Shafaq News- Tehran

Iran and Iraq are moving to establish a barter system for goods and services as part of efforts to expand bilateral trade, the head of the Iran–Iraq Joint Chamber of Commerce said on Saturday.

Yahya Al-Eshaq indicated that the initiative forms part of the chamber’s strategic plans for the year, aimed at strengthening economic ties between the two countries.

Iraq remains one of the main destinations for Iran’s non-oil exports, importing goods, technical and engineering services, and energy worth billions of dollars annually, he noted, describing the relationship as strategically significant on both commercial and geopolitical levels.

The cooperation has supported economic growth, job creation, infrastructure development, and closer economic integration, supported by shared religious and cultural ties and a long land border that facilitates trade and investment.

The chamber is targeting an increase in bilateral trade to $20 billion annually, a goal that requires addressing key challenges including trade imbalances, administrative and bureaucratic hurdles, and the impact of sanctions.

Proposed measures include launching a barter mechanism for goods and services, creating a joint investment platform, establishing a financial settlement system for traders, setting up a clearing center, and accelerating export processes to Iraq while facilitating imports into Iran.