“Iran's southern borders with Iraq to reopen this week or next,” The Chairman of Iran-Iraq Chamber of Commerce told ILNA.
Speaking with ILNA news agency, Yahya Ale Eshaq confirmed that Iran-Iraq trade relations is in a good condition; adding “At the moment, our northern borders with Iraq remain open and we are negotiating to reopen the southern borders, which will probably open this week or next.
He pointed to the recent visit of the Governor of the Central Bank of Iran (CBI) to Iraq and said that During Hemmati's trip to Iraq, it was determined how Baghdad can settle its debts for purchasing Iranian electricity.
“Iraq's due debts to Iran is about $3 or 4 billion but this debt is constantly changing due to the continuous export of electricity to this country,” he added.
After an eight-hour trip to Iraq on June 17, the Governor of the Central Bank of Iran announced that Baghdad had agreed to settle its gas and electricity-related debts to Tehran by providing food and medicine to Iran.
Iraqi Prime Minister Al-Kazemi also said that we have a full agreement with Iran on how to solve the problems of money transfer through supplying food and basic goods and that we will cooperate. In addition, Iraqi businessmen are interested in cooperating, and I have personally ordered that the problems related to Iran's payment to be resolved.
Iran's non-oil exports to Iraq alone (excluding electricity and gas) in 2018 amounted to $ 9 billion, and its total imports from Iraq amounted to $ 59 million. The value of Iran's annual exports of electricity and gas to Iraq is estimated at $ 2 billion.