Iran Exploring Ways to Broaden Trade With Iraq

Deputy Head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Hossein Selahvarzi says in order to broaden bilateral trade with Iraq, identification of problems in way of trade relations between the two countries and finding solutions is on the agenda. Speaking in the opening ceremony of an exhibition in Lorestan Province, Selahvarzi pointed to the important position of Iraq among Iran’s trade partners in the region and the world and said that identifying problems and finding solutions for broadening ties with Iraq is on the agenda. He said that last year Iraq was Iran’s trade partner number one but some problems emerges which led to decline in the economic exchanges between the two states and China has replaced as Iran’s major trade partner.
He said that issues like banking transactions and arbitration between traders of both countries have been reviewed to find strategic solutions for improving ties.

Salahvarzi added that presence of provinces of the two countries is an effective action for precise identification of capacities of provinces which is expected to progress well for signing agreements.
Meanwhile the Secretary of Iran-Iraq Joint Chamber of Commerce Mr. Jahanbakhsh Sanjabi said that Iran and Iraq have set target to increase their trade to US$20 billion in 5 years. He admitted that Iraq cannot remain Iran’s major trade partner but Iran should move towards a trade balance with Iraq. - Iran News