The post Iran, Iraq to Agree on Foreign Currency Deal appeared first on Iran News Daily.

TEHRAN (Iran News) – A new report shows that China, Iraq, and the United Arab Emirates (UAE) are respectively the top trade destinations of Iran exports in the first seven months of the current Iranian calendar year (March 21-October 22).

The post Top trade destinations of Iran; China, Iraq, UAE appeared first on Iran News Daily.

“The waiver ensures that Iraq is able to meet its short-term energy needs while it takes steps to reduce its dependence on energy imports from Iran,” a US State Department spokesman said Wednesday.

“We engage regularly with the Iraqi government to support measures that improve Iraq’s energy independence,” he added.

This will be the fifth such waiver the US has issued for Iraq since US sanctions on Iran’s energy exports snapped back nearly a year ago. After an initial 45-day waiver, the State Department issued two 90-day waivers in a row followed by a 120-day waiver in June.

Gas imports from Iran generate as much as 45 percent of Iraq’s 14,000 megawatts of electricity consumed daily. Iran transmits another 1,000 megawatts directly, making itself an indispensable energy source for its Arab neighbor.

Iraq and Iran share a 1,400-kilometer-long border. For their run-of-the-mill maintenance, Iraqis depend on energy imports from Iran and so many other things from food to machinery, electricity, natural gas, fruits and vegetables.

The administration of Donald Trump is pressing Iraq to stop buying natural gas and electricity from Iran or at least show signs that it is reducing the imports. The US has also urged Iraq to establish contracts with US companies.

However, there are reports that Baghdad is pushing back against the pressure, The New York Times reported in February.

Trump re-imposed unilateral sanctions on Iran’s energy and finance sectors in November last year following his decision to withdraw from a landmark 2015 nuclear deal signed between Tehran and six major world powers, known as the Joint Comprehensive Plan of Action (JCPOA).

The post Iraq’s 5th Sanctions Waiver for Energy Imports from Iran appeared first on Iran News Daily.

According to Chairman of Iranian Private Banks Institute Koorosh Parvizian, the Iranian private bank has already opened two of the seven branches in Iraq.

He noted that opening of the new banks in the Arab country are part of plans to support  Iran’s exports to the Iraqi market.

Every new branch of the Iranian private bank has a capital of $50 million, Parvizian added.

He further stressed that Iran’s private banks and credit institutions were prepared to provide financing for Iranian technical and engineering projects in Iraq.

In July, secretary-general of the Iran-Iraq Joint Chamber of Commerce pointed to the Arab country’s move to allocate $300 billion to its reconstruction, saying there were proper opportunities available for Iranian companies to take part in the process.

In March, Iran’s Minister of Industry, Mine and Trade Reza Rahmani said Tehran and Baghdad have agreed to reach the target of raising the value of annual trade exchange to $20 billion within two years.

Iran and Iraq enjoy cordial political, security and cultural ties but due to some internal and regional problems including Daesh (also known as ISIS or ISIL) terrorism in Iraq, they have not been able to increase their trade volume.

Iran’s main exports to the neighboring country include agro products, foodstuff and fruits such as watermelon, tomato and cucumber, which account for 37% of the total exports.

The post Iranian Private Bank Opening New Branches in Iraq appeared first on Iran News Daily.

“Despite the agreement reached between the governor of the Central Bank of Iran (CBI) and the Iraqi foreign minister, the Iraqi Central Bank has not yet taken necessary measures,” Hosseini added.

The official further mentioned Iran’s technical and engineering projects in Iraq, saying that development projects in the country which were halted due to terrorist activities and financial issues, are also resumed.

“In the wake of expert-level sessions held between Iraqi Housing Ministry and Iran Small Industries and Industrial Parks Organization (ISIPO), it is stipulated that Iranian projects halted in Iraq will resume,” he said.

Accordingly, some of these projects have been re-launched and other projects, mainly technical and engineering projects, will start activity soon, Hosseini highlighted.

Meanwhile, new projects will be commissioned in neighboring Iraq by the year-end.
Elsewhere in his remarks, Hosseini mentioned Iran-Iraq Joint trade committee meeting which is due to be held on July 21-22 in Iraqi capital Baghdad in the presence of relevant officials and organizations.

In early May, officials from the two countries had held a meeting in Tehran to discuss establishing an Iran-Iraq trade committee.

