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Billion dollars, the volume of trade exchange between Iraq and Syria
The first 02/27/2024
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Baghdad: Omar Abdel Latif
The head of the Iraqi-Syrian Business Council, Hassan Sheikh Zaini, revealed that the volume of trade exchange between Iraq and Syria has exceeded the billion-dollar barrier, while pointing out the existence of a mechanism to adopt currencies other than the dollar in this exchange. Sheikh Zaini told Al-Sabah: “The joint committees between the two countries are looking for a mechanism for trade exchange away from the dollar, since Syria currently exchanges with the European currency (the euro).” He added, "There are other platforms and currencies that Syria exchanges with other countries, and Iraq may benefit from them in the event of trade with them, especially with the volume of exchange between the two countries reaching more than a billion dollars annually." The head of the Business Council stated that “the two countries may use the Russian ruble, the Japanese yen, the Chinese yuan, the Emirati dirham, or other currencies to sustain trade exchange between them,” calling for “the establishment of banks for commercial exchanges to enable the possibility of abandoning the dollar and creating another platform in this regard.” He pointed out that "the use of other currencies in trade exchange between Iraq and Syria reveals the two countries' need for each other, by benefiting from products of various types, industrial and agricultural." He explained, "There are joint Iraqi-Syrian committees at most levels, such as agriculture, industry, trade, transportation, customs, and everything related to food and medicine. They supervise the entry routes for goods and seek to overcome many obstacles that may hinder joint trade between the two countries
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