Quarterly exports to Iraq stand at $1.45b

July 19, 2020 - 12:21

TEHRAN- Iran has exported commodities valued at $1.45 billion to Iraq during the first quarter of the current Iranian calendar year (March 20-June 20), the secretary-general of Iran-Iraq Joint Chamber of Commerce announced.

Hamid Hosseini put the weight of exported products to the neighboring country at five million tons, IRNA reported.

Hosseini further said that Iran had exported 6.2 million tons of commodities worth $2.35 billion to Iraq during the first quarter of the previous year, but the quarterly export has dropped due to the closure of the borders because of the coronavirus pandemic in this year.

During a meeting between Iran's Ambassador to Baghdad Iraj Masjedi and Manhal Aziz Al-Khabbaz, Iraq’s new minister of industry and minerals on June 24, the two sides discussed expansion of trade and industrial cooperation.

They urged expansion of ties in various areas including the auto industry, launching joint industrial parks, and other industrial and mining areas.

The officials also discussed holding the two countries’ joint economic committee meeting and Iran's investment in manufacturing tractors, buses, and minibusses in Iraq.

The economic and political relations between Iran and Iraq have increased significantly in the past few years and the two neighbors are seeking ways to facilitate financial transactions and boost their trade ties.

The two countries have it on the agenda to increase the value of their bilateral trade to $20 billion by 2021.

Last month, Iran and Iraq decided on the ways of implementing an agreement for using Iran’s export revenues in Iraq for importing basic goods from the country.

According to the Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati, under the framework of the mentioned agreement, Iran will use its gas and electricity export revenues which amount at several billion dollars a year in addition to CBI resources in Iraq, for importing its required goods from the country.

MA/MA

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