Gulf, Turkish markets taking over Iraqi market at expense of Iran

Baghdad, Iraqi government sources announced, on Thursday, undisclosed deliberations with Saudi Arabia, Kuwait, and Turkey to open up Iraq to these markets.

Competent Iraqi government agencies are holding intensive deliberations with concerned authorities in Saudi Arabia, Kuwait, other Gulf countries, and Turkey in an attempt to open up to their markets and compensate for the shortage that will occur due to the imposition of U.S. economic sanctions on Iran that started on August 6, an Iraqi government source told Jordan News Agency (Petra).

Iraq’s goal is to secure its needs of energy resources and consumer goods, to avoid any negative reflections in the Iraqi internal markets, the source added.

Bank transfers between Iraqi and Iranian banks stopped, and the commercial movement was paralyzed because of the sanctions on Iran.

Prime Minister of Iraq, Haider al-Abadi, announced last Tuesday that Iraq will abide by U.S. sanctions on Iran to protect the Iraqi people.

Source: Jordan News Agency