TNT
Tishwash:
CBI Says China and India Account for Half of Iraq’s Foreign Trade
The Central Bank of Iraq (CBI) announced on Thursday that trade with China and India now accounts for approximately 50 percent of the country’s total foreign trade.
In a statement, the CBI said Iraq’s trade volume with China reached $58.035 billion last year, while trade with India amounted to $31.102 billion.
Türkiye was also among Iraq’s key trading partners, with bilateral trade valued at $20.786 billion. The United States followed with $8.952 billion, while trade with South Korea stood at $7.661 billion and the United Arab Emirates at $5.307 billion.
Greece recorded trade worth $4.599 billion with Iraq, while Saudi Arabia ranked next with $2.771 billion.
The figures highlight Iraq’s growing economic ties with Asian markets, particularly China and India, which together dominate the country’s external trade. (LINK)
Uzbekistan and Iraq Discuss Expanding Trade and Economic Cooperation
During a working visit to the Republic of Iraq, Shohruh Gulamov, Deputy Minister of Investment, Industry and Trade (MIIT) of Uzbekistan, held a series of bilateral meetings with the heads of key state bodies and business structures of Iraq and took part in the Uzbekistan–Iraq Business Forum in Baghdad.
In talks with Juma Al-Bahadli, Deputy Minister of Industry and Mineral Resources; Ghassan Hamid, Deputy Minister of Trade for Economic Affairs; Salar Muhammad Amin, Deputy Chairman of the National Investment Commission; Adil Al-Aqqab, Head of the Iraqi Industrialists’ Union; and Ibrahim Al-Baghdadi, Chairman of the Economic Council of Iraq, the sides discussed ways to expand trade and economic cooperation.
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The discussions covered measures to remove trade and regulatory barriers, optimise tariffs on priority Uzbek goods, speed up certification procedures, and develop logistics based on regional transport hubs.
Particular focus was given to prospects for increasing the export of construction materials, textiles, carpets, food products and jewellery, as well as enabling Uzbek companies to enter the Iraqi market.
Speaking at the business forum, organised with the support of the Embassy of Uzbekistan in Iraq and the Economic Council of Iraq, Shohruh Gulamov emphasised that trade is a priority for deepening economic partnership and highlighted the significant untapped potential of bilateral trade.
Cooperation opportunities in industry and mineral resources were also discussed, including the establishment of joint ventures, raw material processing, supplies of refined metals, and engineering services and equipment.
The forum brought together more than 150 representatives of Iraqi state bodies and businesses, as well as 25 leading Uzbek companies from the food, textile, pharmaceutical, electrical engineering, furniture and construction materials sectors. Participants were familiarised with Uzbekistan’s investment climate and export potential, while B2B meetings and an exhibition of Uzbek products were held on the sidelines.
Following the visit, the Iraqi side was invited to consider holding the first meeting of the Uzbekistan–Iraq Joint Economic Committee and the next business forum in Uzbekistan. (LINK)
In a first-of-its-kind move, customs announces the success of the first fully integrated international crossing.
The General Authority of Customs announced today, Thursday, that it received transit trucks subject to the International Transport System (TIR) carried on roll-on/roll-off (RORO) ships at the port of Umm Qasr, in a step that is the first of its kind within the transit routes that pass through Iraqi territory.
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The authority stated in a statement followed by “Iraq Observer”, that “the operation comes within the efforts to activate the international TIR agreement and enhance Iraq’s capabilities in managing multimodal transport operations, in line with the state’s plans to develop the transit sector and expand regional and international trade routes.”
The authority added in its statement that “after completing the necessary customs procedures, the trucks continued their overland journey towards Turkey and Syria, coming from the ports of the United Arab Emirates, in an indication of the readiness of the infrastructure of Iraqi ports and their ability to receive and operate advanced logistical transport patterns.”
The authority confirmed that the integration of the RORO transport mechanism with the TIR system achieves a number of operational and economic benefits, including accelerating transit movement, reducing handling time, lowering costs for transport and trading companies, as well as raising the levels of efficiency and safety in the transport of goods.
She pointed out that “this type of operation contributes to maximizing revenues, stimulating the national economy, and revitalizing transit traffic through Iraq.” (LINK)
Source: Dinar Recaps
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