Friday, October 27, 2023

Saudi-Iraq to Create Economic Zone to Increase Trade


Saudi Arabia and Iraq have signed multiple agreements to strengthen economic cooperation and establish a special economic zone. The fifth session of the Saudi-Iraqi Coordination Council in Jeddah saw the two countries agree to identify economic opportunities to enhance bilateral trade and investments in various sectors. The meeting aimed to reinforce the strategic partnership between the two nations. The ministers praised the growth of trade between the countries, which reached $1.5 billion in 2022. Both officials agreed to enhance trade ties by utilizing the newly opened Arar Port and expediting the opening of the Jumaimah border crossing. A Saudi-Iraqi Economic Forum was also held, attended by over 300 businessmen from both countries. The Kingdom aims to increase exports to Iraq to $10 billion over the next five years.

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