URMIA, May 19 (MNA) – An Iranian goods and services fair opened on Monday in Iraqi city of Arbil, the capital of Kurdistan.

According to the Mehr News Agency, 216 manufacturing and service companies have participated in the five-day expo to showcase their products mainly industrial goods, agricultural machinery, shoes, bags and clothing.

 

The fair is the sixth Iranian goods and services exhibition in Kurdistan.

 

Iran and Iraq have boosted their economic ties in recent years. On March 15, 2009 the Iraqi ministry of trade signed a memorandum of understanding for Iranian companies to provide products for Iraq’s Central Markets Company. The MOU was the latest part of a plan agreed to by both countries to boost trade to $5 billion by the end of 2009, with the goal of $10 billion by 2010.

 

Iran represents almost half of all of Iraq’s imports. The head of the Iran-Iraq Economic Development Headquarters said in January 2009 that the two countries had traded over $3 billion in goods in 2008.

 

Iran-Iraq trade is at $4 billion now. The Wall Street Journal recently reported that in 2007 Iraq imported $2.7 billion from Iran. That constituted 48% of Iraq’s total trade.

 

NK/MG/MRK

END

MNA

News Code 33857

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