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Trading

Iraq is reportedly planning for importing cooking oil from Egypt, as revealed by Iraqi trade ministry on last Sunday. As Baghdad wants to reduce its reliance over Turkish products, it has significantly come up with this decision. A trade delegation, sent by Iraqi government, is holding talks in Cairo on buying cooking oil for the monthly food ration.
According to a company executive, Iraq's Etihad Food Industries Co. will start production at a new $100 million edible oils refinery by year end, after its neighboring sugar plant shifted much of the country's imports to raw rather than white sugar.
Ramazan Badur, an Iraqi taxi driver, said, “We are three friends. Altogether we had 800 liras [$274], but we are now down to our last 10 liras." He added, "When that runs out, we will cross the stream secretly and sneak into Turkey.”
According to official reports, Iraq will stop importing refined sugar for a government food distribution program, as domestic production has risen significantly.
Iran has signed a contract to launch a trade center in Iraqi northern city of Erbil with the aim of facilitating trade with Iraq's semi-autonomous Kurdistan region.
Iraqi forces backed by US-led air strikes have cleared the country's largest oil refinery of the Islamic State group, the international coalition helping Baghdad fight the jihadists.
An import tax hike by Iraq is making it more difficult for Turkish poultry meat and egg producers to export to their main market. The Turkish poultry sector, which has the fourth largest share in the world’s poultry market, has faced a risk of losing its biggest market, Iraq, due to additional customs taxes.
Hoshyar Zebari, Finance Minister of Iraq, announced the distribution the financial merits of the farmers of rice.
European traders said on Thursday that Iraq's state grains board has delayed a decision on whether to buy at least 50,000 tons of hard wheat in an international tender until Sunday.
The Prime Minister, Haider al-Abadi, instructed to send foodstuffs to the citizens in Anbar.
The USA Rice Federation has learned that after being passed over in the previous Iraqi rice tender, U.S. rice has been awarded 120,000 MT of long grain in the current tender.
Economy Minister of Turkey Nihat Zeybekci said that Egyptian government’s move to not renew its trade deal with Turkey was expected and will not hurt Turkey’s exports, and the decreasing trend in Turkey’s exports to Iraq will end soon.
Iraq and Turkey should establish a customs union and joint market to improve and maintain the sustainability of commercial ties, a prominent Iraqi business representative has said, amid tremors in bilateral trade caused by violence in the country.
Former Iranian Oil Minister Rostam Qassemi, who is now in charge of a large economic body to widen Iran-Iraq trade ties, said Iran can boost its non-oil exports to its neighboring state to $30 billion.
Unrest within Iraq has caused dramatic drop in trade relations between Iraq and its neighboring Jordan.
After recent turmoil in Iraq, the government of Turkey is preparing to ease loan procedures in an effort to relieve losses suffered by Turkish exporters.
Turkey’s exports to Iraq have plummeted by 35 percent since the Islamic State of Iraq and the Levant (ISIL) seized control of Mosul, Economy Minister Nihat Zeybekci has said, expressing hope that some of this loss will be recovered by the end of the year.
Lebanon’s total exports to Iraq will experience a sharp decline over the next few months due to the deteriorating security situation in the country that represents the fifth-largest recipient of Lebanese products, industry experts told.
Diwaniya Agriculture Department confirmed reaching the self-sufficient level of producing the strategic crops of Wheat and Barley.
Turkish companies selling to Iraq, their second-biggest external market, are seeing business dry up with trucks unable to reach large areas of the neighboring country, which is engulfed in sectarian fighting.
In the month of June, a delegation team from Iraq will visit Brazil to access the sanitary conditions of Brazilian livestock and lift the embargo on beef imports in place since 2012. Buyers from the Arab country are awaiting this technical visit before they can start buying the product again.
On Tuesday, 27th May, a session on ‘Bilateral Trade with Iraq’ will be held with the participation of Ambassador of Iraq, Kahtan Al Janabi as special guest speaker. The session organized by the National Chamber of Commerce will be held from 3 PM to 4.30 PM at the Chamber Auditorium, No. 450, D. R. Wijewardene Mawatha, Colombo 10. The Ambassador will be assisted by Dr Ali Al-Kuhlee, Asst. Commercial Attache.
Minister of Economy and Finance Ali Tayebnia said that Iran-Iraq trade volume will reach as high as $20 billion in value by the next three years from present $12 billion.
Empty malls, with half the shops closed, are a common feature in the Kurdistan capital of Erbil. It has been reported that most of the malls in Kurdistan are not even matching international standards. Though, it seems that Kurdistan government is still keen on focusing on the shopping mall concept.
Yum! Brands, Inc. has announced its opening of first Pizza Hut store in Iraq, with its franchise partner, Al Kout Food Company. The introduction of the first Pizza Hut in Iraq reflects the reach of the world’s largest pizza chain and the Company’s expansion in emerging markets.
