Iran, Iraq to open three border commercial centres

Tehran and Baghdad have been looking to augment their trade volume and consolidate their trade ties. New commercial centres will help strengthen local markets as well.

24 August 2019
ID : 22176
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Iran and Iraq have agreed to open three border markets on their shared frontier as the two neighbours are eager to increase their bilateral trade volume.

“Iranian and Iraqi governments agreed to establish three commercial centres in three points of their joint border. Also, one of those centres will be set up on Kermanshah Province’s border with Iraq,” said Keyvan Kashefi, President of Kermanshah Chamber of Commerce, Industries, Mines and Agriculture (KRCCIMA).

He noted that out of Iran’s $9bn exports to Iraq, Kermanshah’s share stood at $3bn.

According to Kashefi, who is also a member of the Board of Governors of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), the local western Iranian chamber if considering exporting raw materials to Iraq and increase joint ventures with Iraqi businessmen.

He made the remark in a meeting with a business delegation of the Babil Chamber of Commerce in Kermanshah.

The two countries are seeking to increase their bilateral annual trade volume to $20bn.

Sadiq Hashem Fazil, President of Babil Chamber of Commerce says his country can be the place to reexport products to Iran under the US sanctions.

He stressed that Iranian entrepreneurs install their factories in Iraq to create jobs in the country and also help the Iranian businesses to use the customs exemptions for reexport of their products. 

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