30-04-2025
Iraq eyes $25 billion annual trade volume with Iran
Shafaq News/ The volume of trade between Iraq and Iran could rise to $25 billion annually, Iraqi Prime Minister's advisor Hazem Al-Khalidi said on Tuesday during an official visit to Tehran.
Speaking during a visit to Tehran, Al-Khalidi noted that current trade between the two neighboring countries stands at approximately $11 billion, out of Iraq's total foreign trade volume of around $70 billion. 'This figure could increase to $25 billion once agreements are finalized on the establishment of border markets, joint economic zones, and shared industrial cities,' he stated.
In turn, Iran's Minister of Economic Affairs and Finance, Abdolnaser Hemmati, underscored the need for 'serious' follow-up on existing agreements, particularly those concerning the completion of the joint Shalamcheh–Basra railway project and the launch of joint economic zones and free trade areas between the two countries.
The economic relationship between the two countries is already among the most significant in the region. In the eleven months leading up to mid-February 2025, Iran exported $11.2 billion in non-oil goods to Iraq, including food products, construction materials, manufactured items, and petrochemicals, alongside vital natural gas supplies.