31st meeting of the National Committee for Iraq’s accession to the World Trade Organization is reported to be held at the headquarters of the Ministry of Commerce. The meeting was attended by the Deputy Chairman of the National Committee, the Director General of the foreign economic relations Department of the Commerce Ministry Hashim Mohammed Hatem and membership representatives from all Iraqi ministries.
In terms of importing jewelries from Turkey, Iraq holds the second position worldwide. A report from Turkey Union revealed, ''The Turkish exports of jewelry achieved an increase of 9% comparing to same duration in 2013.''
Washington, DC - The United States hosted a top level Iraqi interagency delegation to participate in the March 3-7 Iraq Business Week activities in Washington D.C. Iraqi Deputy Prime Minister Rowsch Shaways led a 30+ member public and private sector delegation to network with scores of major U.S. firms and explore expanding business opportunities in Iraq, now the United States' 27th largest goods trading partner.
The ministry of industry and commerce remarked that Iraq has agreed to import Ceylon Tea directly and also to remove its import ban on coconut fiber pith from Sri Lanka.
The latest Sri Lanka-Iraq Joint Committee for Economic Cooperation (JEC) Commenced February 25 in Baghdad, a statement from the Industry and Commerce Ministry said.
The commercial exchange between Iraq and Iran increased to USD 15 Billion.
A state trading agency, Iraq’s Grain Board, plans for meeting Thai officials soon after halting purchases of rice, said Acting Director General Hassan Ibrahim.
For the first time in 25 years, Canada has led its trade mission in Iraq by opeing an office in Erbil, Northern Iraq.
The Deputy Premier for the Economic Affairs, Ruz Nouri Shawis, welcomed the decision of the British Government for nominating, Ema Nicholson, as a new Trade Envoy to Iraq.
In spite of continuing violence, Iraq has seen its GDP double since 2003 and recorded growth rates of 8% in the past two years.
Addressing a conference, in the Western city of Kermanshah titled trade and investment opportunities in Iraq, Trade Promotion Organization (TPO)'s Director for Trade with Iraq Majid Qorbanifaraz said, “A sum of $4.40787 billion worth in goods has been exported to Iraq (from Iran).”
Al-basta (Iraqi goods displayed for sale on the sidewalk) used to be for the poor people of the country. However, it became a small business opportunity for many vendors later. Today, these sidewalk displays are generating daily profits and fairly compete with the stores and shops around them.
Australian wheat was offered at the lowest price of $334.78 a tonne c&f free out (ciffo) in a tender from Iraq's state grain board to purchase at least 50,000 tonnes of hard wheat, European traders said on Monday.
Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, stated that Iraq holds significant potential for Dubai businesses.
The year 2013 registered high levels of commercial exchange between Iraq and Iran, which reached — according to both Iraqi and Iranian officials — more than $12 billion. This comes at a time when the Iraqi government aspires to increase trade between the two, with a goal of $15 billion. In a telephone conversation with Al-Monitor, adviser to the Prime Minister for Economic Affairs Abdul Hussein al-Anbaki explains that the most common goods imported from Iran to Iraq are canned food — including canned cheese
The Iraqi Trade ministry plans to increase the number of trade exhibits in a bid to boost economic co-operation between Iraq and other countries, officials told Mawtani.
From both private and public sectors, experts have stated that Iraq would become an international free trade hub amid the increasing global variables in economics, trade and manufacturing.
The ministry of trade has announced the offering of a tender for equipping 30 tons of rice for favor of ration card.
The size of commercial exchange between Iraq and China during 2013 exceeded 20 billion USD in the sector of energy and goods.
Armenia’s vice-premier and co-chair of Armenia-Iraq intergovernmental commission Armen Gevorgyan said that Armenian exports to Iraq amounted to about 30 million dollars in nine months of this year.
Vice President of Kuwaiti Chamber of Commerce and Industry, Khaled Al-Saqer discussed with Governor of Basra Dr. Majed Al-Nasrawi and his accompanying delegation ways to promote economic cooperation.
The Iranian non-oil exports to Iraq exceeded USD two million during the first six months of 2013. In a report, received from the Iranian Customs Directorate, it has been mentioned that the Iranian exports of vehicles, merchandise and other goods to Iraq reached USD (2,868) million during the first six months of 2013.
Sumitomo Corp. has invested ¥320 million in an Iraqi auto dealer in the first major investment in Iraq by a Japanese company after US invasion of the year of 2003. The report has been concluded by the trading house of Iraq.
The ministry of Trade in Iraq has recently indulged in a discussion with a Brazilian economic delegation the means to promote the mutual economic relations and the accession of Iraq to the World Trade Organization.
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