 20, 2014.
Iranian Minister of the Economic Affairs and Finance Ali Tayebnia said that transit, Iran's electricity and gas exports to Iraq, technical and engineering exports are among the major transactions between the two countries, Iran's IRNA News Agency reported on March 12.
He made the remarks at a meeting with Iraqi Deputy Prime Minister Roj Nouri Shawis.
Tayebnia went on to note that the two countries non-oil trade was around $6 billion in the mentioned period.
"There is no limitation for Iran's economic relations with neighboring countries," he said.
Roj Nouri Shawis arrived in Tehran on an official visit on Sunday. He is heading a high-ranking delegation.
Iraqi deputy prime minister will hold talks with high-ranking Iranian officials during his visit.
Based on Iran Customs Administration's latest report, the country exported $5.95 billion worth of non-oil goods to Iran in the mentioned 12-month period. Tehran also imported $69 billion worth of non-oils from Baghdad.
Iran also exports electricity to Iraq at the price of 7-10 cent per kilowatt.
According to Iran's energy ministry, the country exported 8 billion kilowatt hours of electricity to Iraq in the mentioned period.
Iran didn't export any oil and gas to Iraq last (fiscal) year.