Saturday, January 22, 2005

IranMania.com - "Iran-Iraq trade exchanges poor": Iraqi Minister

IranMania.com - "Iran-Iraq trade exchanges poor": Iraqi Minister: ""Iran-Iraq trade exchanges poor": Iraqi Minister

Saturday, January 22, 2005 - ©2005 IranMania.com
LONDON, Jan 22 (IranMania) - Visiting Iraqi Finance Minister Abdil Abd Al-Mahdi said that the volume of Iran-Iraq exchanges was low and called for a boost in trade cooperation.

According to IRNA, the Minister called on Iranian officials to establish a permanent market in Iraq.

The Iraqi official criticized the nine-percent trade exchanges among the Islamic states, saying the current world trade situation is discriminatory to the Islamic nations.

He termed the export of wheat from Bandar Imam Khomeini to Iraq and bolstering Iran-Iraq transit as 'effective' in increasing the level of bilateral trade.

The Iraqi official underlined the adoption of joint policies, saying that Iraq should make use of Iran's experience in the reconstruction of the country after war.

Iraq is involved with security and political issues, he said, adding the upcoming election would create a peaceful situation in Iraq.

The Iraqi Minister added that rectifying the investment law, insurance law and independence of Iraqi Central Bank, adopting certain laws for the activities of foreign banks in Iraq and establishment of official export-import gateways were among the measures taken by his country's officials.

Al-Mahdi also discussed opportunities and challenges ahead of two-way trade cooperation in his meeting with Iran's Commerce Minister Mohammad Shariatmadari. The Iranian Minister said that the Islamic Republic attaches importance to trade with Iraq and is keen on signing free trade agreements, establishing banking cooperation and arranging trade exchanges within the framework of border markets.

He pointed out that the opening letters of credit (L/Cs) in two countries calls for government guarantees."

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