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The Turkish Minister of Commerce announces that his country's exports to Iraq will reach 15 billion dollars soon
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[rtl]Istanbul / NINA / Turkish Trade Minister Omer Polat announced that the volume of Turkish exports to Iraq is expected to reach 15 billion dollars in the near term.
Polat confirmed in a press statement published here on Friday that Turkish President Recep Tayyip Erdogan's expected visit to Iraq will witness the signing of trade agreements between the two countries.
Polat said: It is expected that Erdogan's visit, which comes 12 years after his previous visit to Iraq, will give an important impetus to the formation of economic and trade relations between the two countries, especially in the areas of politics, diplomacy and security.
Polat pointed out that Iraq has always been one of the most important countries for Turkey in terms of trade and economic relations.
He explained that Iraq's share of Turkish exports during the past 10 years amounted to more than 5 percent (of the country's total exports), and that Turkish exports to Iraq included most sectors, and that the volume of trade between the two countries reached 24.2 billion dollars in 2022, and 19.9 billion dollars. last year.
He added: Our exports to Iraq decreased by 7.2 percent compared to the previous year to reach 12.8 billion dollars, and in the same period our imports from Iraq decreased by 31.1 percent to reach approximately 7.2 billion dollars during the period referred to, and our foreign trade surplus amounted to 5.6 billion dollars last year. .
Polat indicated that exports increased by 24.5 percent during the first three months of 2024, compared to the same period last year, to reach $3.4 billion, while imports decreased by 46.2 percent, to reach $835 million.
He stressed that the volume of Turkish exports to Iraq is expected to reach $15 billion in the near term, and $20 billion in 2030 with the completion of the development road project.
Regarding the agreements expected during Erdogan’s visit, Polat pointed out that Iraq and Turkey will sign, during President Erdogan’s visit to Baghdad, “a joint declaration regarding the establishment of the joint economic and trade committee, and a protocol for establishing a consultation and cooperation mechanism in the areas of product safety and technical barriers.”
He said: The Turkish Council for Relations will sign The Foreign Ministry and the Federation of Chambers of Commerce in Iraq signed 3 agreements in the trade field, including a memorandum of understanding.
He stressed that the signing of the agreement on the promotion and mutual protection of investments, and the agreement on the prevention of double taxation, which was signed in 2020, will contribute to increasing investments between the two countries,
through the Turkish Minister On the importance of the development road project, which will be discussed during the visit, pointing out that the development road project includes a land road and a railway, and connects trade routes in Asia and the Gulf countries to the south and European markets through Turkish territory.
Regarding the project’s objectives, Polat said that it facilitates trade and customs procedures And visas and transit in transportation between the Gulf region and Europe.
He explained that the construction work of the project is scheduled to be carried out between 2025 and 2029, and railways and highways are scheduled to be operated in 2030.
Approximately 1,176 kilometers of railways will be constructed, suitable for transporting goods and passengers, and a road. Fast, 1190 km long.
He pointed out that the project will contribute to stimulating exports to Southeast Asian countries, the Middle East and the Gulf region, and will contribute to raising the volume of Turkish exports to the region.
Regarding opening a new border gate with Iraq, Polat said: The Khabur-Ibrahim Al-Khalil border gate (northern Iraq) alone is no longer able to meet the requirements of the increasing volume of trade exchange between the two countries, so negotiations are still ongoing with the Iraqi authorities for the opening of the Ovaköy gate. Fish Khabour border between the two countries./End[/rtl]
Polat confirmed in a press statement published here on Friday that Turkish President Recep Tayyip Erdogan's expected visit to Iraq will witness the signing of trade agreements between the two countries.
Polat said: It is expected that Erdogan's visit, which comes 12 years after his previous visit to Iraq, will give an important impetus to the formation of economic and trade relations between the two countries, especially in the areas of politics, diplomacy and security.
Polat pointed out that Iraq has always been one of the most important countries for Turkey in terms of trade and economic relations.
He explained that Iraq's share of Turkish exports during the past 10 years amounted to more than 5 percent (of the country's total exports), and that Turkish exports to Iraq included most sectors, and that the volume of trade between the two countries reached 24.2 billion dollars in 2022, and 19.9 billion dollars. last year.
He added: Our exports to Iraq decreased by 7.2 percent compared to the previous year to reach 12.8 billion dollars, and in the same period our imports from Iraq decreased by 31.1 percent to reach approximately 7.2 billion dollars during the period referred to, and our foreign trade surplus amounted to 5.6 billion dollars last year. .
Polat indicated that exports increased by 24.5 percent during the first three months of 2024, compared to the same period last year, to reach $3.4 billion, while imports decreased by 46.2 percent, to reach $835 million.
He stressed that the volume of Turkish exports to Iraq is expected to reach $15 billion in the near term, and $20 billion in 2030 with the completion of the development road project.
Regarding the agreements expected during Erdogan’s visit, Polat pointed out that Iraq and Turkey will sign, during President Erdogan’s visit to Baghdad, “a joint declaration regarding the establishment of the joint economic and trade committee, and a protocol for establishing a consultation and cooperation mechanism in the areas of product safety and technical barriers.”
He said: The Turkish Council for Relations will sign The Foreign Ministry and the Federation of Chambers of Commerce in Iraq signed 3 agreements in the trade field, including a memorandum of understanding.
He stressed that the signing of the agreement on the promotion and mutual protection of investments, and the agreement on the prevention of double taxation, which was signed in 2020, will contribute to increasing investments between the two countries,
through the Turkish Minister On the importance of the development road project, which will be discussed during the visit, pointing out that the development road project includes a land road and a railway, and connects trade routes in Asia and the Gulf countries to the south and European markets through Turkish territory.
Regarding the project’s objectives, Polat said that it facilitates trade and customs procedures And visas and transit in transportation between the Gulf region and Europe.
He explained that the construction work of the project is scheduled to be carried out between 2025 and 2029, and railways and highways are scheduled to be operated in 2030.
Approximately 1,176 kilometers of railways will be constructed, suitable for transporting goods and passengers, and a road. Fast, 1190 km long.
He pointed out that the project will contribute to stimulating exports to Southeast Asian countries, the Middle East and the Gulf region, and will contribute to raising the volume of Turkish exports to the region.
Regarding opening a new border gate with Iraq, Polat said: The Khabur-Ibrahim Al-Khalil border gate (northern Iraq) alone is no longer able to meet the requirements of the increasing volume of trade exchange between the two countries, so negotiations are still ongoing with the Iraqi authorities for the opening of the Ovaköy gate. Fish Khabour border between the two countries./End[/rtl]
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