Iran Expands Non-Oil Exports to Iraq, Strengthening Bilateral Economic Relations
(MENAFN) According to the spokesperson of the Islamic Republic of Iran Customs Administration (IRICA), non-oil commodities worth USD 1.228 billion were exported from Iran to Iraq during the first two months of the current Iranian calendar year (March 21 to May 21). This announcement highlights Iraq's position as the second-largest export destination for Iranian non-oil goods within the specified period. The surge in exports to Iraq demonstrates the strengthening economic ties between the two neighboring countries.
In the previous Iranian calendar year 1401, which ended on March 20, Iran witnessed a notable increase in its exports to Iraq. Farzad Piltan, the director-general of the Office of West Asian Countries at Iran's Trade Promotion Organization (TPO), disclosed that Iran's exports to Iraq experienced a 15 percent growth during that period. The Islamic Republic of Iran Customs Administration reported that the total value of Iranian exports to Iraq exceeded $10 billion in the previous year. Additionally, Iran's imports from Iraq amounted to approximately $200 million, emphasizing the significance of the bilateral trade relationship.
Iraq holds a strategic position for Iran in terms of foreign trade and particularly exports. The two nations share a common border, facilitating the exchange of goods and services. Both Iran and Iraq recognize the immense potential for expanding bilateral economic exchanges, driven by Iran's extensive export capacity and Iraq's robust market demand for Iranian goods. The desire to tap into this potential has fueled efforts to further enhance trade ties and increase the volume of economic transactions between the two countries.
The export of non-oil commodities to Iraq represents a vital avenue for Iran to diversify its export base and reduce its reliance on oil revenue. By expanding non-oil exports, Iran can foster economic resilience and capitalize on the broad range of products it offers in sectors such as manufacturing, agriculture, and construction. Furthermore, the strengthening of economic relations with Iraq bolsters Iran's regional trade integration and paves the way for increased cooperation in other areas of mutual interest.
The growing trade between Iran and Iraq serves as a testament to the enduring economic partnership between the two nations. With a shared vision for deeper cooperation, both countries aim to leverage their geographical proximity, historical ties, and complementary economic strengths to foster sustained economic growth and development. As the trade volume between Iran and Iraq continues to expand, it contributes to regional stability, strengthens bilateral relations, and unlocks new opportunities for prosperity in both nations.
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