Iran devises plan to boost exports to Iraq through consortium (Exclusive)
Tehran, Iran, Jan. 19
By Kamyar Eghbal – Trend:
Iran has come up with a plan to create a consortium to boost its exports to Iraq by $5 billion within the next five years, an official told Trend.
“Given the fact that Iran’s small producers are not capable of competing in the Iraqi market, a consortium in collaboration with the joint chamber of commerce of Iran and Iraq will be formed in order to increase the volume of exports from Iran to the Arab country by $5 billion within five years,” Mohammadebrahim Rezazadeh , the head of the Iraq desk at Trade Promotion Organization of Iran, told Trend.
The Trade Promotion Organization of Iran has approved the plan for establishing the consortium, he added.
Iran’s non-oil exports to Iraq within the first nine months of the current fiscal year (starting March 20) accounted for $4.6 billion.
Although the value of Iran’s exports to Iraq did not demonstrate any significant change in the mentioned period, the volume of exports dropped by 12 percent, amounting to 9.7 million tons.
Iran saw Iraq as its second largest market over the fiscal 2017/18 as the Arab nation accounted for 14.6 percent of the value of the Islamic Republic’s exports.
The value of Iran’s total exports in the nine-month period dropped by three percent to stand at $28.6 billion. China with a total import value of $6.5 billion was the top importer of Iranian non-oil goods.