Iran: Iraq is our first trading partner and we plan to establish a joint bank and a free trade zone


Farzad Belten, head of the West Asia Department at the Iranian Trade Development Foundation, stated the Iranian government’s plan to build a joint bank and a joint free trade zone with Iraq on Tuesday.

According to Fars News Agency, Belten stated in a speech before the Forum for the Sustainable Development of Trade between Iran and Iraq until 2025, held at the Iranian Chamber of Commerce, that “Iraq is our first trade partner in the world and our partner in the field of electric energy in Asia.”

“Every week, we see an event in Iran related to Iraq, such as sending trade delegations and holding conferences and exhibitions by the private and public sectors,” he continued.

“We have 5 border crossings with Iraq,” he said, “and the presence of merchants who are fluent in the Arabic language is considered an advantage for us in trade with Iraq compared to Turkey.”

Belten emphasized the goal of increasing trade with Iraq to $20 billion, saying, “There is a decision taken to establish new institutions with the participation of the private sector, including a complex of commercial centers that can perform the work of a large number of commercial attachés in providing services to merchants.”

In addition, he claimed that “there is a trend towards participation in production with Iraq and its companies.”


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