TEHRAN- The value of Iran’s export to Iraq has risen 15 percent during the first eight months of the current Iranian calendar year (March 21-November 21), as compared to the same period of time in the past year, the secretary-general of Iran-Iraq Joint Chamber of Commerce announced.

Referring to the growth of oil revenues, Hamid Hosseini said: "The value of Iran's exports to Iraq in the first eight months of this year, increased by $800 million to stand at $6.1 billion, and this export trend has risen in the second half of the year."

Meanwhile, the chairman of Iran-Iraq Joint Chamber of Commerce has said Iran is planning to boost its annual trade with neighboring Iraq to $20 billion.

Yahya Al-e Eshagh made the remarks in a business forum between Iran and Iraq’s Kirkuk province earlier this month, saying that Iranian and Iraqi governments are determined to develop regional cooperation in all areas.

“Despite all events that are happening in the region, the relationship between the two countries of Iran and Iraq are on the upward trajectory,” the official said.

The current administration of Iran under President Raisi has shown great interest in broadening and enhancing trade and economic ties with neighboring states, he emphasized.

Elsewhere in his remarks, the chairman of the Iran-Iraq Joint Chamber of Commerce pointed to the country’s planning for a $20 billion trade with Iraq and put the current trade volume exchange between the two countries at about $13-$14 billion.

Iran and Iraq signed a memorandum of understanding (MOU) on economic cooperation back in January, at the end of the fourth meeting of the two countries’ Joint Economic Committee.

During the committee meeting, technical committees were formed in various business fields to discuss technical and engineering services and other topics of interest. The meeting also proposed and supported the establishment of a joint investment fund between the two countries and hopes to continue its path.

Good agreements were also reached to review establishing a shipping corridor and increasing the number of Iraqi aircrafts passing over Iran.

MA/MA