August 17, 2022

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Quarterly non-oil export to Iraq drops 22% year on year

TEHRAN- The value of Iran’s non-oil export to Iraq fell 22 percent in the first quarter of the current Iranian calendar year (March 21-June 21), from that of the same quarter in the previous year, the spokesman of Islamic Republic of Iran Customs Administration (IRICA) announced.

Ruhollah Latifi said that Iran exported commodities worth $1.824 billion to Iraq in the three-month period of this year.

Increasing non-oil exports to the neighboring countries is one of the major plans that the Iranian government has been pursuing in recent years.

The value of Iran’s exports to Iraq rose 20 percent during the previous Iranian calendar year (ended on March 20), as compared to the preceding year.

As reported, Iran exported $8.916 billion worth of commodities to its neighbor in the mentioned year, making Iraq the Islamic Republic’s second-biggest trade partner.

Exports to Iraq accounted for 18.3 percent of the country’s total non-oil shipments in the previous year.

As stated by the chairman of the Iran-Iraq Joint Chamber of Commerce, Iran is planning to boost its annual trade with neighboring Iraq to $20 billion.

Speaking in a business forum between Iran and Iraq’s Kirkuk province last December, Yahya Al-e Eshagh said the Iranian and Iraqi governments are determined to develop regional cooperation in all areas.

“Despite all events that are happening in the region, the relationship between the two countries of Iran and Iraq are on the upward trajectory,” the official said.

The current administration of Iran under President Raisi has shown great interest in broadening and enhancing trade and economic ties with neighboring states, he emphasized.

Elsewhere in his remarks, the chairman of the Iran-Iraq Joint Chamber of Commerce pointed to the country’s planning for a $20 billion trade with Iraq and put the current trade volume exchange between the two countries at about $13-$14 billion.

Iran and Iraq signed a memorandum of understanding (MOU) on economic cooperation back in January 2021, at the end of the fourth meeting of the two countries’ Joint Economic Committee.

During the committee meeting, technical committees were formed in various business fields to discuss technical and engineering services and other topics of interest. The meeting also proposed and supported the establishment of a joint investment fund between the two countries and hopes to continue its path.

Good agreements were also reached to review establishing a shipping corridor and increasing the number of Iraqi aircrafts passing over Iran.


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