Why it matters:
The completion of the Shalamcheh-Basra railway and the establishment of joint economic zones are crucial for enhancing trade and economic cooperation between Iran and Iraq. This collaboration could significantly boost bilateral trade, which currently stands at $11 billion, with potential growth to $25 billion.
The big picture:
The meeting emphasized the need for active follow-up on agreements related to the railway project and joint economic zones.
In a recent meeting, the Iraqi Prime Minister’s advisor and Iran's Acting Minister of Economic Affairs and Finance highlighted the importance of advancing agreements that will facilitate economic collaboration. The focus on infrastructure projects like the Basra-Shalamcheh railway reflects a broader strategy to strengthen ties and improve economic conditions in both countries.
Iranian officials expressed gratitude for Iraqi support following the Shahid Rajaee Port explosion, highlighting the solidarity between the two nations.
What they're saying:
Rahmatollah Akrami, Iran's Acting Minister of Economic Affairs and Finance, stated, "The completion of the Basra-Shalamcheh railway could significantly enhance the capacity of Iranian companies to collaborate with their Iraqi counterparts." Hazem Majid Naji Al-Khalidi, the Iraqi advisor, emphasized the historical and cultural ties that bind the two nations, asserting that these commonalities strengthen their bond beyond mere economic interests.
Go deeper:
The discussions come in the wake of the sixth joint economic commission held in May, where both countries committed to implementing previously agreed-upon initiatives. The focus on infrastructure and economic zones is part of a larger effort to stabilize and grow the economies of both nations, particularly in light of regional challenges. As trade relations evolve, the potential for increased economic interdependence could reshape the geopolitical landscape in the region.
Hossein Amiri
