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02-05-23

Iran, Iraq Strengthen Industrial Cooperation to Boost Trade, Economic Growth

(MENAFN) Iran's Trade Promotion Organization (TPO) recently hosted an Iran-Iraq industrial cooperation conference aimed at strengthening the commercial and industrial ties between the two countries. TPO's deputy head for the promotion of international businesses, Mohammad-Sadeq Qanadzadeh, stressed the importance of expanding economic and trade relations with other countries as a priority for Iran's economic and trade diplomacy. Iraq has always been one of Iran's strategic partners, and the TPO is determined to maintain and increase the role Iran has played in Iraq's economic and industrial development.

Qanadzadeh noted that Iran's current exports to Iraq amounted to about $10.5 billion, a new record, but there is still room for growth, with the potential to increase trade between the two countries to $20 billion. The TPO is working closely with the private sector to quickly bridge the gap and reach commercial targets. The target figure for trade with Iraq, calculated from different sectors, is $20 billion, which was also discussed in a meeting between the presidents of the two countries.

According to the Head of the Iran-Iraq Joint Chamber of Commerce, Yahya Ale-Es'haq, the value of trade between Iran and Iraq increased by 20% in the past Iranian calendar year 1401. This growth indicates the potential for further cooperation and development between the two countries. Strengthening ties with Iraq is part of Iran's broader strategy to expand trade with other countries and boost economic growth. The TPO's efforts to promote industrial cooperation between Iran and Iraq are a positive step towards achieving these goals.
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