Iran, Iraq to establish joint bank and free trade zone

Shafaq News/ Farzad Piltan, the Director of the West Asia Department at Iran's Trade Promotion Organization, announced plans by his country's government to establish a joint bank and free trade zone with Iraq.

The Iranian officer's remarks came during a forum on the sustainable development of trade relations between the two nations up until 2025, held at the Iranian Chamber of Commerce earlier today.

Piltan emphasized Iraq's status as Iran’s primary trade partner globally and a key ally in the energy sector in Asia.

He outlined plans to increase the trade volume to $20 billion, pointing to the strategic decision to create new institutions, driven by the private sector.

These entities would foster commercial ties through a network of commercial centers equipped to offer extensive services to traders, he said.

Piltan highlighted the advantage Iran has owing to the proficiency of its traders in Arabic, thereby facilitating smoother trade relations compared to other regional players like Turkey.

The official acknowledged the existing five border crossings that have been pivotal in nurturing economic exchanges and hinted at a concerted effort towards initiating production collaborations with Iraqi companies.