Jordan, Iraq Set Timeline to Establish Joint Border Industrial Zone

Iraqi flags fly at the Iraqi Trebil border crossing on the Iraq-Jordan border on August 30, 2017. (AP)
Iraqi flags fly at the Iraqi Trebil border crossing on the Iraq-Jordan border on August 30, 2017. (AP)
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Jordan, Iraq Set Timeline to Establish Joint Border Industrial Zone

Iraqi flags fly at the Iraqi Trebil border crossing on the Iraq-Jordan border on August 30, 2017. (AP)
Iraqi flags fly at the Iraqi Trebil border crossing on the Iraq-Jordan border on August 30, 2017. (AP)

Jordanian Minister of Industry, Trade and Supply Tareq al-Hammouri and Iraqi Minister of Industry and Minerals Saleh al-Jabouri have agreed on the required practical steps to establish a joint industrial zone on the border between the two countries.

They set a detailed program of the executive procedures to establish the industrial zone that is aimed at reinforcing economic cooperation in all fields.

They stressed that all conditions are adequate to implement this strategic project that is backed by Iraqi President Barham Salih and Jordan's King Abdullah II.

Both parties underlined the significance of engaging the Jordanian and Iraqi private sectors in the process of establishing an industrial zone in order to provide the success factors of this bilateral project.

Hammouri and Jabouri’s discussions included facilitating procedures related to the entrance of Jordanian commodities to the Iraqi market and exempting them from customs, in accordance with the bilateral free trade agreement, following up on the establishment of a commercial center for Jordanian commodities in Baghdad and rehabilitating the Trebil border crossing.

Hammouri said the discussions will give a strong push for economic cooperation between Amman and Baghdad.

Jordan stands by Iraq to move to the stage of construction and reconstruction, as well as achieving stability, peace and security through qualified investors and experienced companies to enable Iraq to merge internationally, regionally and in the Arab region, he added.



Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova
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Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova

The global oil market is balanced thanks to the actions of OPEC+ countries and compliance with its quotas, Russian Deputy Prime Minister Alexander Novak said on Friday following a Russia-OPEC meeting.
OPEC+ countries, which are pumping around half the world's oil, are taking all necessary decisions to maintain market stability, Novak also said after meeting OPEC Secretary General Haitham Al Ghais in Moscow.
"Today, while discussing the situation and forecasts, we assess the current market as balanced. That's thanks primarily to the actions of OPEC+ countries and coordinated actions to comply with the quotas, voluntary commitments of OPEC+ count," Novak said.
The meeting comes as OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, prepares to meet on Dec.1.