Baghdad (IraqiNews.com) – Iraq and Iran are working on the establishment of an exchange system for commodities and services as part of attempts to boost bilateral commerce, according to Yahya al-Isaac, the chairman of the Iran-Iraq Joint Chamber of Commerce.
Isaac said on Saturday that the step is part of the strategic goals of the chamber of commerce for 2026 and aims to improve business links between the two nations, Shafaq News reported.
Iraq is one of Iran’s key non-oil export destinations, purchasing commodities, technical and engineering services, and energy worth billions of dollars each year, according to Isaac.
The official described the relationship between the two countries as strategically vital at both the business and geopolitical levels.
The collaboration between Iraq and Iran has fostered development, created employment opportunities, enhanced infrastructure, and promoted greater economic integration. This integration is facilitated by shared religious and cultural ties, as well as a long land border that supports commerce and investment.
The chamber aims to boost bilateral trade to $20 billion per year by addressing major issues such as trade imbalances, administrative and bureaucratic barriers, and the impact of sanctions.
Proposed initiatives include developing a barter mechanism for products and services, forming a joint investment platform, building a financial settlement system for merchants, and accelerating export processes to Iraq while facilitating imports into Iran.