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BAGHDAD: Trade between Iraq and Iran continues despite Washington sanctions

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BAGHDAD: Trade between Iraq and Iran continues despite Washington sanctions

Post by RamblerNash on Thu Aug 09, 2018 9:46 pm

BAGHDAD: Trade between Iraq and Iran continues despite Washington sanctions


Economy News _ Baghdad

The Baghdad Chamber of Commerce revealed on Thursday the continuation of trade exchange between Iraq and Iran despite the issuance of the package of US sanctions.

On Monday, US President Donald Trump imposed comprehensive sanctions on Iran after it pulled out of its nuclear deal in 2015. The sanctions target Iran's purchases in the automotive and transportation sector as well as its business and purchases of gold and other basic metals.

The head of the Baghdad Chamber of Commerce, Jaafar al-Hamdani, said in an interview with "Economy News" that the recent US sanctions on Iran did not affect the Iraqi-Iranian trade, because "there is no action taken by us and trade continues on the same pattern and was not affected until right Now".

Al-Hamdani added that "the private sector is bound by the decisions that will be issued by the Iraqi government in this regard." The volume of trade exchange carried out by the private sector of Iraq and Iran more than 5 billion dollars annually.

"The presence of a large number of Iranian companies operating in the Iraqi market, and any action will be taken because of US sanctions on Iran will affect the trade relations between the two countries and create a kind of unrest in the Iraqi market."

Political and economic relations between the United States and the Islamic Republic of Iran have been strained for years because of Iran's nuclear program.


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