Ankara, July 28 (QNA) – Turkiye and Iraq are seeking to increase bilateral trade to $30 billion in the medium term, with Ankara saying strengthening trade, energy and transport corridors is a shared priority.

Speaking at a Turkish-Iraqi business roundtable in Ankara on Tuesday, Turkish Trade Minister Omer Bolat said bilateral trade currently stands at around $17 billion, after reaching $24 billion in the period following the COVID-19 pandemic due to higher energy prices.

Bolat highlighted the importance of fully operating the Kirkuk-Ceyhan oil pipeline, establishing a new oil pipeline from Basra to Ceyhan, and advancing the Development Road project, which aims to connect Iraq’s Al-Faw Port to Europe through Turkiye.

He said Iraq is Turkiye’s fifth-largest trading partner and ranks third among countries where Turkish contractors carry out the highest number of projects. Turkish companies have completed more than 1,150 projects in Iraq worth nearly $40 billion, he added.

Bolat said improving customs procedures and developing road, rail and energy links would help accelerate trade and investment flows between the two countries, expressing Turkiye’s readiness to expand economic and logistical cooperation with Iraq in the coming period. (QNA)