Iran: Iraq is our first trading partner and we plan to establish a joint bank and a free trade zone
Head of the West Asia Department at the Iranian Trade Development Foundation, Farzad Belten, announced on Tuesday the Iranian government’s intention to establish a joint bank and a joint free trade zone with Iraq.
Belten said in a speech he delivered before the Forum for the Sustainable Development of Trade between Iran and Iraq until 2025, which was held in the Iranian Chamber of Commerce, according to Fars News Agency, that “Iraq is our first trade partner in the world and our partner in the field of electric energy in Asia.”
He added, "Every week we see an event in Iran related to Iraq, such as sending trade delegations and holding conferences and exhibitions by the private and government sectors, and this stems from the importance of trade with Iraq."
He continued, "We have 5 border crossings with Iraq, and the presence of merchants who are fluent in the Arabic language is considered an advantage for us in trade with Iraq compared to Turkey."
Belten pointed to the goal set to bring the volume of trade with Iraq to 20 billion dollars, saying, “There is a decision taken to establish new institutions with the participation of the private sector, including a complex of commercial centers that can perform the work of a large number of commercial attachés in providing services to merchants.”
He also stated that "there is a trend towards participation in production with Iraq and its companies." link
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