JEDDAH: The Kingdom of Saudi Arabia (KSA) and Iraq on Thursday inked a number of agreements to enhance economic and trade cooperation and establish a Special Economic Zone (SEZ).
The agreements were inked during the 5th session of the Saudi-Iraqi Coordination Council in the port city of the Kingdom. They agreed to identify economic opportunities and venues to enhance bilateral trade and investments in different sectors.
Saudi Arabia, Iraq will set up SEZ to boost trade
After the session, Saudi Minister for Commerce Dr. Majid Al-Qasabi said that the meeting was a confirmation of the brotherly ties between the two nations and aimed to strengthen the strategic relations and partnership.
Deputy Prime Minister of Iraq Dr. Mohammad Ali Tamim said that they want the joint council to succeed in its targets and also achieve the goals. The two sides also praised the growth of trade between the two nations, which reached 1.5 billion dollars in 2022.
Saudi Arabia and Iraq agreed to further boost trade relations by effectively utilizing the new Arar Port and also accelerating the inauguration of the Jumaimah border crossing. Similarly, a Saudi-Iraqi Economic Forum was also organized on the sidelines of the meeting. The function was attended by over 300 businessmen from the two nations.
The head of the Saudi-Iraqi Business Council, M Alkhorayef, said the Kingdom of Saudi Arabia aims to increase exports to Iraq to 10 billion US dollars over the next 5 years.
