Iraq and Iran are considering removing the dollar from bilateral trade


Saturday, August 10, 2019 05:43 PM

Iraqi Ambassador to Iran Saad Jawad Qandil said his country and Iran are considering mechanisms to use local currencies in their bilateral trade to reduce dependence on the US dollar, the Mehr News Agency reported.

The ambassador noted that the two neighbors are in talks to find the best way to facilitate their financial transactions.

The Iraqi diplomat reiterated his government’s clear position on unilateral sanctions imposed by the United States on Iran, saying that these restrictions contravene international rules and regulations.

Noting that bilateral trade between Iran and Iraq was not affected by the sanctions last year, Qandil expressed his country’s readiness to increase the level of cooperation with Iran in various economic fields.

Iraq is currently Iran’s largest trading partner, and the two countries have taken important steps to improve their mutual trade over the past few years.

In early February, the central banks of Iran and Iraq reached an agreement to establish a payment mechanism to facilitate banking relations and promote trade between the two countries.

During the meeting, Iran’s Central Bank Governor Abdul Nasser Hemmati, who visited Iraq to discuss the expansion of banking relations, expressed the hope that the trade balance between the two neighboring countries will increase further.

In early May, officials from the two countries held a meeting in Tehran to discuss the establishment of a trade commission between Iran and Iraq.

According to the Iranian Trade Promotion Organization ( TPO ), the two sides discussed at the meeting several issues including joint investment and establishment of industrial zones, facilitating the transit of goods, facilitating business trips, organizing pilgrimage and health tourism, as well as solving current problems related to mutual trade.

Iran’s exports to Iraq increased by 37 in the last Iranian calendar year (ending March 20) and neighbors are on the agenda to boost their trade to $ 20 billion by 2021.

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