In line with the efforts to boost the economic ties between Iran and Iraq, the two neighboring countries are considering ways to include local currencies in their bilateral trades to reduce reliance on U.S. dollar, the Iraqi ambassador said yesterday.
IRAN NEWS ECONOMIC DESK
Ghandil said Friday that the two neighbors are holding talks to find the best way to facilitate their financial transactions, including the substitution of the U.S. dollar with Iraqi dinar in bilateral trades.
The Iraqi diplomat once again reiterated his respective government’s clear stance against the U.S.’ unilateral sanctions against Iran, saying such restrictions are against the international rules and regulations.
Noting that the bilateral trades between Iran and Iraq have not been affected by the sanctions in the past year, Ghandil expressed his country’s readiness to increase the level of cooperation with Iran in various economic spheres.
He went on to say that both countries’ officials are working to materialize the planned targets as soon as possible, adding that both countries are working to sign new agreements and one of them is a financial agreement.
Ghandil reiterated that the new financial agreement can be a major step for deepening trade and economic ties with Iran.
The current trade volume between both states is currently $2b and both countries set target to increase it to $10b in the near future.
On July 29, the chairman of Iraqi Securities Commission and chairman of Securities and Exchange Organization of Iran signed a memorandum of understanding in Tehran, paving the way to boost bilateral cooperation in financial and exchange fields.
- source : Iran news
