TEHRAN, Dec. 8 (Xinhua) -- Chairman of the Trade Promotion Organization of Iran Hamid Zadboum said the value of Iranian exports to Iraq amounts to one-fourth of the Arab country's total imports.
"Twenty-five percent of the import market in Iraq are held by Iran, as the value of Iranian goods makes up some 10 billion U.S. dollars of the total of Iraqi imports," Zadboum was quoted as saying by a report of the Financial Tribune daily on Sunday.
"Iran has the potential to experience a big rise in exports to Iraq," he said, adding that the TPOI has for the first time dispatched a commercial representative to the southern Iraqi city of Basra.
Iran would hopefully boost exports to Iraq and is expected to gain a larger share of Iraq's import market by next year, he noted.
Electricity and natural gas comprise major portion of Iranian imports to Iraq. Iraq relies on Iranian gas imports to feed its power grid, importing roughly 1.5 billion cubic feet per day via pipelines in the south and east.
Iran-Iraq trade currently stands at an estimated 12 billion U.S. dollars annually and both governments have pledged to expand it to 20 billion U.S. dollars.