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Arar Border Crossing Expected to Generate $Bln in Revenues for Iraq

The Arar border crossing is expected to generate one billion dollars in revenues to Iraq.
The Arar border crossing is expected to generate one billion dollars in revenues to Iraq.
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Arar Border Crossing Expected to Generate $Bln in Revenues for Iraq

The Arar border crossing is expected to generate one billion dollars in revenues to Iraq.
The Arar border crossing is expected to generate one billion dollars in revenues to Iraq.

The Arar border crossing between Iraq and Saudi Arabia will help revive the Iraqi economy and generate some 1 billion dollars in revenues in 2021, said the crossing’s director.

In press statements on Sunday, Habib Kadhim al-Ali said the crossing was officially open for trade and will also be open for travelers after coronavirus restrictions on international travel are lifted.

“Relevant departments have completed all their requirements for the full operation of the border crossing, at full capacity and around the clock,” Ali explained.

He said that all material entering through the border must be officially authorized, meaning they must have an official import permit. No material is allowed to enter without a license or certificate of origin.

The border crossing will become a “huge institution and provide great job opportunities for the residents of Anbar and Karbala provinces, in particular, and for Iraqis in general,” he added.

Customs clearance, transportation companies and the establishment of a commercial exchange area will all take place within Iraqi territory, he continued. “This is a unique experience and will be carried out by Iraqi employees, which will increase job opportunities.”

Revenues will be high and will increase in the coming days, Ali noted, stressing that the border crossing will become a gateway for the Arab Gulf states and Egypt to export their products and goods to Iraq.

The State Company for Iraqi Fairs and Commercial Services has launched the Iraqi fairs and import licenses through the Arar border crossing, he said.

The director said the company will start practicing commercial activity and entering the consignments as soon as the goods are shipped from Saudi Arabia, which has been very flexible to avoid any delays and ease the flow of work.

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EU Needs Rare Earths Strategic Reserves against China Threat

File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
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EU Needs Rare Earths Strategic Reserves against China Threat

File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)

European Union countries should create joint reserves of rare earths to prevent supply chain disruptions and economic blackmail from China, the EU's Commissioner for Industrial Strategy, Stephane Sejourne, told the Handelsblatt newspaper.

Sejourne also said he would launch further tenders this year to promote alternative raw material sources, the German newspaper said.

"All European countries today have strategic reserves for oil and gas. We should do the same for strategic raw materials," Sejourne was quoted as saying on Monday.

The European Union in June announced 13 new raw material projects outside the bloc to increase its supplies of metals and minerals essential to its competitiveness in the energy transition as well as defense and aerospace.

The announcement followed China's decision in April to impose export curbs on rare earth magnets until new licenses are obtained, leaving diplomats, carmakers and other companies from Europe and elsewhere scrambling to secure meetings with Beijing officials and avert factory shutdowns.

Sejourne also warned Beijing that the EU has the tools to defend itself in a potential trade war. "Europe must finally use the same weapons as its competitors," he said.

China in June said it attached great importance to the EU's concerns and would look into speeding up the approval process to ship rare earth exports to the EU.