Egypt, Iraq Agree to Implement Comprehensive Industrial Cooperation

Nivine Gamea, Egyptian Minister of Trade and Industry agreed with Iraqi counterpart  Alaa Al-Jubouri to re-construct the Egyptian-Iraqi Joint Business Council, and to hold the first meeting of the council as soon as possible.

During the meeting, Gamea stressed the importance of activating the joint council for its main role in activating the movement of intra-trade and joint investments, especially since the private sector in the two countries represents the main pillar for strengthening the joint Egyptian-Iraqi economic relations.

She emphasized with the Iraqi side the importance of continuing talks at the bilateral and regional levels between Egypt, Iraq and Jordan to reach understandings that enhance and accelerate the achievement of economic integration between the three countries, as well as the importance of finding urgent solutions to the challenges affecting the flow of Egyptian-origin goods to the Iraqi market.

3% increase in Egyptian exports to the Iraqi market

She explained that the meeting reviewed the movement of trade exchange between Egypt and Iraq during the current stage, as the rates of intra-trade between the two sides have achieved positive indicators despite the pandemic.

The minister pointed out that the total volume of trade exchange between Egypt and Iraq last year amounted to about $747.6 million compared to about $551.3 million in 2019, an increase of 36%, and the value of Egyptian exports to Iraq amounted to $421.7 million in 2020, compared to about $411.4 , year-on-year, with an increase of 3%.

On his part, Al-Jubouri stressed that achieving a high rate of trade between Iraq and Egypt is a top priority of the ministry’s work plan, especially since the Egyptian product is receiving great acceptance and popularity in the Iraqi market, pointing to the importance of maximizing the benefit from the decisions issued by the presidential summit that was held recently in Baghdad to achieve a boom in the rates of trade exchange between the two countries.

He pointed out that the Egyptian side's contribution to supporting and developing the Iraqi industry represents an important leap towards fixing the imbalance in the Iraqi trade balance with many countries of the world, which would achieve growth for the Iraqi economy.

He expressed his hope that the next stage would witness an increase in trade rates between the two countries, which would have a positive impact on the peoples of the two countries.