The secretary general of the Iran-Iraq Joint Chamber of Commerce stressed the need to launch a Preferential Trade Agreement (PTA) between the two countries in line with boosting trade and economic activities.
Speaking at a conference on strategies for the development of sustainable trade between Iran and Iraq in the 2025 Vision on Tuesday, Jahanbakhsh Sanjabi put the current balance of Iran’s trade with neighboring Iraq at $10 billion, 95 percent of which is in the interest of the Islamic Republic.
Iran enjoys the potential and capabilities to have stronger presence in the lucrative Iraqi market, he said.
Sanjabi further noted that a PTA should be launched between Iran and Iraq to spur trade and economic activities.
Earlier, Chairman of the Iran-Iraq Joint Chamber of Commerce Yahya Al-e Eshaq said that Iran and Iraq have targeted $20 billion in bilateral trade.
The two countries enjoy high potentials in all fields, especially in the areas of trade and economy to boost their trade value to $20 billion in the coming year, he emphasized.
Iraq will become the main country in the region in the field of investment within the next 10 years, Al-e Eshaq said, calling on Iranian investors to make huge investments in the lucrative and profitable Iraqi market.