Iraqi-Emirati Trade Reaches $6.5bn

AKnews reports that trade between the United Arab Emirates (UAE) and Iraq trade was worth $6.5 billion USD (7,500 billion IQD), up from $5 billion USD (6,000 billion IQD) in 2009 according to Iraqi Government figures.

The two countries hope to continue this trend and increase trade to $7 billion USD (8,000 billion IQD) at the start of 2012.

The relations improved between the UAE and Iraq after Abu Dhabi decided in 2008 to cancel Baghdad's debt which reached to about $7 billion USD.

The volume of trade between Iraqi Kurdistan and the UAE reached $3 billion USD (3,500 billion IQD) with hopes it could rise to $10 billion USD (11,500 billion IQD).

The Economic Advisor in the Iraqi government Salam al-Quraishi told AKnews the commercial exchange includes all industrial, agricultural, food and service products. About 24 Emirati companies are operating in Iraq in the investment, housing and food processing sectors, he added.

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