TEHRAN – The value of Iranian exports to Iraq in the past 100 days reached $2.5 billion, registering a 20 percent increase compared to the last year’s same time span, IRNA reported quoting an official with the knowledge of the matter.

According to Seyyed Hamid Hosseini, the secretary general of the Iran-Iraq Joint Chamber of Commerce, in the past 100 days Iran has exported $25 million worth of commodities on a daily basis to the neighboring country.

The official mentioned some of the government’s plans in the current Iranian calendar year (ends on March 19, 2020) in order to achieve the $20 billion trade turnover goal, and said “Signing an agreement to re-export our goods from Iraq, planning to import the country’s necessary items to Iraq and pay for them by the revenues of the exported goods to Iraq in cooperation with the Central Bank of Iraq, and finally using a $200 million credit line for reconstruction of Iraq, are among our programs for the current year.”

Iran and Iraq have been taking significant steps for boosting economic relations in the past few years.

The two countries are following up plans for increasing their bilateral economic trade to over $20 billion.

As previously reported by Trade Promotion Organization of Iran (TPO), following an agreement on establishment of an Iran-Iraq trade committee, officials from the two sides held a meeting to discuss the issue in Tehran on May 5.

In early March, Iranian President Hassan Rouhani headed a high-ranking political and trade delegation in a visit to Iraq, during which the two sides inked several agreements and emphasized expansion of trade ties.

Less than a month after President Rouhani’s visit to Iraq, an Iraqi delegation visited Tehran to attend an Iran-Iraq business forum which was hosted by Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) on April 7.

The event was attended by several senior officials from both sides including Iran’s First Vice President Es’haq Jahangiri, Iraqi Prime Minister Adil Abdul-Mahdi as well as Iranian Energy Minister Reza Ardakanian, Iraqi Minister of Electricity Louay Al Khateeb, Iraqi Trade Minister Mohammad Hashim Abdul Majid Jasim, Iranian Industry, Mining and Trade Minister Reza Rahmani, Head of Basra Chamber of Commerce Majed Mozan, and ICCIMA Head Gholam-Hossein Shafeie, along with representatives of private companies.

During the business forum, the two sides called for further expansion of the trade ties between the two countries and the officials delivered speeches addressing various trade related issues.

In the forum, Iranian vice president mentioned Rouhani’s visit to Iraq, saying that the visit of Iraqi delegation is an indication of the two sides’ determination for expanding economic ties.

Iraqi Prime Minister Adil Abdul-Mahdi, for his part expressed his country’s eager determination for expansion of relations with Iran in all areas and noted that the two countries should join hands in order to reach a level of development which they deserve.

EF/MA