FRAN26: "BECAUSE THE ARAB COUNTRIES KNOW IRAQ'S POTENTIAL... IS NOT 1310"

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FRAN26: "BECAUSE THE ARAB COUNTRIES KNOW IRAQ'S POTENTIAL... IS NOT 1310"......F26

Iraq is on the rise economically and trade with Arab countries is growing.

5/13/2025

The Ministry of Trade confirmed on Tuesday that Iraq represents a major economic player in the region, witnessing a significant increase in the volume of trade with Arab countries and working to strengthen its regional and international economic role.

“The volume of trade exchange between Iraq and 11 countries amounted to about $65 billion in the first half of 2024, an increase of 10% compared to the same period in 2023,” said Mohammed Hanoun, the ministry’s official spokesman, in a statement received by {Euphrates News}. “The volume of trade exchange between Iraq and Saudi Arabia reached $1.3 billion in 2024, reflecting a significant increase compared to previous years. With the Hashemite Kingdom of Jordan, the volume of trade exchange between Iraq and Jordan exceeded $1 billion annually, after increasing by 45.6% compared to the previous year. With the United Arab Emirates in 2023, the UAE exported goods worth $22 billion to Iraq.”
Regarding Iraq's economic role, Hanoun explained, "Iraq's economic role in the region and the world has begun to grow and expand, ranking 51st globally and fourth in the Arab world on the list of the world's largest economies for 2025, according to a report issued by the American magazine "CEOWorld."
Hanoun emphasized that the $17 billion "Development Road" project aims to make Iraq a regional transportation hub by linking its southern hinterland to the Turkish border in the north, thus strengthening its role as an economic hub in the region. He emphasized that Iraq's move is to strengthen its economic standing by developing trade relations with Arab countries, reviewing all previous agreements, and implementing strategic projects aimed at diversifying its economy and reducing its dependence on oil.

He added, "Iraq's commitment to hosting the Arab Summit reflects its commitment to leading Arab efforts toward economic and development integration, having called for the establishment of an Arab economic bloc that would invest in the human and geographic resources of Arab countries, with the goal of achieving effective economic integration, creating job opportunities, and achieving social justice."

The official spokesperson for the Ministry of Trade confirmed that "Iraq seeks, through hosting the Arab Summit, to focus on food security and sustainable development, develop an Arab food security strategy, and support initiatives related to artificial intelligence, energy, water, and education, with the goal of achieving sustainable development in the region."

Iraq had proposed in previous meetings the establishment of an Arab Council comprising trade ministers under the umbrella of the League of Arab States, to enhance coordination and integration in trade policies among member states.

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