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Iran-Iraq transactions to hit $1bn this year -- official says

Tehran, Aug 1, IRNA -- Volume of Iran-Iraq transactions is expected to exceed one billion dollars this year, said Deputy Head of Iran's Trade Promotion Organization Hossein Soltani in Tehran on Sunday.

Soltani told the Seminar of Opportunities of Economic Cooperation between Iran and Iraq that Iran-Iraq trade volume was dlrs 685 million last year, dlrs 589 million of the sum related to Iran's exports to Iraq and dlrs 96 million to Iraq's exports to Iran in the year.

He said Iran and Iraq are keen on increasing the volume of their commercial transactions but there are eight essential problems on the way of promotion of trade.

He added that the failure to plan long-term projects due to insecurity in Iraq and banking problem in Iraq are among the problems.

He said failure to revive former banking balances and the dlrs 120 billion debts besides war reparations due to be extended to Iran and Kuwait are among other obstacles on the way of promotion of trade.

He went on to say that bankruptcy of Iraqi banks and the risk of bankruptcy of remaining banks due to capital shortage as well as non-implementation of mutual agreements and Iraqi refusal to meet Iranian traders' demands are among other problems.

Iraq's interim Finance Minister Adel Abdulmahdi and several deputy ministers as well as more than 300 Iraqi businessperson and 450 Iranian employers and traders are among the participants in the meeting.

After the meeting the two sides will form working groups to closely study their trade problems.

Some 50 Iranian companies have showcased their latest industrial products and services in an exhibition on the sidelines of the seminar.

... Payvand News - 8/1/04 ... --

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