Iranian private sector leaders and Iraqi ambassador in Tehran have emphasized the need to deepen private sector cooperation, streamline banking guarantees, and expand joint investments to improve bilateral trade, which currently stands at $12.7 billion.
At a meeting held in Tehran on Sunday, Samad Hassanzadeh, President of Iran Chamber of Commerce, Industries, Mines, and Agriculture, said that improving the exchange of commercial information and facilitating investment guarantees will lead to stronger collaboration between the two nations’ private sectors.
“Developing cooperation in production and increasing joint investments are top priorities for Iranian authorities and the private sector,” Hassanzadeh said, calling for clearer guarantees on property rights and investment futures in Iraq to attract more Iranian capital.
He also underscored the importance of resolving monetary and banking issues and called on both governments to prioritize logistics development as a key component of future economic collaboration.
Hossein Pirmoazzen, Vice President of the Iran Chamber, highlighted Iraq’s status as one of Iran’s top trade partners. “While the $12.7 billion trade volume is significant, the potential far exceeds this figure,” he said.
Pirmoazzen announced the formation of a new Iran-Iraq Trade Policy Council, composed of business leaders from provinces bordering Iraq. The council aims to elevate Iran’s export ranking to Iraq from fourth to second, a move that will require expanded transportation infrastructure and compliance with TIR Convention transit protocols, he said.
Another key initiative includes designating 10% of Iran’s import capacity to come through Basra and neighboring Iraqi provinces. “This could address at least 50% of the trade imbalance,” Pirmoazzen noted.
Yahya Al-e Es’haq, Head of the Iran-Iraq Joint Chamber of Commerce, echoed the call for long-term investment frameworks, stressing that trade imbalances must be resolved collaboratively.
“Facilitating transit could solve a large portion of the trade disparity,” he said, adding that up to $5 billion worth of Iranian market needs could be met through imports from Iraq.
Naseer Abdul Mohsen Abdullah, Iraq’s ambassador to Tehran, confirmed Baghdad’s commitment to expanding trade with Iran and urged greater Iranian participation in Iraqi investment projects. “Strengthening investment ties will naturally help balance the trade between our two nations,” he stated.