Iran-Iraq trade grows by 23%

The 17th meeting of the economic body focused on three main themes, namely “reviewing the status of economic relations with Iraq”, “work done in the domain of knowledge-based activities” and “the latest situation of Iran’s joint commissions with Turkmenistan and Nicaragua.”

Hosted by the Iranian Foreign Ministry, the session was chaired by Iranian Deputy Foreign Minister for Economic Diplomacy Mahdi Safari and attended by members of the commission, including senior managers of relevant bodies.

During the event, it was announced that there are around 8,000 knowledge-based companies in Iran.

A report was also presented on the measures adopted to support and empower these firms to enable them to export their products and services and generate forex income.

The measures include categorizing companies based on the type of their activities and products, forming a club of knowledge-based firms to centralize their operations, and offering better support services.

In another part of the meeting, a report was presented at the meeting on the latest status of joint commissions between Iran and Turkmenistan as well as Nicaragua.

The report highlighted the significance of the commissions and stressed the importance of implementing their decisions.

Another topic discussed at the event was the status of Tehran-Baghdad economic ties. It was noted that Iran-Iraq trade had grown by 23% during the first ten months of the current year, compared with the same period last year.

The Iranian side also underscored the status of Iraq as its second biggest trade partner after China, stressing the need to further expand mutual cooperation in the domains of customs, trade, financial, banking, investment and transportation.

Participants also expressed hope that mechanisms will be approved and activated to facilitate and encourage investment in Iraq.

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