Türkiye and Iraq are seeking to modernize customs procedures at their main border crossing as the two neighbors push to expand bilateral trade to $30 billion, Trade Minister Ömer Bolat said Tuesday.
Speaking at the Türkiye-Iraq Business Roundtable Meeting in Ankara, Ömer Bolat said economic ties have expanded across trade, investment, contracting, transportation, defense, tourism and services.
Bilateral trade currently stands at about $17 billion, after reaching as high as $24 billion following the COVID-19 pandemic and during a period of elevated energy prices, he said.
Iraq is Türkiye's fifth-largest trading partner, Bolat said, adding that the two countries were determined to raise bilateral trade to $30 billion over the medium term.
Turkish contractors have completed 1,157 projects worth $40 billion in Iraq, making it their third-largest overseas market, he added.
