Iraq, Iran 2013 trade volume hit $12 billion

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Azzaman, May 15, 2014

The volume of trade between Iraq and Iran reached $12 billion in 2013, said Iranian Minister of Economic Affairs and Finance Ali Tayyeb-Nia.

Tayyeb-Nia made the remarks as he welcomed Iraq’s Deputy Prime Minister for economic affairs Roos Noori Shawis who is on an official visit to Tehran.

Tayyeb-Nia said half of the volume of trade included mainly non-oil exports by Iran to Iraq.

The countries have bilateral deals under which Iran exports fuel and electricity to Iraq worth billions of dollars a year.

The Iranian minister was reported as telling his Iraqi visitor that Tehran “places no limit” on developing trade with neighboring states, including Iraq.

The two officials are holding talks to boost bilateral ties in banking and insurance sectors, according to the Iranian media.

The sides will explore ways of boosting trade ties and increasing volume of bilateral trade to $15 billion next this year.