Iran Targets $10 Billion Trade with Iraq

Iran’s Deputy Commerce Minister, Hamid Safdel, said Iran has plans to increase its annual trade with Iraq from the current level of around $6 billion to $10 billion, the official IRNA news agency has reported.

Speaking at a seminar titled “Opportunities in the Iraqi Market”, the minister said that the Iraqi market is very competitive, stressing the importance of holding periodic exhibitions in Iraq to gain a greater market share, according to the report.

“The 38th Iranian periodic exhibition will be held in Iraq major cities in the near future,” he was quoted as saying.

Referring to Iran’s First Vice-President Mohammad Reza Rahimi’s recent visit to Iraq, Safdel said that Iranian and Iraqi officials have conferred to facilitate transportation, customs clearance, implementing the agreements already signed by the two countries in different fields and develop cooperation of Iranian and Iraq private sectors.

In July, Iran, Iraq and Syria signed a major gas deal to transfer the country’s natural gas from South Pars gas field to Europe.

The agreement for the “Islamic Gas Pipeline” was signed between Iran’s caretaker oil minister Mohammad Aliabadi, the Oil Minister of Iraq Abdul Kareem Luaiby [Luaibi, Elaibi] and Syrian Oil Minister Sufian Alao at the Asalouyeh energy zone in Iran’s southern Bushehr province.

The 5,600 km pipeline will pump Iran’s South Pars oil and gas field through Iran, Iraq and Syria to Lebanon and the Mediterranean Sea before reaching Europe.

(Source: Xinhua)

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