Türkiye and Iraq have reinforced their economic cooperation by signing the second-term protocol of the Joint Economic and Trade Committee (JETCO) on Thursday. Türkiye’s Trade Minister Omer Bolat stated that the two countries aim to increase bilateral trade to $20 billion in the near term and $30 billion in the medium term.
Bolat headed a delegation of over 100 Turkish business leaders representing 19 sectors to Baghdad, where they conducted extensive talks with Iraqi officials and enterprises. In addition to the main trade mission, a separate group representing Türkiye’s industry sector also held discussions with the Iraqi counterparts.
During his visit, Bolat also took part in the inauguration of the Baghdad Turkish Export Products Fair, which was organized by the Mediterranean Exporters’ Associations (AKIB) in coordination with Türkiye’s Trade Ministry.
Türkiye and Iraq signed the second-term protocol of JETCO to promote trade, enhance the investment environment, and strengthen cooperation in logistics and infrastructure projects. In addition, they inked a separate agreement to expand collaboration in the trade fair sector.
Throughout the fair and business-to-business (B2B) meetings, officials and company representatives explored opportunities to increase trade, attract high-value investment projects, and grow the presence of Turkish contractors in Iraq.
Bolat stated that Türkiye’s exports to Iraq reached $8.7 billion in the first nine months, pushing total bilateral trade to approximately $12 billion during that period.
The minister pointed out that Turkish contractors have so far completed 1,145 projects in Iraq, with a total value of $36.6 billion, representing 6.7% of their global project portfolio.
Beyond contracting, Turkish firms have also executed nearly 200 engineering, architectural, and consultancy projects in Iraq, worth around $400 million. Bolat affirmed that Turkish companies are prepared to support Iraq’s reconstruction efforts, particularly by contributing to the Development Road Project—a key initiative designed to boost regional trade and strengthen logistics connectivity.
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