Iran’s Foreign Minister, Abbas Araqchi, has reaffirmed Tehran’s commitment to supplying electricity to Iraq, despite the United States revoking a sanctions waiver that had allowed Baghdad to import Iranian electricity.
Two Iranian local chambers of commerce have signed a cooperation document which is aimed to help give a boost to the country’s exports to neighboring Iraq, especially to southern province of Basrah.
Iraq remains capable of importing gas from Iran despite the US decision to revoke a sanctions waiver, according to an Iranian energy official familiar with the matter.
Approximately one-third of imports to the Kurdistan Region of Iraq are sourced from Iran, according to Mustafa Abdul Rahman, the President of the Kurdistan Region Exporters and Importers Union.
Iran exported $4.9 billion worth of agricultural and food products in the first eight months of the Iranian calendar year (March 20 – November 21), with Iraq emerging as the top destination for these exports, according to a report by Tehran Chamber of Commerce’s Economic Studies Department.
The Iraqi government has granted preliminary approval for the transit of Iranian goods to Kuwait through its territory, according to Amin Fartousi, a board member of the Iran-Kuwait Joint Chamber of Commerce.
Hamid Hosseini, the vice-chairman of Iran-Iraq Joint Chamber of Commerce, has appreciated “Iran’s record exports” to neighboring Iraq.
The president of Iran Chamber of Commerce has highlighted the vast potential in Iraq’s market and stressed the need for increased participation from Iran’s private sector to strengthen economic ties with the neighboring country.
In a visit to Baghdad by Iranian President Masoud Pezeshkian, a total of 14 cooperation documents were signed in various areas, including among others on cooperation between chambers of commerce of the two countries.
Iranian President Masoud Pezeshkian has underlined the need for forming a special working group and designing a long-term plan to remove the hurdles on the way of trade exchanges between Iran and Iraq.