A government source reveals results of talks with Turkish side to regulate trade exchange

Baghdad-INA
A government source revealed the results of discussions on Thursday, with the Turkish side to regulate trade exchange.

The source told the Iraqi News Agency (INA): “Prime Minister Muhammad Shiaa Al-Sudani directed to hold broad discussions with the Turkish side in order to organize trade exchange between Iraq and Turkey on better foundations and standards to ensure containing the pressure on the parallel market and the demand for the cash dollar to some aspects of trade exchange between the two countries,” indicating that “an expanded meeting was held yesterday, Wednesday, that included officials from the Central Bank and a number of advisors to the Prime Minister, while the Turkish side included a delegation headed by the Turkish ambassador, Turkish banks operating in Iraq, and a representative of the Turkish private sector."
The discussions resulted in the following points

1- The importance of the Turkish customs authorities matching the transfer documents with the goods supplied to Iraq at the Turkish customs points in a way that protects the interests and stability of trade between the two countries.

2- Linking Turkish exports to bank transfer documents through Turkish border crossings serves the Iraqi economy, as Iraqi merchants will resort and encourage financial transfers through the banking system instead of using parallel market tools and cash dollars to finance their trade with Turkey.

3- The Central Bank of Iraq expressed its willingness to facilitate external transfer procedures by activating the relationship between Iraqi bank branches in Turkey and Turkish bank branches in Iraq in terms of feeding accounts in foreign currency and financing foreign trade between the two countries.

4- The issue of facilitating the use of credit cards in the Turkish banking market in an accessible way for Iraqi residents and tourists was also discussed.

The source confirmed that "these measures contribute to organizing and stabilizing trade between the two friendly countries through approved legal and banking methods and means."