Farzad Piltan, Director-General, Iran’s Trade Promotion Organization (TPO)’s Office of Arabian and African Countries said that Iran has the potential for exporting $150 million of garments to Iraq per year.
The official made the remarks on the sidelines of the third meeting of TPO’s Commodity-Country Desk on trade with Iraq, which was mainly focused on investigating the ways for increasing garments export to the Arab country.
Iraq imports $700 million of garments per year, while the share of Iran’s garment exports to its neighbour is just $35 million, which can be increased at least to $150 million, Piltan noted.
Despite the re-imposition of U.S. sanctions against the Islamic Republic, Iraq has been getting closer to Iran both politically and economically.
There is also the same approach adopted by Iran, as many Iranian companies are now eager to conduct trade with Iraq, especially with the Kurdistan region where there is a great demand for Iranian products.