A trade delegation from Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) is scheduled to visit Iraq on Sunday, January 16.
The 40-member delegation, headed by ICCIMA President Gholam Hossein Shafei visits Iraq upon an official invitation by Abdul Razzaq al-Zuhairi, the head of the Iraqi Federation of Chambers of Commerce.
During their three-day stay in Iraq, the Iranian delegation will discuss grounds for further bilateral cooperation on different areas.
The delegation is comprised of the heads of border chambers, heads of ICCIMA specialized commissions, and the managers of private sector companies.
The Iranian private sector leaders are due to visit three Iraqi cities of Baghdad, Karbala and Najaf.
Iran Chamber chief will reportedly hold meetings with some Iraqi ministers, including the ministers of trade and transportation as well as private sector activists.
Simultaneous with the presence of the Iranian delegation in Baghdad, the Federation of Iraqi Chambers of Commerce is planned to host Iraq-Iran business forum. The businesspersons of the two countries are also scheduled to have B2B meetings.
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Abdul Razzaq al-Zuhairi, the head of the Iraqi Federation of Chambers of Commerce met ICCIMA President Gholam Hossein Shafei in Tehran in January 2021.
Two other trade forums are also due to be held in Karbala and Najaf where economic operators from Iran and Iraq will explore ways for further cooperation.
During a visit by an Iraqi trade delegation to Iran Chamber of Commerce early in December 2021, both sides underlined that it is not a far-fetched plan to seek a $20 billion bilateral trade between the two countries.
The Iraqi delegation headed by President of Kirkuk Chamber of Commerce Sabahattin Salihi also attended a business forum hosted by Iran-Iraq Joint Chamber of Commerce where they explored bilateral trade and investment opportunities.
Iran's key trade partner
Iraq imports a wide range of goods from Iran, including food, agricultural products, home appliances, air conditioners and car parts.
Official customs data shows that Iran’s exports to Iraq in the past eight months increased by 40 percent compared to the same period last year, making it the second importer of Iranian goods.
According to director general of Iran’s customs office Mehdi Mirasharfi, petrochemical products accounted for 43 percent of the total exports by value. China was the top importer of Iranian goods, largely buying petrochemicals.
Iran exported $6.1 billion worth of goods to Iraq and $9.1 billion to China. They were followed by Turkey, the United Arab Emirates, and Afghanistan as the top importers of Iranian goods.
The map shows seven border crossings between Iran and Iraq.
Earlier this year, Iran said it had exported $11 billion worth of food and agricultural products to Iraq in five years. In 2019, Iraq reportedly accounted for around $9 billion of Iran’s $12.5 billion in exports.
Iraq’s main purchases from its neighbor are agricultural products, engineering services, construction materials, and energy, such as electricity and natural gas. Baghdad has received waivers from Washington allowing it to buy Iranian electricity and natural gas.