“The annual trade between the two countries currently exceeds $12 billion and we are working to increase the trade volume through the opening of new border crossings and the development of joint industrial zones,” Trade Ministry Spokesman Mohamed Hanun told local Kurdish news network Rudaw on Saturday.
Hanoun said that despite challenges such as a decline in Iran’s non-oil exports, Iraq will continue to cooperate with Tehran, especially in the energy sector, due to geographical proximity and low commodity prices.
“Our main task is to support domestic production and reduce imports. At the same time, we will maintain the trade balance with Iran and strengthen the capacity of Iraqi factories through technical cooperation (with Iran),” he said.
Hanun added: “Both sides seek to activate railway projects and develop border crossings to facilitate the movement of goods and provide a transparent trade environment.”
MNA