Turkiye, Iraq target $30B in bilateral trade

Shafaq News- Ankara (Updated at 21:30)

Iraqi Prime Minister Ali al-Zaidi chaired an Iraq-Turkiye roundtable with Turkish business leaders in Ankara on Tuesday as the two countries set a $30 billion medium-term bilateral trade target, focusing on expanding investment, energy, and transport cooperation.

According to a statement from the prime minister's office, participants discussed ways to strengthen commercial ties and reviewed measures introduced by Baghdad to improve the investment climate and facilitate cross-border trade with Turkiye.

Speaking at the meeting, Turkish Trade Minister Omer Bolat said bilateral trade currently stands at about $17 billion, noting that it reached $24 billion in the period following the COVID-19 pandemic amid higher energy prices. He identified the Kirkuk-Ceyhan oil pipeline, a proposed Basra-Ceyhan pipeline, and the Development Road linking Iraq's Grand Faw Port to Europe through Turkiye as key priorities for expanding trade, energy, and transport links.

Bolat said Iraq is Turkiye's fifth-largest trading partner and the third-largest market for Turkish contractors, who have completed more than 1,150 projects worth nearly $40 billion. He added that simplifying customs procedures and improving road, rail and energy corridors would help accelerate trade and investment.

Al-Zaidi arrived in Ankara earlier today and held talks with Turkish President Recep Tayyip Erdogan. The visit is expected to cover cooperation on water resources, security, energy, oil exports, investment, and trade, as well as the implementation of existing bilateral agreements and regional developments.