RIYADH: Iraq and Turkiye are targetting $30 billion in bilateral trade, according to officials from both countries.
The comments were made after Iraqi Trade Minister Mustafa Nizar Al-Ani met his Turkish counterpart, Omer Bolat, in Ankara on the sidelines of Prime Minister Ali Falih Al-Zaidi’s official visit to Turkiye.
Bilateral trade currently stands at about $17 billion, having climbed as high as $24 billion in the aftermath of the COVID-19 pandemic and during a period of elevated energy prices.
Bolat noted that Iraq remains Turkiye’s fifth-largest trading partner, and Turkish contractors have completed 1,157 projects worth $40 billion in the country, making it their third-largest overseas market.
“We believe that integrating the Ibrahim Khalil Customs Gate into the ASYCUDA (Automated System for Customs Data) system as soon as possible will make a very important contribution to our goal of increasing trade between Türkiye and Iraq to $30 billion,” Bolat said as per Turkiye’s official Anadolu Agency.
Reaffirming the strategic partnership
The two sides reaffirmed their commitment to strengthening trade and economic ties, expanding opportunities for joint cooperation and investment, and translating the countries’ strategic partnership into practical steps with tangible economic outcomes.
The ministers discussed how to reach the $30 billion target, alongside support for the Development Road Project, easier trade and transport arrangements, and closer customs cooperation between the two countries.
The meeting also reviewed preparations for the third Iraq-Turkiye Joint Economic and Trade Committee, expected in the final quarter of this year, aimed at deepening the economic partnership and widening trade and investment opportunities.
Customs integration
Speaking at the Turkiye-Iraq Business Roundtable Meeting in Ankara, Bolat said economic ties between the two countries now span trade, investment, contracting, transportation, defense, tourism and services.
He stressed the importance of linking the Ibrahim Khalil border crossing to Iraq’s ASYCUDA, arguing that the move would reduce uncertainty and speed up trade flows.
Bolat also said Turkiye stood ready to support Iraq’s implementation of the Transports Internationaux Routiers Convention and called for bilateral agreements on investment protection and the avoidance of double taxation to be brought into force.
Development Road project
Bolat said recent conflicts and geopolitical shifts in the Gulf had underscored the need to strengthen regional trade, transport and energy corridors.
He called for the Kirkuk-Ceyhan oil pipeline to run at full capacity, for a new pipeline to be built from Basra to Turkiye’s Ceyhan terminal, and for continued progress on the Development Road project, which would link Iraq’s Grand Faw Port to Europe via Turkiye.
“We believe the Development Road will accelerate investment and contracting activities in Türkiye-Iraq relations through the establishment of new logistics centers and cities,” he said.
Bolat noted that a transit visa arrangement between Turkiye and Saudi Arabia, in effect since April 15, had opened trade routes through Iraq to Saudi Arabia, Kuwait and the broader Gulf region. He added that Turkiye hopes to host the next JETCO meeting this year.
