China Announces Increased Trade With Iraq


(MENAFN- Iraq Business News) By John Lee.

The Deputy Ambassador at the Chinese embassy in Baghdad, Xu Haifeng, told the state-run Iraqi News Agency (INA) that trade exchange between the two countries is increasing at a rapid pace:

  • Trade Volume and Increase:
    • Chinese embassy disclosed trade data with Iraq, highlighting a year-on-year increase in purchases by approximately 48%.
    • Trade exchange volume in 2022 amounted to $53.37 billion, reflecting a significant annual increase of 43.1%.
  • Chinese Interest in Relations:
    • Deputy Ambassador Xu Haifeng emphasized China's keen interest in developing trade and economic relations with Iraq.
    • Cited Iraq's significant economic position in the world and the Middle East as a key motivator.
  • Import Statistics:
    • China's imports from Iraq in 2022 reached $39.38 billion, with an annual increase of 47.8%.
    • Highlighted China as the largest buyer of Iraqi oil.
  • Iraqi-Chinese Business Council:
    • Deputy Ambassador Haifeng highlighted the Iraqi-Chinese Business Council as the first business council established by Chinese and Iraqi companies.
    • Expressed confidence in its potential to contribute to bilateral relations, especially in the realms of trade and the economy.
  • Embassy's Commitment:
    • The Chinese embassy pledged to enhance the exchange of information.
    • Emphasized guidance for companies to conduct business in accordance with laws and regulations.
    • Goal: Create a bridge for cooperation between Iraq and China.

(Source: INA)

The post China announces Increased Trade with Iraq first appeared on Iraq Business News .

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