(MENAFN - Kuwait News Agency (KUNA)) IRBIL, Nov 4 (KUNA) -- The semi-autonomous Kurdistan region of northern Iraq enjoys solid trade ties with Iran, said the chairman of its chamber of commerce and industry Dara Khayat on Sunday.
Cross-border trade volume has increased significantly despite US-imposed sanctions on Iran, he said in a statement.
He revealed that Irbil's trading volume with Tehran is worth USD 5-6 billion, with hopes of pushing that figure even higher in an effort to deepen economic ties.
US President Donald Trump's administration is preparing to re-impose sanctions on the Islamic Republic, which were removed by virtue of a 2015 nuclear deal Tehran signed with major world powers.
The White House has described the sanctions as "far tougher than have ever been imposed on Iran." Iraq's economy is closely linked to Iran and would cripple vast sectors across the country should the US embargo takes effect. (end) sbr.nam