China expects trade with Iraq to expand
Shafaq News – Baghdad
Trade between Baghdad and Beijing is projected to grow this year despite lower global oil prices, Chinese Ambassador to Iraq Cui Wei said on Wednesday.
Wei told Shafaq News correspondent in a press conference that crude oil remains the most important commodity imported from Iraq.
He added that discussions are ongoing regarding Iraq’s Development Road project, noting that Chinese companies plan to invest once Baghdad finalizes the project’s framework, which he described as a key component of the Belt and Road Initiative linking Asia and Europe through Iraq’s strategic position.
The project features a 1,275-kilometer (792-mile) rail and road network anticipated to significantly reduce trade costs between China and Europe, with energy playing a crucial role due to Iraq's substantial oil reserves.
On China’s economy, the ambassador projected it to exceed $19.7 trillion in 2025.
Read more: Rentier no more? Baghdad’s $17B gamble on the Development Road
