Doha: Turkiye and Iraq are seeking to increase bilateral trade to $30 billion in the medium term, with Ankara saying strengthening trade, energy, and transport corridors is a shared priority.
According to Qatar News Agency, Turkish Trade Minister Omer Bolat, speaking at a Turkish-Iraqi business roundtable in Ankara on Tuesday, stated that bilateral trade currently stands at around $17 billion. This figure comes after reaching $24 billion in the period following the COVID-19 pandemic, attributed to higher energy prices.
Bolat emphasized the significance of fully operating the Kirkuk-Ceyhan oil pipeline, establishing a new oil pipeline from Basra to Ceyhan, and advancing the Development Road project, which aims to connect Iraq's Al-Faw Port to Europe through Turkiye. He noted that Iraq is Turkiye's fifth-largest trading partner and ranks third among countries where Turkish contractors have undertaken the highest number of projects. Turkish companies have completed more than 1,150 projects in Iraq, valued at nearly $40 billion.
Bolat also mentioned that improving customs procedures and developing road, rail, and energy links would help accelerate trade and investment flows between the two countries. He expressed Turkiye's readiness to expand economic and logistical cooperation with Iraq in the coming period.