Saudi Arabia and Iraq have signed a series of agreements to promote economic cooperation and develop special economic zones. The agreements were signed during the fifth session of the Saudi-Iraq Coordination Council in Jeddah.

Both sides agreed to look for economic opportunities to promote bilateral trade and investment in various fields. After the meeting, Saudi Commerce Minister Dr. Majid Kasabi said that the meeting is an affirmation of the brotherly relationship between the two countries and aims to strengthen the strategic partnership.

Iraqi Deputy Prime Minister Dr Mohammad Ali Tamim, who also serves as planning minister, said Baghdad hoped the joint committee would succeed in its mandate and achieve its goals. Ministers lauded the growth in trade between the two countries, which will reach $1.5 billion in 2022.

The two officials agreed to strengthen trade relations by making efficient use of the newly opened Arar port and expediting the opening of the Jumaimah crossing. The Saudi-Iraq Economic Forum was also held during the Coordination Council meeting. More than 300 businessmen from both countries participated in the event.

Mohammed Alkhorayef, chairman of the Saudi-Iraq Business Council, said the kingdom aims to boost exports to Iraq to $10 billion over the next five years.Editor/XingWentao