Saudi Arabia and Iraq agreed on Sunday to open border points and set up a Saudi consulate in Iraq.In a joint statement issued at the end of the first Saudi-Iraqi Coordination Council, the two countries announced their decision to develop ports, roads and border zones as well as to carry out studies about establishing a trade exchange zone.
The two sides will also review the agreement for customs cooperation between the two countries. Minister of Trade and Investment Dr. Majed Al-Qasabi and Iraq’s Minister of Planning and Commerce Dr. Salman Al-Jumaili were among the senior officials who addressed the meeting.
The meeting took a raft of decisions aimed at improving the entire gamut of bilateral ties. The decisions included opening an office of the Saudi Industrialization & Energy Services Company (TAQA) and reopening of the SABIC office in Iraq.
It is also agreed that the Saudi Agriculture and Livestock Company (SALIC) will obtain a license to invest in Iraq in the agricultural field from the Anbar Investment Commission. Saudi Arabia would take advantage from the economic cities available in Iraq to be an agricultural and industrial source that contribute to enhancing agricultural investment to achieve food security for the two countries.
The two sides stressed the need to work together to bring down the obstacles and boost exports between the two countries. The council agreed to develop the partnership between the private sector in the two countries and to allow businessmen to identify trade and investment opportunities. The two sides would encourage the exchange of technical and scientific expertise and scientific research between the two countries.
As part of the promotion of bilateral relations, it was agreed that Saudi Arabia would participate in exhibitions in Iraq, including the Baghdad International Fair, the Basra Oil and Gas Exhibition, and the Business and Investment Forum, which brings together Saudi businessmen with their Iraqi counterparts.The two sides discussed the priorities of the work of the council during the next two years and agreed to hold its second meeting in Baghdad.
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