Despite the optimistic outlook that those points suggest, Turkish-Iraqi ties are fraught with long-standing problems that could eclipse myriad signatures on paper. On the commercial front, Iraq is the No. 1 buyer of Turkish goods in the Middle East. Turkey’s exports to Iraq were worth $8.3 billion last year and $9 billion in 2017. The bilateral trade volume, meanwhile, stood at $9.7 billion last year and $10.5 billion in 2017. Erdogan had set the target of $20 billion back in 2009, when the bilateral trade volume was $5.2 billion. A decade later, commercial exchanges remain well behind target, while Turkey faces increasing competition from Iran on the Iraqi market.