Bilateral Talks Focus on Boosting Trade and Investment Between Ankara and Baghdad

Turkey's Trade Minister, Omer Bolat, arrived in the Iraqi capital, Baghdad, on Monday for a series of high-level meetings aimed at bolstering economic and trade ties between the two nations. The visit, which has been met with enthusiasm from both sides, seeks to explore avenues to enhance cooperation and expand the volume of trade exchange.

Mr. Bolat was warmly received by his Iraqi counterpart, Atheer Daoud Al-Ghurairy, marking the beginning of discussions aimed at strengthening the already flourishing economic and trade relations between Turkey and Iraq. The Iraqi trade ministry, in a statement, highlighted the agenda for the meetings, emphasizing their commitment to elevating economic collaboration.

On Tuesday, Minister Bolat held talks with Iraqi Planning Minister Mohammed Ali Tamim. The discussions centered on the development of bilateral relations, particularly in the realms of economics, investment, and trade. Both nations are keen to harness their shared potential to foster a thriving partnership.

This meeting is part of a broader series of diplomatic engagements between Iraqi and Turkish officials. Just last week, Turkish Foreign Minister Hakan Fidan embarked on his first official visit since assuming office, holding meetings with Iraqi and Kurdish leaders. Meanwhile, Iraqi Oil Minister Hayyan Abdul Ghani convened with Turkish Energy and Natural Resources Minister Alparslan Bayraktar in Ankara, underlining the strategic importance of energy cooperation.

The surge in trade between Iraq and Turkey over the last thirty years, as reported by the Massachusetts Institute of Technology (MIT)-affiliated Observatory of Economic Complexity (OEC), is striking. In 2021, Turkish exports to Iraq amounted to an impressive $11.1 billion, a remarkable leap from a mere $119 million in 1995.

During their meeting, Ministers Tamim and Bolat expressed their shared commitment to further cooperation and joint action. They believe that this will contribute significantly to the development of Iraq's investment environment and ultimately boost trade volume between Iraq and Turkey.

One notable aspect of the relationship is the three border crossings shared between Turkey and the Kurdistan Region, which also connect Ankara to Iraq. However, it's important to note that trade primarily occurs at the Ibrahim Khalil border crossing. The Kurdistan Region heavily relies on Turkey for the majority of its trade and investment activities, with foreign imports of food and consumer goods funded by its oil wealth. The trade volume between the Kurdistan Region and Turkey currently exceeds five billion dollars annually.

As Turkish Trade Minister Omer Bolat continues his discussions with Iraqi officials, both nations are poised to harness their strong economic ties for mutual benefit, promising a bright future for their partnership.