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Expert: US sanctions on Iran will cause deflation of the Iraqi economy and the Gulf will not be an alternative
18:20 - 12/08/2018
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Iraq and Iran
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US economic sanctions against Iran and Turkey will cause the Iraqi economy to contract and damage its markets. The volume of bilateral trade with Iraq amounts to 27 billion dollars, he said, pointing out that Gulf countries can not substitute for goods and goods. .
"The US sanctions against Iran and Turkey surprised Iraq and the Iraqi economic arena was not ready for such sanctions," Antoine told al-Maaloumah.
He added that "the volume of trade exchange between Iraq and Iran is 12 billion dollars and Turkey with 15 billion dollars," noting that "the Iraqi market is full of goods of the two countries as well as spare tools for existing devices and wheels."
He added that "the local industry does not fill anything of the need of the market as well as difficult to find an alternative by Iraq other than Iranian and Turkish goods to fill the Iraqi market."
He stressed that "the Gulf countries can not meet the need of the Iraqi market of goods compared to Iran for the provision of banking facilities and sale in a timely manner and other offers with cheap prices and high quality."
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