MNA – The two countries of Iran and Iraq are ready for boosting bilateral trade at the range of $20 billion.

Export of Iranian products to neighboring Iraq increased about 50 percent in the current Iranian calendar year (to end March 20, 2019) as compared to the last year’s corresponding period.

Under such circumstances, targeting $20 billion trade between Iran and Iraq within the next two years is not beyond the expectation.

With the increase in the volume of trade between Iran and Iraq, this country [Iraq] is on the verge of being turned into Iran’s main export target market, so that Iran’s export of products to neighboring Iraq has even exceeded China in recent months.

Earlier, Iranian Minister of Industry, Mine and Trade Reza Rahmani put the current trade volume exchanged between Iran and Iraq at more than $10 billion, expandable to $20 billion within the next two years.

To promote trade and business with Iraq, First Vice President Es’hagh Jahangiri in a notification sent to the ministries of Industry and Economy and also Central Bank of Iran (CBI) increased granting currency loan to exporters of technical-engineering services for more than two years.

Despite salient advantages of the Islamic Republic of Iran for its presence in lucrative Iraqi market, effective steps should be taken by responsible officials for boosting trade and business volume with this neighboring country.

In addition, Trade Promotion Organization of Iran (TPOI) put trade volume exchanged between Iran and Iraq in none months of current year (March 21 – Dec. 21) at $7.356 billion.