Farzad Belten, Head of the West Asia Department at the Iranian Trade Development Foundation, announced on Tuesday Iran’s plans to establish a joint bank and free trade zone with Iraq.
Belten delivered a speech at the Forum for the Sustainable Development of Trade between Iran and Iraq until 2025, held in the Iranian Chamber of Commerce. He stated that Iraq is their primary trade partner in the world, and an important partner in the field of electric energy in Asia.
He mentioned that Iran regularly holds events related to trade with Iraq, including trade delegations, conferences, and exhibitions by both private and government sectors.
He mentioned that having merchants who are fluent in Arabic is an advantage for trade with Iraq compared to Turkey, given that they have 5 border crossings with Iraq.
Belten highlighted the goal of increasing the trade volume with Iraq to 20 billion dollars. He mentioned that new institutions will be established with the participation of the private sector. Among the new institutions is a complex of commercial centers that can serve as a substitute for a large number of commercial attachés. These centers will provide services to merchants.
He also mentioned that there is a growing tendency for Iraq and its companies to participate in production.
