Iraqi ambassador to Iran calls for closer economic ties

Iraqi Ambassador to Iran Mohammad Majid al-Sheikh says there is a huge capacity for development of financial transactions between the two countries, AVA Diplomatic.“Given the friendly and brotherly relations between the two neighboring countries and hundreds of kilometers of shared borders, there are many potentials for boosting bilateral trade ties,” he said on Sunday.

He noted that Iran-Iraq trade transactions amounted to $7 billion in 2011, and hoped that the number would rise to $10 billion in the near future.

He said that a high-ranking Iraqi delegation is to visit Tehran this Tuesday in order to further commercial relations.

Headed by Deputy Prime Minister Rozhi Nouri Shawis, the delegation will include Finance Minister Rafe al-Essawi, Trade Minister Khairullah Hassan Babakr, Industries and Mines Minister Ahmad Nasser Deli, and Governor of the Central Bank Sinan Al-Shabibi, the ambassador stated.

Al-Sheikh added that setting up an Iraqi bank in Iran will be on the delegation’s agenda.

 “Establishing an Iraqi bank [in Iran] can greatly help enhance bilateral economic and commercial relations,” he underlined.