US trade envoy: American firms cannot wait on Iraq

BAGHDAD

A senior U.S. trade official says American companies cannot afford to wait to enter the Iraqi market or risk being left behind by international competitors.

Francisco Sanchez, the U.S. undersecretary of commerce for international trade, says serious challenges remain in Iraq including lingering insurgent violence and deep-rooted corruption.

But Sanchez told reporters Wednesday that companies from nations such as China, Iran and Turkey could take a major share of Iraq's reconstruction projects and growing consumer markets unless U.S. firms move more aggressively.

Sanchez is leading a delegation of business executives from 14 companies, including Boeing Co. and General Electric Co.