According to Iran’s Trade Promotion Organization (TPO), in the meeting, the two sides discussed several issues including joint investment and establishment of industrial zones, facilitating the transit of goods, facilitating business travels, organizing pilgrimage and health tourism, as well as solving the existing problems regarding mutual trade.

Underlining such discussions and agreements, Hosseini noted that the two sides are going to review previous talks and agreements in the upcoming event.

Iran’s exports to Iraq have increased by 37 in the last Iranian calendar year (ended on March 20) and the two neighbors have it on agenda to boost their mutual trade to $20 billion by 2021.

The post Iran to export $5b of gas, electricity to Iraq by March 2020 appeared first on Iran News Daily.

Speaking in the signing ceremony, Eftekhari underlined the capabilities and capacities of Iran’s free trade zones, noting that Iranian free trade zones offer significantly beneficial investment and trade opportunities for the businessmen and investors in the region.

He pointed to manufacturing and industrial units in the country’s free zones, saying “About 1000 industrial and manufacturing units are operating in the free zones and considering the number of active units in the country’s special economic zones, this number would exceed 2000.”

Abdulrahman for his part, expressed satisfaction with the signed MOU, and noted that of the 10,000 members of the Kurdistan Importer and Exporter Union, 2000 members are in communication with Iranian businessmen and companies.

According to the official, although the Iraqi Kurdistan Region has a good relationship with traders and businessmen all around the world, but having common borders with the Islamic Republic of Iran has made it easier and more profitable for the region to expand trade with Iran.

He further pointed to the unjust U.S. sanctions against Iran saying, “Despite the U.S. sanctions, the Kurdistan region is eager to cooperate with Iran more and more in order to meet its basic needs.”

Developing mutual trade based on the production capacities of the two sides, reducing the cost of finished products by improving the supply chains, distribution of the two sides’ manufactured products in the region, and development of investment in the two countries were some of the areas covered in the signed MOU.

The post Iran inks MOU with Iraqi Kurdistan to boost bilateral trade appeared first on Iran News Daily.

The two sides also emphasized the positive relations between the two countries and the Iraqi side stated that the Arab country will always stay by its good neighbor Iran.

Iranian Commercial Attaché to Iraq Naser Behzad said on Wednesday that there is no new limitation in trade relations between Iran and Iraq and the two neighbors are strongly determined to strengthen and develop their trade cooperation.

In this due, the two countries are following up plans for increasing their bilateral economic relation, the official noted.
The Iranian commercial attaché further said that Iran’s monthly exports to Iraq is expected to be doubled in the current Iranian calendar month (ends on May 16) from its previous month.

Iranian Commercial Attaché to Iraq Naser Behzad said on Wednesday that there is no new limitation in trade relations between Iran and Iraq and the two neighbors are strongly determined to strengthen and develop their trade cooperation.

In this due, the two countries are following up plans for increasing their bilateral economic relation, the official noted.

The post Iranian, Iraqi businessmen gather in an Iftar dinner in Baghdad appeared first on Iran News Daily.

Speaking in a press conference after the meeting between the two countries’ officials, Iranian minister underlined the great potentials for expansion of bilateral relations especially in energy sector.

Zanganeh also expressed hope that the meeting and other talks between the two sides will advance Iran-Iraq cooperation in every field.

He further noted that Iran has enough reserves of gas to increase its experts to Iraq.

Ghadhban for his part, stressed the common grounds for cooperation between the two sides and emphasized the implementation of previously signed agreements on energy.

During his visit, Zanganeh also met with Iraq’s Prime Minister Adil Abd al-Mahdi in which Abd al-Mahdi stressed the importance of stronger bilateral ties with Iran in various fields especially in oil and gas sectors.

The Iraqi prime minister pointed to cooperation in the fields of oil and gas as one of the most important areas for strengthening relations between the two countries.

Iranian Ambassador to Baghdad Iraj Masjedi and Iraqi Oil Minister Thamir Ghadhban also attended the meeting between the two officials.

Later on Thursday Zanganeh also held talks with Iraqi President Salih Barham during which the Iraqi official reiterated that promoting Tehran-Baghdad relations will benefit regional security and stability.

The post Iran, Iraq stress expansion of energy ties appeared first on Iran News Daily.