Iran’s Deputy Foreign Minister for Economic Diplomacy Affairs Mehdi Safari says that the country is targeting an annual USD 20 billion trade with neighboring Iraq by 2027.
Speaking at the latest session of the Coordinating Headquarters of Foreign Economic Relations, the Persian Gulf Office of Iran’s Ministry of Foreign Affairs Director General Jahanbakhsh Sanjabi says that Iran has targeted USD 20 billion in trade with Iraq by the end of 2027.
The meeting, headed by Iran’s Deputy Foreign Minister for Economic Diplomacy Affairs Mehdi Safari, was held with a focus on reviewing the latest situation of economic ties with Iraq and Syria.
Safari expounded on the significance of increasing bilateral trade and economic activity with countries like Iraq and Syria and called on both the public and private sectors to make their utmost efforts for the development of trade and economic ties with these two countries across all sectors.
“The ground is set for the economic advisers and entrepreneurs of the country to enter the Syrian market with the aim of developing infrastructure and industrial projects,” says Safari.
According to Safari, the foreign ministry will spare no efforts to cooperate with domestic economic activists to boost bilateral trade between the neighbouring countries.
In 2021, Iran exported goods worth USD 8.91 billion to Iraq. This marked a 21 percent increase in Iranian exports to Iraq compared to the previous year.
During the last 23 years, the exports of Iran to Iraq have increased at an annualized rate of 28%, from USD 30.5 million in 1998 to USD 8.91 billion in 2021.
Conversely, in the same year, Iraq exported goods worth USD 1.09 billion to Iran. During the last 23 years, the exports of Iraq to Iran have increased at an annualized rate of 16.9%, from USD 30.3 million in 1998 to USD 1.09 billion in 2021.
In 2022, Iran ranked 58 in the Economic Complexity Index (ECI 0.071), and 86 in total exports (USD15.9B). That same year, Iraq ranked 104 in the Economic Complexity Index (ECI -0.99), and 36 in total exports (USD 123 Billion).
