Türkiye Seeks Surge in Trade Volume with Iraq

Economy 10:21 AM - 2024-04-23
 Iraqi and Turkish delegation's meeting. Dilan Ghafur's Social Media

Iraqi and Turkish delegation's meeting.

Iraq Türkiye

The head of the Iraqi Parliament's Foreign Relations Committee announced that Türkiye's objective is to raise its commerce with Iraq to $24 billion, a significant rise despite the fact that last year, trade volume between the two sides decline by $7.5 billion compared to the year before that.

Dilan Ghafur, the leader of the Foreign Relations Committee in the Iraqi Parliament, told PUKMEDIA that a senior Iraqi delegation, headed by Prime Minister Mohammed Shia' al-Sudani, held a meeting with a senior Turkish delegation, led by President Recep Tayyip Erdogan, on Monday, April 22, 2024, pointing out that their discussions covered various topics, including the mutual interest of both countries in enhancing their relationship in areas such as security, oil, water, development, trade, and economic growth as Türkiye's third largest trading partner is Iraq.

"Türkiye's objective is to boost trade with Iraq to reach $24 billion, despite last year's ($7.5 billion) decline compared to the previous year (2022)," Ghafur stated. 

"Iraq shares the same aspiration, and we are collaborating on this together," she added.

"To promote trade, it is necessary to implement tax reductions and impose import restrictions. Additionally, two agreements need to be adopted: one on protecting Turkish investors and another to address the issue of double taxation for businesses operating in both countries, ensuring they only pay taxes in one country," she stated.


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