Iraq and Kuwait towards economic integration and the establishment of a free trade zone

Iraq and Kuwait towards economic integration and the establishment of a free trade zone

economy Since 2017-04-13 at 18:58 (Baghdad time)

Baghdad - Mawazine News
Iraq and Kuwait are engaged in in-depth discussions to meet the requirements of achieving economic integration between the two countries, establishing industrial zones and free trade exchanges, as well as signing agreements for trade, technical and economic cooperation.
These discussions are conducted by a high economic delegation headed by Minister of Planning and Minister of Commerce and Agency d. Salman Al-Jumaili with his Kuwaiti counterpart, Minister of Trade and Industry Khalid Nasser Al-Roudhan, who pointed out that Iraq remains a promising and important market, but possesses technical, human and economic capabilities, making it eligible for export.
He called for the lifting of all obstacles that prevent the export of materials and products of Iraqi origin to the Kuwaiti market in order to achieve a balance in the commercial relationship between the two countries and achieve common interest.
• Meetings at the highest level
Minister of Planning and Trade Minister Dr. Salman Al-Jumaili met this morning with Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah and discussed the development of brotherly relations between the two neighboring countries.
Al-Jumaili also met with Kuwaiti Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Hamad Al-Sabah on Thursday, in the presence of Acting Minister of Commerce and Industry and Minister of State for Youth Affairs Khalid Nasser Al-Roudhan
The meeting was attended by Deputy Foreign Minister Khalid Sulaiman Al-Jarallah and Assistant Foreign Minister for the Office of First Deputy Prime Minister and Minister of Foreign Affairs, Ambassador Sheikh Ahmad Nasser Al-Mohammad Al-Sabah, Ambassador of the State of Kuwait to the Republic of Iraq Ambassador Salim Ghassab Al-Zamanan and Assistant Foreign Minister for Arab Affairs Aziz Aziz Rahim Al-Dehani and Assistant Minister of Foreign Affairs for Development and International Cooperation, Minister Plenipotentiary Nasser Sabih Al Subeeh and a number of senior officials of the Ministry of Foreign Affairs.

• Lift barriers to Iraqi businessmen entering Kuwait
Jumaili stressed the need to work to promote the improvement of the commercial environment between the two countries, so as to attract investment opportunities and economic and encourage Iraqi businessmen to work with Kuwait, noting that the most important point in this area is to lift barriers to the entry of Iraqi businessmen and traders and industrialists to Kuwaiti territory.
He pointed out that the issue of visa to Kuwait is an important obstacle to the development of economic and trade relations between the two neighboring countries and deprives Kuwait of economically important opportunities, as these obstacles caused the failure of Kuwaiti economic activity in Iraq, while other countries invested this vacuum and managed to make great gains.
• Activation of transit trade
Al-Jumaili stressed the political will of his government and the Iraqi decision-making institutions to develop relations with Kuwait. He pointed out that the relationship with Kuwait is as much as the necessities of geopolitics, but at the same time in response to the feelings of love the Iraqi people have for the Kuwaiti people.
Al-Jumaili added that the Iraqi government's administration is moving to remove the technical and legislative obstacles that prevent the development of trade and mutual investment between the two countries and activate the transit trade by securing and developing the roads linking Iraq with the neighboring geographical countries, including Kuwait, Jordan, Syria, Turkey and Iran.
• International will for a secure Iraq
Al-Jumaili pointed out that this year will witness a long page of organization calling and terrorism in Iraq forever, stressing that "this will contribute to the creation of a promising investment and economic environment so it is appropriate to move Kuwaitis from now and before it is too late to have a proper presence in the future of Iraq Economic and booming ".
"There is a comprehensive international will in Iraq as an environment for regional and international security as one of the pillars of security and stability for the region and the world," he said in a press statement. "He said.
He said that this is an important step in the activation and revitalization of the trade line between the two countries, hoping to reach an approach to stimulate trade exchange and encourage mutual investment and seek to establish successful projects that will promote the economic reality of both countries.
• Kuwait: Iraq's gateway to a broader investment
Kuwait's Minister of Trade and Industry Khaled Nasser Al-Roudhan said that his country has made every effort to invest in the geographical location of Iraq in order to open the doors of trade exchange to Iran, Turkey, Syria and Jordan and then through these countries to the world markets in Asia and Europe.
He said that his country is fully open to Iraq and seeks to sign agreements for trade, technical and economic cooperation with him.
He added that he highly appreciates Iraq's human, economic and technical resources that qualify it to be one of the leading economies.
He pointed out that the opportunity is available to achieve economic integration fruitful and constructive and strategic between Iraq and Kuwait.
• Religious tourism as an investment
The Kuwaiti minister acknowledged the modest volume of trade between Iraq and Kuwait compared to the volume of trade with other countries neighboring the two countries, noting the importance of mutual endeavor to develop this trade between them and invest the economic, human and geographical advantages of the two countries to serve the economic renaissance and the development of economic cooperation at the regional level.
The Kuwaiti minister said that he received instructions from the Emir of Kuwait confirming Kuwait's efforts to develop its economic, investment and strategic relations with Iraq, as well as its interest in the various opportunities in the Iraqi market such as investment in oil, gas, industry and religious tourism.
He stressed the need to open the way for Kuwait to become a corridor for visitors to the citizens of the Gulf States and the whole of Asia to the holy shrines in Iraq, as in the past when the delegations and visitors to the holy shrines in Iraq, going through Kuwait on the journey of arrival and return.
• Free Trade Area
The Kuwaiti side expressed its desire to study the economic, investment and industrial projects in Iraq at the beginning of weaving an integrated strategy between the two countries in the industrial fields as well as the possibility of establishing joint industrial zones as well as common areas for free trade exchange between the two countries. At the end of the meeting, the two sides noted that the changes in the international oil market reflected negatively on the economic situation throughout the region and on Iraq and Kuwait in a big way, stressing that this calls for the rapid action to prepare and implement plans and procedures that will diversify sources of income and diversify economic activity to avoid the imbalance that arose On lower oil prices.
They also stressed that joint and complementary cooperation between the two countries has become one of the necessities of the phase


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