Iraq seeks further economic integration with the region

Baghdad (IraqiNews.com) – The Iraqi Minister of Planning, Khaled Battal Al-Najm, confirmed on Tuesday that Iraq is trying to achieve more economic integration with the countries of the region, during the first pioneering economic investment fraternity conference held in Amman, Jordan, according to the press statement of the Ministry of Planning reported by the Iraqi News Agency (INA).

The conference attended by Jordanian ministers, governor of the Central Bank of Iraq (CBI) and businessmen from both Iraq and Jordan aims to empower investment and businesses in the Arab World, according to the statement.

Najm, in his speech in the conference, addressed the reality of Arab economic growth, and the overall challenges facing the economic integration between Arab countries, the statement mentioned.

Najm confirmed that some administrative and technical restrictions related to specifications, shipping, certificates, in addition to the absence of value chains for products, the contradictory Arab legislations, and other challenges contributed to the failure to achieve Arab economic integration.

Najm called on the Arab countries to unify their economic policies, and grant the private sector the biggest role to achieve comprehensive development.

The statement mentioned that Najm talked about the Iraqi balance of trade with Jordan, UAE and Saudi Arabia, referring to the establishment of the Iraqi-Saudi and Iraqi-Jordanian-Egyptian coordination councils.

Najm added that the work of these two councils focused on energy, agriculture, industry, trade and sustainable investment. He added that work is ongoing to complete the requirements of electrical interconnection with the Gulf states, Saudi Arabia and Jordan.