Value of Iran’s Exports to Iraq Likely to Exceed $8 Billion

The value of Iranian exports to Iraq is expected to exceed $8 billion this year, Iranian embassy’s commercial attaché in Baghdad said.

Ali al-Haydari said Tehran’s trade and commercial links with Baghdad boomed shortly after the overthrow of the former regime by the U.S. in 2003.

The exchange of trade was a trickle under former leader Saddam Hussein but it soared to nearly $6 billion last year.

Iran has exported more than 40,000 cars to Iraq so far this year, Haydari said.

Iran’s exports to Iraqi markets, other than vehicles, include construction materials, petrochemicals, industrial equipment, medical appliances and fuel oil necessary for the operation of Iraqi power plants.

Meantime, the countries are currently holding talks on how to develop their joint oil fields straddling their international frontier.

“The sides have a roadmap to follow. The talks would eventually lead to a mechanism under which they would develop these fields,” said Abdulkarim al-Aibi, an Oil Ministry undersecretary.

An Iraqi delegation is due in Tehran shortly for a new deal on a possible hike in amount of power Iraq imports from Iran, Aibi said.

(Source: Azzaman )

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