Turkey and Iraq Target $30B Trade and Discuss Energy Cooperation

Turkish President Tayyip Erdogan and Iraqi Prime Minister Ali al-Zaidi met in Ankara to discuss energy cooperation, with Turkey aiming to sign a comprehensive deal and Iraq offering 1 million barrels of oil.

Key points

• Turkish Trade Minister Omer Bolat stated that Ankara and Baghdad aim to increase bilateral trade to $30 billion over the medium term.
• The two leaders discussed operating the Kirkuk-Ceyhan crude oil pipeline and potential operations by Turkey's state-owned TPAO in Kirkuk oil fields.
• Ankara and Baghdad also signed three new agreements covering education, youth and sports, and industrial property.

Why it matters

The high-level talks and proposed energy agreements mark a significant strengthening of economic, trade, and strategic ties between Turkey and Iraq.