Saudi-Iraqi ties have entered a new stage of cooperation and coordination in which the two countries signed on Sunday a minutes of establishing a Saudi-Iraqi Coordination Council (SICC).
The first meeting of the council was convened and it resulted in an agreement to open border crossings and develop ports, roads and border areas. They also agreed to review an agreement on customs cooperation and study bilateral trade.
The council expressed its satisfaction with the state of the oil market following an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers. The SICC stressed the importance of participants’ full commitment to the agreement until its target is achieved.
“The Council was briefed on the results of the Kingdom’s participation in the Baghdad International Fair, which was a great contribution to economic and trade relations. The Saudi side also noted the level of welcome and hospitality enjoyed by the Saudi delegation from reception to departure,” a statement said.
They also agreed to develop private sector partnerships, inform businessmen of trade and investment opportunities and encourage the exchange of technical and scientific expertise and research.
The Iraqi side thanked the Kingdom for its initiative in studying the implementation of customs ports, which will facilitate bilateral trade.
The SICC announced the resumption of flights from the Kingdom to Iraq, the opening of a Saudi Consulate there, and the reopening of Saudi chemical manufacturing company SABIC’s office in Iraq.
In addition, it was agreed that Saudi Arabia will participate in exhibitions in Iraq, including the Baghdad International Fair, the Basra Oil and Gas Exhibition, and the Business and Investment Forum.
During the SICC’s first meeting, the two parties discussed its priorities for the next two years, implementation of its work and the formation of a working group. Its second meeting will be held in Iraq’s capital Baghdad in the presence of ministers and senior officials from both countries.