Iraq
Iraq's Prime Minister Mohammed Shia' al-Sudani (right) received Turkish Trade Minister Omer Bolat (left) in Baghdad on November 18, 2024. Photo: PM Sudani's office
ERBIL, Kurdistan Region - Iraq’s Prime Minister Mohammed Shia’ al-Sudani on Monday received the Turkish trade minister in Baghdad to discuss improving trade between the two neighbors and the Development Road project.
Turkish Trade Minister Omer Bolat arrived in Baghdad to attend a joint program on trade with his Iraqi counterpart.
Sudani stressed “Iraq’s openness to establishing a serious and genuine partnership with Türkiye in various fields, particularly as the Iraqi government has implemented a series of economic reforms that have enhanced the investment environment in the country,” according to a statement from his office.
The Iraqi premier also expressed Baghdad’s desire to improve the trade balance with Ankara.
“We have increased our bilateral trade volume with Iraq, with which we share a deep history and strong cultural and geographical ties, to $20 billion in recent years. As Iraq stands as Turkey's third-largest export market, we are determined to further advance our economic and trade relations,” Bolat wrote on X.
Bolat noted that Ankara aims to “diversify areas of cooperation and deepen” its partnership with Baghdad.
The multi-billion dollar development road project was also discussed in the meeting.
The Turkish minister “discussed the Development Road project, expressing Türkiye’s readiness to provide full support to move forward with this vital project, which holds significance for the region and the world,” according to Sudani’s office.
Trade between Iraq and Turkey has increased significantly over the past three decades according to the Massachusetts Institute of Technology (MIT) affiliated Observatory of Economic Complexity (OEC). Turkish exports to Iraq in 2021 reached the value of $11.1 billion, a huge leap compared to the mere $119 million they amounted to in 1995.
Following an April meeting between Iraqi Prime Minister Sudani and Turkish President Recep Tayyip Erdogan, the two leaders announced that Baghdad and Ankara signed more than 24 Memoranda of Understanding (MoUs) encompassing cooperation in various fields such as economy, trade, water, and security.
One key MoU is aimed at establishing a Joint Economic and Trade Committee (JETCO) between the Iraqi ministry of trade and the Turkish ministry of trade.
During a speech at Monday’s trade program in Baghdad, Bolat said that the two sides will hold the first JETCO meeting in Turkey, without providing a specific date.
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