ID : N-5411 Date : 2019/05/09 - 11:50
(Persia Digest) – Following limiting import policies in Iraq, this country has cut down on goods purchased from Iran.
In its latest decision, Iraq has stopped importing certain items where Iranian exporters have a good share of the market.
Part of the Iraqi ban on imports has been defined solely for Iran. But a larger part pertains to all other countries which will also impact trade with Iran. Economists believe this can impact the two countries’ objective to reach USD 20BN in trade and their growing bilateral trade exchanges in recent years.
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Iranian customs figures for foreign trade in April this year show that exports to Iraq have had a significant drop in value as compared to March. The value of exports to Iraq in March amounted to USD 722MM, reduced to USD 389MM in April.
In recent years, Iranian and Iraqi officials had repeatedly emphasized the increase in trade between the two countries to USD 20BN a year. But it seems that implementing some policies by the Iraqi government, such as increased import tariffs or trade bans, will make it harder to achieve this.
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