Tehran Chamber of Commerce touts $10 billion in exports to Iraq, eyes future market potential
Shafaq News/ The Tehran Chamber of Commerce revealed that its exports to Iraq in the past year have exceeded $10 billion, underscoring the growing economic ties between the two neighboring nations. Iranian officials also expressed optimism about Iraq's significance as a crucial market for Iran in the next 15 years.
The announcement was made during a symposium organized by the Chamber of Commerce titled "The Role and Function of the Media in Developing Economic Relations Between Iraq and Iran." The event focused on discussions about the future of bilateral relations and the role of economic diplomacy in strengthening economic ties.
Yahya Al-Ishaq, the head of the Joint Iranian-Iraqi Chamber of Commerce, emphasized the importance of economic diplomacy, describing it as the strategic use of financial tools to achieve political objectives and utilizing political tools to attain economic benefits for Iran.
Al-Ishaq highlighted the "profound connection" between economic research, trade strategies, and countries' overall development and security. He noted that these factors have enabled Iran to capture an impressive 80% of its foreign trade.
Regarding the specific trade relationship with Iraq, Al-Ishaq revealed that Iran exported goods worth $10.5 billion to Iraq during the past year. He further pointed out that both nations possess trade opportunities valued at an estimated $20 billion. Notably, he emphasized that the Iraqi market is poised to become increasingly important for Iran and other countries over the next fifteen years.
Iraq and Iran have close economic ties. Iran is Iraq's second-largest trading partner after Turkey.
Iran exports various goods to Iraq, including food, medicine, construction materials, and machinery. Iraq exports oil, gas, and agricultural products to Iran.
The two countries also have strong energy ties. Iran supplies Iraq with natural gas and electricity, and Iraq is a significant market for Iranian oil.
In addition to trade and energy, Iraq and Iran cooperate in other areas, such as transportation, tourism, and culture.
The close economic ties between Iraq and Iran are due to several factors, including their geographic proximity, shared history and culture, and common interests in regional stability.
However, the economic ties between Iraq and Iran are also a source of tension. The United States has imposed sanctions on Iran, which have harmed the Iraqi economy. The United States has also accused Iran of supporting armed groups in Iraq, which has further strained relations between the two countries.
Despite the challenges, the economic ties between Iraq and Iran will likely remain strong. The two countries are too interdependent to sever their financial relationship completely.
