Trade: the signing of a memorandum of understanding between Iraq and Egypt

February 21, 2016

BAGHDAD / News Network Iraq announced the Ministry of Commerce, Sunday, announced the signing of a memorandum of understanding with Egypt to promote and develop business cooperation between the two countries during the stage Almqublh.oukalt the ministry in a statement today: "The Minister of Trade and agency Mohamed Xiaa Sudan signed a memorandum of understanding with the Egyptian side represented Minister of Commerce and Industry Tariq Cain ", stressing Cain according to the statement," the signing of this agreement comes within the framework of Egypt's keenness on supporting the reconstruction of Iraq and strengthen the bonds of friendship between the people of the two countries, "pointing out that" there are many commercial and industrial opportunities available and that that could contribute to boosting cooperation "He pointed out that" the memorandum included the establishment of the Ministry of Industry to nominate companies from the Egyptian private sector to meet the Iraqi side needs of some commodities and food products with a total value of up to $ 216 million, to be signed and processing the purchase of the company's contracts General trade of the Ministry of Commerce and the Iraqi and Egyptian companies that Strhhaa ministry. "He explained Cain, that" the agreement may also text to take over the ministries of commerce of the two countries follow the commitment of the companies of the Egyptian and Iraqi implementation of the commitments contained in this agreement the two sides to enter into force the agreement of food day for 6 months, renewable once, and on the development of trade relations between the two countries. "he stressed the Minister of trade and Industry of Egypt, that" it was agreed with the Iraqi Minister of trade to activate and re-formation of the Iraqi-Egyptian Business Council joint development of commercial, industrial and investment relations in the next stage, "adding that "the visit of the Ministers of Commerce of Iraqis and Industry of Egypt in one week is an affirmation of the keenness of the Iraqi side to deepen and strengthen economic ties with Egypt." for his part, the Sudanese stressed that "trade between the two countries Bensatih import and export volume of which amounts to one billion and 400 million dollars does not reflecting definitely potential for trade between the two countries and mutual desire to improve its political will available, stressing his country's aspiration to raise the rate of trade exchange to the high rates of similar trade exchange between Iraq and some neighboring countries, rates especially in light of Egypt's possession a huge productivity and industrial base that qualifies them to raise the size of the exchange and acquisitions a large part of the Iraqi market needs. "He added that" the challenges facing the Arab region require that both Egypt and Iraq played a pivotal role to regain his strength typical of the Arab economy, "stressing" the prominent role of the Egyptian government in supporting the Iraqi economy during this stage. "