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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq's share of Iranian exports amounts to more than 18%

    Rocky
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    Iraq's share of Iranian exports amounts to more than 18% Empty Iraq's share of Iranian exports amounts to more than 18%

    Post by Rocky Mon 11 Sep 2023, 6:39 am

    Iraq's share of Iranian exports amounts to more than 18%

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    Economy News _ Baghdad
    An Iranian report said on Monday that Iran's exports to Iraq during the last five months exceeded $3.5 billion, which constitutes 18.3% of the Islamic Republic's total exports in the aforementioned period.
    According to the report, “The level of economic relations between Iran and Iraq was targeted at $20 billion based on the volume and balance of bilateral trade, and there are economic areas in which it will certainly be possible to reach trade exchange worth $20 billion between Iran and Iraq in the coming years.” The report quoted the president
    of The Joint Iranian-Iraqi Chamber, Yahya Al-Ishaq, said, “In the next ten years, Iraq will be the largest country for investment in the region, so whoever applies to be present in this country is the winner.”
    He added, "The future of Iranian-Iraqi relations is very clear because the circumstances, requirements, and capabilities that we have, as well as the conditions that Iraq enjoys and the atmosphere that prevails in this and the region, as well as the financial facilities that Iraq enjoys, show that Iran-Iraq relations enjoy a comprehensive advantage."
    For his part, a member of the Iranian-Iraqi Joint Chamber, Hamid Hosseini, said, “The Iraqi government approved and informed its budget and started many projects in Iraq. It is expected that exports to Iraq will increase compared to last year.”
    In these circumstances, Iran's exports to Iraq during the first five months of this year (beginning on March 21, 2023) amounted to $3 billion and 508 million, and constituted 18.3% of the country's exports.
    It is noteworthy that the value of trade exchanges with Iraq in 2021 amounted to 148 billion dollars, of which 87 billion dollars (59%) were related to exports and 61 billion dollars (41%) were related to imports.
    Analysis of Iraq's trade trend over the past decade shows that the export of goods (which mainly depend on oil) has always been at a higher level than the import of goods, and in contrast to the rise and fall of exports, the import sector has enjoyed relative stability.
    The most important trading partners of Iraq are the UAE, China, and Iran, and in 2021, Iran captured 14.6% of the Iraqi market and ranked fourth with exports worth $8.9 billion.
    Iran had the best position in the Iraqi market in 2018, with a share of about 16.7% of the aforementioned market.
    Given that Iraq's trade policy focuses on the three areas of attracting foreign investment, developing private sector activities, and reducing dependence on oil exports, Iran should plan in each of these sectors to establish broad cooperation with Iraq.
    Also, the trade relations between Iran and Iraq are unbalanced and in favor of Iran, and this difference is caused by the lack of diversification and the unstable structure of the Iraqi economy, but this situation may harm the stability and continuity of bilateral trade, so it is necessary for Iran to avoid endangering business with Iraq, it must be It has a new approach in dealing with this country, including considering joint investments with Iraq.
     


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