Iran, Iraq to set up taskforce to discuss comprehensive economic deal
Iran and Iraq have agreed to set up a taskforce to discuss a comprehensive agreement that could further boost economic and trade relations between the two allied countries.
Iranian President Masoud Pezeshkian said on Wednesday during a state visit to Iraq that he and Iraqi officials had agreed to start negotiations on a major economic and trade agreement between the two countries.
Pezeshkian made the comments in a meeting in Baghdad with businesses and economic figures from Iran and Iraq.
He said a main objective of his visit to Iraq, which is a first foreign trip since he took office last month, is to facilitate the activities of Iranian businesses and manufacturing companies in the Arab country.
The Iranian president said better economic and trade relations between Iran and Iraq would positively impact the security situation in the region.
Annual trade between Iran and Iraq is estimated at $12 billion while Iran is a major supplier of natural gas and electricity to its western neighbor.
The Trade Promotion Organization of Iran (TPO) said last week that Iranian exports to Iraq had reached nearly $4.5 billion in the five months to August 21, up 21% compared to the same period last year.
The TPO said exports to Iraq could hit a multi-year record this year as he estimated that shipments could reach well beyond $10 billion in the year to March.
Iraq has been the second largest importer of Iranian goods and products after China in recent years. Iranian exports to Iraq mainly include natural gas, steel, petrochemical products, construction material and food.
On the first day of Iranian president’s three-day visit to Iraq, the two countries signed 14 memoranda of understanding to further expand their bilateral relations.
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