(MENAFN) Yahya Al-e Eshaq, the head of the Iran-Iraq Joint Chamber of Commerce, underscored the importance of joint investments between Iran and Iraq to further enhance bilateral trade relations. Speaking at the Iran-Iraq Business Forum held at the headquarters of the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) in Tehran, Al-e Eshaq emphasized that collaborative investments could significantly bolster economic ties between the two nations.
Highlighting the substantial trade volume between Iran and Iraq, which reached USD10 billion last year, with some non-official reports suggesting figures as high as USD14 billion, Al-e Eshaq expressed confidence in achieving the targeted USD20 billion bilateral trade goal. He noted Iraq's annual investment budget of approximately USD150 billion, emphasizing Iran's potential to increase its share of investments in various sectors.
Addressing challenges in financial transfers between the two countries, Al-e Eshaq highlighted ongoing negotiations between the central banks of Iran and Iraq to address these issues. Despite existing obstacles, he remained optimistic about finding solutions to facilitate smoother financial transactions.
Meanwhile, the vice president of the Federation of Iraqi Chambers of Commerce reiterated Iraq's commitment to expanding bilateral trade with Iran to reach the USD20 billion mark. He acknowledged the challenges faced in trade exchanges and highlighted efforts to address them through mechanisms such as barter trade.
Furthermore, he mentioned the agreement between the governments of Tehran and Baghdad, allowing Iraq to export up to 100,000 barrels per day of oil in exchange for electricity and gas imports from Iran. Additionally, he emphasized the importance of conducting trade in national currencies as a means to overcome barriers and mitigate the impact of sanctions on bilateral exchanges. These discussions underscore the shared commitment of Iran and Iraq to overcome challenges and deepen economic cooperation for mutual benefit.
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