TEHRAN- Iran exported non-oil commodities valued at $10 billion to Iraq throughout the very first 10 months of the current Iranian fiscal year (March 20, 2024-January 19, 2025), the head of the Islamic Republic of Iran Customs Administration (IRICA) announced.Foroud Asgari stated that Iraq was the second leading export destination of the Iranian non-oil goods in the pointed out ten months.Considering Irans huge export capacity and Iraqs large market for Iranian products, both sides wish to broaden the volume of bilateral financial exchanges.Iran and Iraq have set a target of $20 billion in yearly trade, and business owners and authorities of both countries are figured out to satisfy that target.In late May 2024, the head of the Department of Spatial Planning and Regional Planning of the Iranian Planning and Budget Organization (PBO) stated that Iran exports some 2,200 products, valued at $12 billion, to surrounding Iraq annually.Speaking in a conference entitled Reviewing chances and difficulties of attracting Iraqi investors and enhancing trade relations in between the two countries in line with demarcating Iran in the local worth chain, Jafar Hosseini said that Iraq, taking advantage of $85 billion foreign currency reserves, 130 lots of gold reserves, and 147 billion barrels of tested reserves of crude oil, is amongst the richest nations in West Asia.Currently, Iran exports over 2,200 various kinds of products and products to Iraq, he said, adding that majority of the active Iranian traders exist in the Iraqi market.Developing the trade infrastructures to help with trade in between the 2 countries, motivating traders to buy Iraq, promoting trade through dispatching and admitting trade delegations and participating in exhibitions of the 2 nations, etc are suggested to strengthen the trade and economic relations between Iran and Iraq, he underlined.In an interview in mid-December, the ambassador of Iran in Iraq praised the economic relations between the two sides and expressed hope that these relations will be more and better.Mohammad Kazem Ale-Sadeq announced the worth of business exchanges in between the two countries, and specified that economic relations between Iran and Iraq are great, and expressed hope that these relations will improve.The envoy more noted: Iraq is an essential nation in the region, and we have really essential financial, political, and social relations with this neighbor.In early May 2024, Tehran hosted the 6th meeting of the Iran-Iraq Joint Economic Committee.The two-day event was co-chaired by the previous Iranian Finance and Economic Affairs Minister Ehsan Khandouzi and Iraqi Minister of CommerceAtheer Daoud Al-Ghurairi.
On the first day of the meeting, specialized committees including business, industrial, agricultural, standardization and quality assurance, energy, finance, banking, investment and Insurance, shipping, transport, and Customs, scientific, instructional, tourism, health, in addition to sports consulate convened to talk about areas for cooperation.Increasing non-oil exports to the neighboring countries is among the major plans that the Iranian federal government has actually been pursuing in recent years.Iran shares land or water borders with 15 nations specifically the United Arab Emirates (UAE), Afghanistan, Armenia, Azerbaijan, Bahrain, Iraq, Kuwait, Kazakhstan, Oman, Pakistan, Qatar, Russia, Turkey, Turkmenistan, and Saudi Arabia.MA