President Hassan Rouhani says his administration is determined to take the volume of Iran and Iraq’s annual bilateral trade to $20 million.
Mehran crossing on the border with Iraq was reopened on Monday for the trade between Iran and Iraq to be resumed. The crossing would be open on Sundays and Wednesdays allowing 500 trucks to move weekly.
Iranian customs officials discussed reopening of Mehran border with Iraqi partners to resume trade as both nations have taken health measures to guarantee hygienic transportation of goods.
Trucks lined up at the Iraqi Kurdistan and Iranian border as it partially reopened for trade on May 3, weeks after it was shut to curb the spread of the coronavirus.
The United States Thursday granted Iraq a 30-day waiver to keep importing Iranian gas despite American sanctions.
The United States has granted Iraq a 45-day sanctions waiver enabling the country to continue importing vital Iranian gas and electricity supplies.
Chairman of Iran-Iraq Joint Chamber of Commerce Yahya AleEshaq said that during the first 9 months of the Iranian calendar year (March 22-December 21, 2019), $9 billion of non-oil goods and services were exported to Iraq.
Iraq is one of the major Iranian gas clinets to feed its power plants that general electricity for millions of its inhabitants.
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.
Baghdad and Tehran are keen on expanding their commercial ties despite the US unilateral sanctions. Ditching dollar is one way to reach this goal.