The work of the joint Iraqi-Iranian trade committee in the Iranian capital, Tehran, was concluded today, Wednesday, with the signing of a memorandum of trade cooperation to remove obstacles to the development of intra-trade between them.
Undersecretary of the Ministry of Trade, Sattar Al-Jabri, confirmed that the memorandum focused on finding trade balance through establishing joint industrial companies and free markets on the Iraqi-Iranian border.
Al-Jabri stated, according to a statement by the Trade Ministry that “the memorandum stressed the follow-up of programs, infrastructure and commercial development approaches to obtain a trade volume in the short term, 5 years, to the long term, 10 years.”
He said, "The continuation of trade relations requires balance in the field of trade exchange between the exports and imports of the two countries. In addition to establishing industrial cities on the borders and free trade zones in Iraq and providing the goods that Iran needs."
He pointed out that the joint trade committee between the two countries has completed resolving the issues facing merchants, some financial transactions and commercial facilitations, and formulating a joint program.
Al-Jabri pointed out that various issues were raised in the Iranian-Iraqi committee, including the establishment of railway lines to transport passengers and the development of housing and construction, and understandings were signed, which the Iraqi Prime Minister will seriously follow up on.
For his part, the head of the Iranian Trade Development Organization, Mahdi Zaghmi, stressed comprehensive support for industrial development in Iraq until 2035, expressing at the same time his hope to be able to achieve the goals set by the presidents of the two countries by resolving logistical issues and financial transactions.”
Source: National Iraqi News Agency