ECONOMIC IDEAL –
TEHRAN, Nov. 22 (MNA) – The Iraqi Trade Ministry says economic relations with Iran remain steady and there are plans to increase bilateral trade to $20 billion annually from the current $12b volume.
“The annual trade between the two countries is more than $12 billion now and we are working to increase it through the opening of new border crossings and the development of joint industrial zones,” Trade Ministry spokesman Mohammed Hanoun told local Kurdish news network Rudaw on Saturday.
According to Hanoun, despite challenges, including reduced Iranian non-oil exports, Iraq will continue to cooperate with Tehran, especially in the field of energy, due to geographical proximity and low commodity prices.
“Our main task is to support domestic production and import less goods. At the same time, we will maintain our trade balance with Iran and strengthen the capacity of Iraqi factories through technical cooperation with them (Iranians),” he said.
“Both sides are trying to activate railway projects and develop border crossing to facilitate the movement of goods and provide a transparent trade atmosphere,” Hanoun added.
MNA
