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.
Iran private sector says it has all the capacity to fully enter the Iraqi reconstruction market as the neighbouring country eyes foreign investment to rebuild itself.
Securities and Exchange Organization (SEO) of Iran and the Iraqi Securities Commission (ISC) signed a Memorandum of Understanding (MoU) to create a joint investment fund.
Central Bank of Iran (CBI) says reaching a 20-billion-dollar trade volume with Iraq is not a far-fetched objective as the two nations eye increasing their annual trade exchanges.