Iraq facilitates imports from Iran

Business Materials 5 July 2014 16:04 (UTC +04:00)

Tehran, Iran, July 5

By Milad Fashtami - Trend:

The Iraqi government facilitated importing Iranian goods to the country.

Opening LC lines, issuing insurance, and transferring money through the Baghdad branch of Iran's Parsian Bank are among the new facilities provided to the businessmen, Iran's Tasnim News Agency reported on July 5.

The decision was made after closing borders with Turkey and Jordan.

Tehran and Baghdad's total trade value surpassed $12 billion in the 12-month period which ended on March 20, 2014.

Based on Iran Customs Administration's latest report, the country exported $5.95 billion worth of non-oil goods to Iraq in the mentioned 12-month period. Tehran also imported $6.9 billion worth of non-oils from Baghdad.

Iran also exports electricity to Iraq at the price of 7-10 cent per kilowatt.

Iran exported 8 billion kilowatt hours of electricity to Iraq in the mentioned period, according to the country's energy ministry.

Iran didn't export any oil and gas to Iraq last year.

Iran's fiscal year starts on March 21.