“Fruitful results”: China-Iraq trade soars to $50B in 2024, reflecting 10% growth

Shafaq News/ On Sunday, the Chinese Ambassador to Iraq, Tsui Wei, announced that trade between China and Iraq reached tens of billions of dollars in 2024, marking a 10% growth.

Speaking at a press conference in Baghdad, Wei stated that “scientific cooperation between Iraq and my country has yielded fruitful results, with trade exchange in 2024 reaching 50 billion US dollars."

"We believe this figure has progressed smoothly."

Wei emphasized that China-Iraq cooperation extends across multiple sectors, including energy, electricity, transportation, school projects, and more. "This cooperation will contribute to reconstruction, the economy, and industrial development for the Iraqi people. We are also exploring digital, communications, and other areas, and are eager to deepen our partnership," he clarified.

Regarding the use of the Chinese yuan, the ambassador explained that trade between Iraq and China is not linked to other countries, confirming, "We are developing relations with Iraq, and Iraq is strengthening ties with foreign countries… Using the yuan addresses the needs of both countries and helps reduce export and import costs.”

"It is better to use local currencies instead of foreign ones, and the use of the yuan between the two countries is still in its early stages," he added.

The Chinese ambassador also highlighted China's "great efforts" in recent years to facilitate visa access for Iraqi citizens, stating, "Last year, we reduced fees, simplified document issuance, and opened a consulate in Erbil (the capital of the Kurdistan Region) to ease visa processing.”

"The consulate in Basra will soon offer visa services."