Iran, Iraq have potential to boost annual trade to $20 bln

An official at the Trade Promotion Organization of Iran (TPOI) said Iran and Iraq have the potential and capacities to enhance mutual trade to $20 billion.

News ID: ۸۱۰۴۹۳

27 November 2023

Iran’s Special Trade Envoy to Iraq Farzad Piltan made the comments in an interview with Mehr news agency, adding that the Arab country is not interested in launching a Free Trade Agreement (FTA) with Iran due to the difference between imports and exports.

He noted that about $4.5 billion worth of products were exported from Iran to Iraq in the first six months of the current Iranian calendar year (March 21 to September 22, 2023), while about $150 million worth of products were imported into Iran from Iraq in this period.

Piltan pointed to the number of Iran’s commercial attachés in Iraq and said that steps have been taken to dispatch three new commercial envoys to Iraq to bolster the trade relations.

In line with developing the scope of its activities and expanding the level of services to the traders of the two countries, the Trade Promotion Organization of Iran is considering setting up a branch office of the organization in Iraq, the official added.

He reiterated that the two countries have high potential in all fields to boost their annual trade to $20 billion. / MEHR