Iran and Iraq Aim to Boost Annual Trade to $20 Billion in 3 Years

An official from the Iran-Iraq Joint Chamber of Commerce has stated that the two countries aim to boost their annual trade to $20 billion within the next three years.

Iran is aiming to boost its commercial presence in Iraq, with the Iran-Iraq Joint Chamber of Commerce setting a three-year goal to increase bilateral trade to $20 billion, Chairman of Iran-Iraq Joint Chamber of Commerce Yahya Al-e Es’hagh stated, The Caspian Post reports citing Iranian media.

He put the products exchanged between the two neighboring countries over the past Iranian calendar year (ended March 20, 2025) at about $12 billion, the rate of which is expected to increase in the current Iranian calendar year (started March 21, 2025).

Iran and Iraq enjoy high potentials to increase bilateral trade, Al-e Es’hagh underlined.

This expansion is driven by Iran's ability to supply a wide range of consumer goods, food products, and industrial materials.

Iraq, with a population of nearly 50 million and close cultural and political ties with Iran, has long been one of Tehran’s most accessible export destinations, he stressed.

He pointed out that the long-term target of $20 billion is achievable under the existing bilateral agreement.

Iran is presently supplying a wide spectrum of goods to Iraq, including construction materials, detergents, food items, engineering services, fruit and agricultural products, and medical and leisure tourism services, he said, adding that Iran currently holds around twenty percent of Iraq’s consumer market.