Türkiye and Iraq Target $15 Billion in Trade by 2008

Türkiye and Iraq are aiming to more than double their bilateral trade to 15 billion USD by the end of 2008, Turkish State Minister Kursad Tuzmen announced in Ankara following a Joint Economic Commission meeting with Iraqi Oil Minister Husayn al-Shahristani.

The two officials signed a cooperation protocol at the session. Tuzmen noted that trade between the two neighbors stood at 7.8 billion USD in 2005 and could reach 10 to 12 billion USD in 2007. He described Iraq as one of Türkiye's key regional strategic partners.

To handle growing cross-border traffic, Tuzmen said the existing Habur crossing has become insufficient and that two additional border gates would be opened promptly. He also announced a joint oil and gas conference planned for 2007, organized in cooperation with Iraq's Oil Ministry.

Al-Shahristani said Baghdad has taken steps to protect the Kirkuk-Yumurtalik pipeline and is pursuing alternative pipeline routes. He added that Iraq's substantial natural gas reserves are expected to reach European markets by way of Türkiye.

Historical summary. TurkishPress restated this wire report, first published in November 2006, in its own words.