TEHRAN- Iran’s Trade Promotion Organization (TPO) hosted an Iran-Iraq industrial cooperation conference on Monday evening.

The conference was held in line with the development of commercial and industrial relations between the two countries.

Referring to the objectives of holding this conference, Mohammad-Sadeq Qanadzadeh, the TPO deputy head for the promotion of international businesses, said: “Expansion of economic and trade relations with countries is one of the priorities of economic and trade diplomacy of the Islamic Republic of Iran, and since Iraq has been always one of our strategic partners, we are trying to maintain and increase the role we have played in the economic and industrial development of this country.”

Stating that currently Iran's exports to Iraq is about $10.5 billion, he said: “Although the export of $10.5 billion is a new record, there is the capacity to increase trade between the two countries to $20 billion. Therefore, we are trying to quickly cover this delay with the help and cooperation of the private sector and reach commercial targets.”

In the end, he said: “The target figure for trade with Iraq, which has been calculated from different sectors, is $20 billion, and we are trying to reach it, which was also mentioned in the meeting between the presidents of the two countries.”

As announced by Head of the Iran-Iraq Joint Chamber of Commerce Yahya Ale-Es’haq, the value of trade between Iran and Iraq increased by 20 percent in the past Iranian calendar year 1401 (ended on March 20).

Putting the two countries’ annual trade value at $9 billion in the previous year, Ale-Es’haq said that the neighbors are determined to develop economic relations, as in the past, and believe that they should achieve the planned goals.

The head of the Iran-Iraq Joint Chamber of Commerce further anticipated that the value of trade between the two sides will also rise in the current year.

Considering Iran's vast export capacity and Iraq's large market for Iranian goods, both sides want to expand the volume of bilateral economic exchanges.

Iran and Iraq have set a target of $20 billion in annual trade, and businessmen and authorities of both countries are determined to meet that target, Ale-Es’haq has previously emphasized.

“In general, Iran and Iraq have agreed to improve relations and change the monetary and banking conditions so that the central banks of the two countries will ease the current situation and solve the problems,” he has stated.

Iran and Iraq signed a memorandum of understanding (MOU) on economic cooperation back in January 2021, at the end of the fourth meeting of the two countries’ Joint Economic Committee.

According to the chairman of the Iran-Iraq Joint Chamber of Commerce, despite all events that are happening in the region, the relationship between the two countries of Iran and Iraq is on an upward trajectory.

The current administration of Iran under President Raisi has shown great interest in broadening and enhancing trade and economic ties with neighboring states, Ale Es’haq has emphasized.