News ID: 279421
Published: 0243 GMT January 12, 2021

Tehran, Baghdad seek to increase annual trade to $20b: Minister

Tehran, Baghdad seek to increase annual trade to $20b: Minister
The two-day Iran-Iraq Economic Conference, co-chaired by Iranian Energy Minister Reza Ardakanian (L) and Iraqi Trade Minister Alla Ahmed Hassan started in Tehran on Jan. 12, 2021.

Iranian Energy Minister Reza Ardakanian stressed the need to support Iranian and Iraqi private sectors and remove the obstacles to investment in order to achieve the goal of annual trade exchange of $20 billion between the two neighbors.

Delivering a speech to Iran-Iraq Economic Conference on Tuesday, Ardakanian said the main and common target of the two neighbors at the level of political leaders is to increase the value of annual bilateral trade exchanges to $20 billion, reported Tasnim News Agency.

The energy minister explained that achievement of the trade target requires plans to allow the private sector to get involved in the economic activities freely, remove the trade obstacles, set up a joint investment fund, and settle the problems arising in the transportation industry, standard and customs issues, and the preferential trade arrangements.

The Iranian Energy Ministry has been tasked three months ago with handling the affairs of the Iran-Iraq Economic Cooperation Joint Commission, he noted, saying the first successful plan was to convene the commission after six years.

“The main purpose of the fourth meeting of the Economic Cooperation Joint Commission is to create facilities for the private sectors in the trade and economic activities,” the minister said, adding that there are also plans to strengthen cooperation between the state-run organizations.

Ardakanian further expressed hope that negotiations among the participants in the conference, planned for January 12 and 13 within the framework of four expert-level subcommittees on technical and engineering services, consular affairs, monetary and banking issues, and trade affairs, would result in agreements.


The Iranian minister also stressed the need to expedite the implementation of joint projects in the energy and transportation industries, customs affairs, as well as construction and health sectors, and warned the state organizations to avoid the obstructive and bureaucratic obstacles that may impede the activities of private sectors.

Ardakanian and Iraqi Trade Minister Alla Ahmed Hassan visited exhibitions of Iranian and Iraqi products, held at the Energy Ministry of Iran, according to the government’s official website.

The fourth session of the Iran-Iraq Economic Cooperation Joint Commission kicked off on Tuesday in the presence of high-ranking officials and businesspeople from the two countries.

The commission is going to weigh plans for stronger cooperation in various sectors with an eye to the geographical, cultural and religious commonalities between the two neighbors.

Participants discuss the ways to boost economic ties, promote exports, and evaluate the markets for optimum productivity in various sectors, including the transportation and energy industries, tourism sector, construction projects, and water and electricity industries.

The 20th International Electricity Exhibition (IEE) and the 16th International Water and Wastewater Exhibition of Iran started on Tuesday in Tehran in a ceremony attended by Ardakanian and Ahmed Hassan.

The exhibitions, which were scheduled to be held from October 29-November 1, 2020, were postponed due to the outbreak of the coronavirus.

Over 275 domestic and foreign companies are showcasing their products in the exhibitions, of which 200 exhibitors are present in the IEE expo and 75 companies are participating in the water and wastewater exhibition.

In the expo of Iran's electricity industry, a wide range of commodities and services in the fields of lighting, wire and cable, panels, electrical equipment, automation and instrumentation systems, transmission lines, employers, consultants, and contractors are on display.

Also in the water and wastewater expo, the exhibitors are showcasing their latest products and services in the fields of polymer pipes and fittings, treatment, filtration and desalination, metal pipes and fittings and valves, measuring systems, and laboratory equipment.

Iran’s International Water and Wastewater Exhibition, and the IEE exhibition, as the largest industrial and commercial events in Iran in these sectors, are held annually in the presence of a large number of domestic and foreign companies.

Security Key:
Captcha refresh
Page Generated in 0/0660 sec