Iran plans to establish preferential trade with Iraq

Business Materials 26 July 2015 16:51 (UTC +04:00)

Baku, Azerbaijan, July 26

By Fatih Karimov - Trend:

Iran plans to establish preferential trade with Iraq, said Hassan Alidousti, the director general for exports at the Customs administration of Iran.

Considering a rise in import tariffs to Iraq, it has been proposed that preferential rate to be used in exports to Iraq, Iran's Fars news agency quoted Alidousti as saying on July 26.

He went on to say that insecurity inside Iraq and some other issues, including the Iran nuclear deal, have decreased Iran's exports in spring this year, corresponding to the first quarter of the current Iranian fiscal year, compared to the same period last year.

"Global economic conditions have reduced prices of many consumer goods. This issue has also been among the reasons behind the fall in exports."

Iraq was the second biggest importer of Iranian non-oil goods in Iranian calendar year 1393 (March 2014-March 2015).

Iran exported $6.18 billion of non-oil goods to Iraq and imported $60.36 million of non-oil goods from the Arab country.

Iran and Iraq are working to finalize a comprehensive trade document which could increase their bilateral trade to $30 billion per year.