TEHRAN (FNA)- Iraq has great capacities and is a lucrative market for Iran's commodities, Iranian Ambassador to Baghdad Hassan Danaeefar said, adding that Iran's export to the neighboring Arab country exceeded $7 billion in the last Iranian year (ended March 21, 2014).
"According to Iran's customs office, Iran has exported over $7 billion to Iraq last year and this figure can be increased to $22 billion in the future," Danayeefar said, addressing a trade conference in Tehran on Tuesday.

The Iranian envoy underlined that Iraq's medicine and medical equipment market is worth $3 billion, and said, "The necessary permits for exporting Iran-made pharmaceutical products to Iraq have been issued."

In April, a senior Iranian trade official announced that Tehran and Baghdad would  increase the value of their trade transactions to $20 billion in the current Iranian year (March 21, 2014-March 21, 2015).

"The value of trade transactions between Iran and Iraq is due to hit USD 20 billion in the year 1393," the official in charge of Iraq Affairs at the Iranian Trade Promotion Organization (TPO) Majid Qorbanifaraz said.

Qorbanifaraz pointed to the high volume of Iran's exports to Iraq, and said, "Iran exported around $5.2 billion in the first 11 months of the last Iranian year (March 21, 2013-February 21, 2014) and values of the country's export of technical and engineering services exceeded $600 million."

Iran and Iraq have enjoyed growing ties ever since the overthrow of the former Iraqi dictator, Saddam Hussein, during the 2003 US invasion of the Muslim country.

By Fars News Agency

 

The Iran Project is not responsible for the content of quoted articles.