Tehran and Baqdad will increase the value of their trade transactions to $20 billion in the current Iranian year (March 21, 2014-March 21, 2015), a senior trade official announced on Sunday.
“The value of trade transactions between Iran and Iraq is due to hit USD 20 billion in the year 1393,” the official in charge of Iraq Affairs at the Iranian Trade Promotion Organization (TPO) Majid Qorbanifaraz said.
Qorbanifaraz pointed to the high volume of Iran’s exports to Iraq, and said, “Iran exported around $5.2 billion in the first 11 months of the last Iranian year (March 21, 2013-February 21, 2014) and values of the country’s export of technical and engineering services exceeded $600 million.”
Iran and Iraq have enjoyed growing ties ever since the overthrow of the former Iraqi dictator, Saddam Hussein, during the 2003 US invasion of the Muslim country.
Last month, Secretary of Iranian Association of Technical Engineering Services Exporting Companies Siyamak Dolatshahi announced that 30 Iranian firms are active in Iraq’s developmental projects.
Dolatshahi said that Iran and Iraq enjoy numerous commonalities in various fields such as religion, geography and culture which should be utilized for enhancing the level of economic cooperation.
Iran has had positive trade balance with 83 world countries during the first nine months of the last Iranian year (March 21-December 20, 2013), Iranian Customs Data said.
According to Iran’s Customs Office, the country’s most trade interactions have been made with Iraq with $4.408bln of exports and $48mln of imports from that country during the above period.
Also Iran exported $1.853bln of goods and services to Afghanistan and imported $23mln of commodities from that country in the said period of time.
“The volume of Iran’s exports to Turkmenistan reached $640mln, to Egypt $409mln and to Azerbaijan $377mln in the last 9 months while the volume of Iran’s imports from the mentioned countries amounted to $76mln, $6mln and $18mln respectively,” the Customs Office said.