Saudi Arabia: Trade exchange with Iraq does not rise to the level of bilateral relations

[6ly410]

The Saudi-Iraqi trade mission will start in Riyadh tomorrow

 

 

Economy News Baghdad The Saudi-Iraqi trade mission will start tomorrow in Riyadh, Saudi Arabia, with the participation of 130 Iraqi and Saudi enterprises. "The Saudi Export Development Authority will organize tomorrow in Riyadh the work of the Saudi-Iraqi Trade Mission, where more than 130 Saudi companies from the construction and food sectors and a number of Iraqi companies will participate in the mission," the official SPA news agency said. Discuss and explore opportunities to export Saudi products to Iraq, as part of its strategy to develop non-oil exports and enhance opportunities for the presence of local products in international markets, and continue for two days. "Saudi exports are part of the mission of the trade mission to organize meetings of matching business between Saudi exporters on the one hand and potential buyers from the Republic of Iraq on the other to achieve better access of national products to the Iraqi market and to conclude commercial transactions between them. To continue its efforts to promote Saudi exporters and products and develop innovative platforms that bring them together with potential buyers and partners around the world, enhancing the position of Saudi products as one of the most important tributaries of the national economy and diversifying sources of income. " On the other hand, the Secretary-General of the Saudi Export Development Authority, Saleh Al-Salami, said that this trade mission confirms the depth of the historical relations with the brotherly Republic of Iraq, which have been translated into cooperation and mutual understanding at various levels, foremost of which is trade and economic partnership. He pointed out that the Kingdom's exports to Iraq during the year 2018 amounted to SR 2.4 billion, and that the food sector ranked first for Saudi exports To Iraq with a value of SR 662 million, followed by the construction materials sector with an export value of SR 565 million. It is worth mentioning that "Saudi Exports" employs all its capabilities to improve the efficiency of the export environment, overcome obstacles that exporters may encounter, and raise the knowledge of export practices and development of manpower in the field of export. It is also working to raise the export readiness of the targeted enterprises through export assessment and consulting services to improve the export capabilities of the target enterprises. Saudi Exports also facilitates the creation of suitable export opportunities and markets by preparing market access manuals and market studies on demand. "Saudi exports" contribute to the emergence of Saudi products to target groups through participation in international exhibitions. Saudi Exports also facilitates the linking of exporters with potential buyers and partners through trade missions and bilateral meetings on the fringes of international exhibitions. The work of "Saudi Exports" is a translation of the vision of the Kingdom of 2030, in response to the aspirations of the wise leadership towards the development of non-oil exports and diversification of sources of income for the national economy.

Views 180   Date Added 16/03/2019 http://economy-news.net/content.php?id=15795

[ChuckFinley]

Excellent, this just adds more and more pressure to have a currency worth something.  

[GreedyDinar07]

I agree.

[haymon]

Trade small chump change for big money!!!

[6ly410]

 Saudi Arabia: Trade exchange with Iraq does not rise to the level of bilateral relations

 

Emaar Construction Economy News - Baghdad Saudi Trade and Investment Minister Majid bin Abdullah al-Qasabi said during his talks with his Iraqi counterpart in Baghdad that the level of trade exchange between Saudi Arabia and Iraq does not rise to the level of bilateral relations between the two countries. The Iraqi Ministry of Commerce said in a statement on Sunday that the economic trade talks between Iraq and Saudi Arabia began in Baghdad to visit a Saudi economic and investment delegation headed by the Minister of Trade and Investment Majid bin Abdullah Al Qasabi. "The visit of the Saudi delegation to Iraq was fruitful and successful, and after the meeting with the three presidencies and the Iraqi desire to activate and develop relations with the Saudi sister in all fields," Iraqi Trade Minister Mohammad Hashem al-Ani said. Al-Ani added that the talks witnessed joint meetings between the Saudi delegation and the Iraqi government sectors according to specialization, thus contributing to activating the work of the Coordination Council, which was agreed between the two countries since 2017. He explained that this council seeks to activate relations at the strategic level and open new horizons for cooperation in the fields of politics, economy, trade and investment. He pointed out the formation of joint committees between the Ministry of Commerce and its Saudi counterpart and the signing of memorandums of understanding between the Border Ports Authority and the General Customs Authority in the Kingdom of Saudi Arabia, as well as a memorandum of understanding in the field of customs cooperation between the Arab Ministry of Finance and its Saudi counterpart. The minister pointed out that "the working paper in the discussions was aimed at activating the work of the Iraqi-Saudi joint committee, which has been suspended since 1990, as well as work on opening the border port of the province of Muthanna to its importance in facilitating the shortening of trade routes, especially the southern Iraqi provinces." Al-Ani said that the meeting discussed the development of the Arar border crossing, which is still not operational in front of the trade movement, because it is important to increase the volume of trade exchange between the two countries, as well as facilitate the passage of Iraqi pilgrims. He pointed out that "there has been talk of re-employment of the Transit Agreement between the Arab League countries, which was ratified by Iraq in 1978 and ratified by Saudi Arabia in 1979 in order to facilitate the passage of goods and goods." The minister added that "the talks discussed joint cooperation in the fight against smuggling, especially that Iraq and Saudi Arabia have long borders, as well as benefit from the Saudi experience in the field of diversification of the economy and reduce dependence on oil." He pointed out that the programs of the Kingdom of Saudi Arabia, which supports investment in the production and development of dates, in addition to knowledge of the latest methods of palm cultivation, and also the exchange of information on free zones in terms of laws and regulations and instructions between Iraq and Saudi Arabia. Views 21   Date Added 17/03/2019

http://economy-news.net/content.php?id=15821

[yota691]

King Salman calls on Iraqi prime minister to visit Saudi Arabia

Saudi Trade Minister Majid bin Abdullah Al Qasabi during his participation in a previous conference

 17 March 2019 06:27 PM

The Saudi minister of trade, Majid bin Abdullah al-Qasabi, said he had sent a personal invitation from King Salman bin Abdul Aziz to Iraqi Prime Minister Adel Abdul Mahdi to visit the kingdom, which he promised to meet soon .

This came during his presidency of a large economic and investment delegation from Saudi Arabia to visit Iraq, according to a statement by the Iraqi Ministry of Commerce.

 

With regard to the bilateral talks, the Saudi minister said that the talks covered all aspects of economic, investment and commercial work.

He continued: "We exchanged with our Iraqi brothers information and ideas for the development of economic relations that are still without ambition and does not upgrade to the level of relations between the two countries."

He pointed out that the next few years will witness more bilateral cooperation, which includes the establishment of an Iraqi-Saudi business council that includes the private sector in both countries, with the aim of developing a vision to develop relations and establish bilateral investment projects .

Al-Qasabi said the kingdom would support the development of Iraq by one billion dollars.

He explained that the amount will be allocated to support the areas that have been recently liberated from the terrorism and support the reconstruction of infrastructure services projects.

[jpdinar]

Thanks Yota for sharing the article.

 

I like this part

Al-Qasabi said the kingdom would support system" rel="">support the development of Iraq by one billion dollars.

He explained that the amount will be allocated to support system" rel="">support the areas that have been recently liberated from the terrorism and support system" rel="">support the reconstruction of infrastructure services projects.

[thunderbolt427]

We must not forget that Iraq has more than the dinar to trade with.  Iraq is pulling in $175-200M petro dollars each month (USD).  Countries can trade with Iraq requiring USD as payment  with the exception of Iran.  

[ChuckFinley]

Building those ties.