Iraq, Turkey to increase trade exchange to $24 billion
The Iraqi Prime Minister, Mohammed Shia Al-Sudani, and the Turkish President, Recep Tayyip Erdogan, during a joint press conference in Baghdad. Photo: PMO
Baghdad (IraqiNews.com) – The head of the foreign relations committee in the Iraqi Parliament, Dilan Ghafour, revealed on Monday that Iraq and Turkey want to increase the volume of trade exchange to $24 billion.
Ghafour’s statement took place as the Turkish President, Recep Tayyip Erdogan, paid an official visit to Baghdad, where he met with Iraqi leaders, including the Iraqi President, Abdul Latif Rashid, and the Iraqi Prime Minister, Mohammed Shia Al-Sudani, Rudaw News reported.
During a joint press conference with the Iraqi Prime Minister in the Iraqi capital, Baghdad, Erdogan stated that the volume of trade exchange between Iraq and Turkey had risen to $20 billion.
The two leaders witnessed signing over 24 memoranda of understanding during a discussion, which included bilateral cooperation in water management, irrigation, infrastructure development, rail and road construction, and security.
The Turkish leader stated that Turkey is determined to participate in the Development Road to stimulate commercial development.
Iraq, Turkey, the UAE, and Qatar signed a quadripartite agreement on Iraq’s Development Road project under the auspices of the Iraqi and Turkish leaders.
The agreement aims to enhance cooperation regarding Iraq’s strategic project, as the four countries will develop the necessary frameworks to carry out the project.
The project will also increase international trade, facilitate the movement of goods, provide a new competitive transport route, and promote regional economic prosperity.