Saudi Arabia, Iraq Forge Economic Cooperation, Special Economic Zone
Date
5/28/2023 8:48:44 AM
(MENAFN) During the fifth session of the Saudi-Iraqi Coordination Council held in Jeddah, Saudi Arabia and Iraq sealed a series of agreements aimed at bolstering economic cooperation and establishing a special economic zone. The focus of the agreements was to identify and capitalize on economic opportunities that would enhance bilateral trade and investments across various sectors.
Following the session, Dr. Majid Al-Qasabi, the Saudi Commerce Minister, emphasized that the meeting served as a reaffirmation of the strong brotherly relations between the two nations and aimed to further strengthen their strategic partnership. Iraq's Deputy Prime Minister and Planning Minister, Dr. Mohammad Ali Tamim, expressed his desire for the joint council to successfully fulfill its mandates and achieve its objectives.
Both ministers commended the noteworthy growth in trade between Saudi Arabia and Iraq, which had reached USD1.5 billion in 2022. Recognizing the potential for further advancement, they agreed to strengthen trade ties by maximizing the utilization of the recently inaugurated Arar Port and expediting the opening of the Jumaimah border crossing.
In summary, the recent session of the Saudi-Iraqi Coordination Council witnessed the signing of multiple agreements between Saudi Arabia and Iraq, underscoring their commitment to boosting economic collaboration and establishing a special economic zone. The aim is to identify and seize economic opportunities that can lead to increased bilateral trade and investments. The officials expressed their satisfaction with the existing trade growth and outlined plans to enhance trade ties further, leveraging key infrastructural developments such as the Arar Port and the Jumaimah border crossing. The successful outcomes of this coordination council contribute to the strengthening of strategic ties between the two nations.
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