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Welcoming the organization of Iraqi-Turkish economic relations
Economical 12/27/2023
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Baghdad: Hussein Thaghb Al-Tamimi
Organizing Iraqi-Turkish economic relations represents an important axis for the Iraqi government with the aim of building relationships that benefit the two neighboring countries, by achieving integration in more than one economic aspect, at a time when the volume of trade exchange between the two countries has risen to approximately 14 billion dollars annually.
Iraq looks forward to stimulating economic activity and adopting trends that advance the national economy, as Prime Minister Muhammad Shiaa Al-Sudani directed the formation of a joint Iraqi-Turkish economic committee that includes several governmental parties and the private sector in the two countries.
The directive included "the formation of a joint Iraqi-Turkish committee representing market forces and Iraqi and Turkish economic organizations. It includes, on the Iraqi side, the Association of Iraqi Private Banks, the Iraqi-Turkish Business Council, the Federation of Iraqi Chambers of Commerce, the Iraqi Contractors Union, and its counterpart from the Turkish side, and that the committee meets semi-annually and submits its reports." To the Prime Minister, in order to serve the strategic partnership between the two neighboring countries.
Iraq’s annual imports from Turkey amount to approximately 14 billion dollars, and Iraq currently ranks second after the United States in the amount of Turkish exports around the world. It is followed by Italy and Germany.
Chairman of the Association of Private Banks in Iraq Wadih Al-Handal told Al-Sabah that the decision to form the joint Iraqi-Turkish committee is one of the important steps to enhance economic cooperation, and comes within the framework of the efforts of the two countries to achieve economic stability, enhance trade between them, and add quality to strengthening the strategic partnership between the two countries.
He added that these government directions reflect support. The real need for the private sector to take its required role in supporting development and equal relations with the surrounding Iraq economically. He expressed his optimism about this step, which is in the interest of both countries and the parties contributing to strengthening cooperation in this vital and important field.
Al-Handal stressed that the Turkish side’s desire to deal in the local currency comes in response to the Prime Minister’s proposal in the field of defensive policy for price stability in Iraq, pointing out that this measure will contribute significantly to the stability of the Iraqi market, especially if we take into account the volume of trade exchange with Turkey and more. The country's basic materials, including food, medicine, construction and spare parts.
He explained that the banking sector will be qualified to absorb this development and support the government’s directions within the framework of equal exchange between the two countries. President of the Iraqi Contractors Union, Ali Al-Sanafi, stressed the importance of Prime Minister Muhammad Shia’ Al-Sudani’s directive, as Iraq needs to organize its economic relations with Turkey, after the continuous growth in the volume of exchange. Trade, pointing out the possibility of achieving true integration between the two countries that achieves mutual benefit for both parties of the process.
He pointed out that regulating financial transactions and then cooperation in other sectors is extremely important, especially since Iraq represents a large and broad labor market that requires huge efforts and advanced technology. Here, Iraq must have a strategic partnership with its neighbor Turkey, which has advanced efforts that serve sectors. Several in the country and enhances the development trends that have come to represent a real direction for the government.
Al-Sanafi pointed out that organizing economic relations with neighboring Turkey requires serious, continuous discussions to reach work formulas acceptable to both countries that achieve benefit within a current and future time frame.
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