Iran’s share of neighboring Iraq’s annual foreign trade is totally inadequate, an Iranian official deplored, saying China and Turkey have overtaken Iran in exports to Iraq.
Chairman of Iran-Iraq joint chamber of commerce, Yahya Al-e Eshaq, said Iraq’s market has a capacity of $190 billion in annual trade, while the total volume of Tehran-Baghdad trade exchange in the past three years makes up a small percentage of that number.
He also complained about disorganized management and decision-making processes in Iraq, saying such conditions have enabled rivals, China and Turkey, to overtake Iran in exports to the Arab country.
Despite being insufficient, the volume of trade between Iran and Iraq has increased, Al-e Eshaq added, saying 80 percent of Iran’s technical and engineering services have been offered to Iraq alone.
In May 2014, Iranian first vice-president called for a major boost to the economic ties between Tehran and Baghdad, saying the two neighboring countries should draw up a plan to raise the volume of their annual trade turnover to $20 billion.