Trade exchange between Iraq, Saudi Arabia increased to $1.5 billion
The flag of Iraq. Photo: AP
Baghdad (IraqiNews.com) – The Saudi Minister of Commerce, Majid Al-Qasabi, revealed that the volume of trade exchange with Iraq increased to $1.5 billion, the National Iraqi News Agency (NINA) reported.
The Iraqi government hosted many international and regional summits and conferences, marking the start of a new stage of international, regional, and Arab relations.
The Saudi city of Jeddah hosted the 5th session of the Saudi-Iraqi Coordination Council, which ended on May 25, and witnessed several agreements that would benefit both sides politically and economically.
In the closing statement of the Saudi-Iraqi Coordination Council, the two sides expressed their keenness to continue joint work in many fields, especially energy, education, banking, and electrical interconnection.
Both sides also praised the increase in the volume of trade between the two countries to $1.5 billion in 2022, which represents an increase of 50 percent compared to 2021.
The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq and Saudi Arabia are the main oil producers in the world, and their strategic locations push them to cooperate in various fields, especially in energy, where Saudi Arabia has extensive experience.
Salih revealed that many memoranda of understanding between the two countries were signed in banking, oil, gas, transportation, electricity, and other sectors.
The Iraqi official indicated that bilateral relations have witnessed a remarkable development recently, which will benefit the Iraqi economy.