Historically, India and Iraq have a strong political, economic and cultural relationship that goes back years. Since the outbreak of the war in Iraq that started in 2003, India has been supporting a free, democratic and unified Iraq.
India responded to the urgent needs of Iraq, giving them relief and helping their economy by committing 20 million dollars to the Iraqi people. Additionally, India contributed 10 million dollars to the Reconstruction Fund Facility to help Iraq with investments, reconstruction and development. The business relations between the two countries is very strong and continues to grow each year.
The economic and trade relations between India and Iraq did slow down after the invasion of Iraq in 2003. However, trade has grown steadily since 2010, mainly due to increasing crude oil imports. The value of total trade increased from 5.7 billion US dollars in 2006-07 to 20.52 billion in 2012-2013.
The recent fall in global oil prices has caused trade to decline, however. Yet, bilateral trade has increased in exports and imports from both India and Iraq. The table below shows the detailed figures from 2013 to the present day:
|Year||India’s Exports to Iraq||India’s imports from Iraq||Total|
(Source: Department of Commerce, Government of India)
India & Iraq Exports and Imports
Iraq has the 43rd largest economy in the world. In addition to importing oil from Iraq, India also imports a wide variety of commodities from Iraq such as raw wool, sulphur, cereals, iron and steel, meat products, pharmaceutical products, chemicals, cosmetics, rubber manufactured products, paints, gems and jewellery, ceramics, manufactures of metals, machine tools, electrical machinery, instruments, transport equipment, electronic goods, handicrafts, sugar, tea and garments.
At one time Iraq was the largest project export destination for Indian companies.
Iraqi pharmaceutical companies actively participate in various trade events organised throughout India. Many Indian hospitals are on the panel of the Iraqi Health Ministry and a number of Indian Doctors go to Iraq for short duration medical camps.
Consequently, India has become a preferred destination for Iraqis seeking quality medical treatment. At least 75 Iraqi patients travel to India to receive medical treatment every day. In addition, more than 10,000 Iraqi students completed their PhD, Masters and undergraduate studies in India. And, as a result, The Indian Government revised their Travel Advisory for Iraq, allowing Indian nationals to freely travel to safer areas of Iraq.
With over 25 years of experience in quality assurance across Asia, HQTS is ideally placed to support this growing and expanding bilateral trade. Based on a wealth of experience we are ready to help each of these businesses build robust quality assurance processes. Our many service locations are prepared to be your one-stop-shop for your all of your inspection needs including: factory audits, production monitoring, pre-shipment and sorting inspections and everything in between. Contact us today to find out how we can help you navigate your current quality control challenges.