BAKU, Azerbaijan, September 26. Iran has set a long-term goal of increasing its annual trade with Iraq to $40 billion, said Mehdi Zeighami, the head of the Trade Promotion Organization of Iran, at a meeting of the Iran-Iraq joint chamber of commerce, Trend reports.
Zeighami noted that there are some challenges to reaching this target, such as the difficulties in financial transactions due to the US sanctions imposed on Iran.
He added that Iran also has a short-term plan of boosting its annual trade with Iraq to $20 billion, which is expected to be achieved by 2025.
Zeighami also pointed out that increasing the activity of Iran's technical and engineering companies, as well as increasing the border markets between the two countries, can boost the trade turnover of the two countries.
Meanwhile, the value of Iran's trade turnover with Iraq amounted to $9 billion in the last Iranian year (March 21, 2022 through March 20, 2023).
During the first 5 months of the current Iranian year (March 21 through August 22, 2023), Iran's trade turnover with Iraq was around $3.6 billion.
---
Follow the author on X (Twitter):@BaghishovElnur