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Saudi Arabia, Iraq Aspire to Build 'Comprehensive Cooperation'

Participants at the Saudi-Iraqi Business Council in Riyadh on Monday. (Asharq Al-Awsat)
Participants at the Saudi-Iraqi Business Council in Riyadh on Monday. (Asharq Al-Awsat)
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Saudi Arabia, Iraq Aspire to Build 'Comprehensive Cooperation'

Participants at the Saudi-Iraqi Business Council in Riyadh on Monday. (Asharq Al-Awsat)
Participants at the Saudi-Iraqi Business Council in Riyadh on Monday. (Asharq Al-Awsat)

The Saudi-Iraqi Business Forum got underway in Riyadh on Monday, with a wide participation of ministers, officials and businessmen in the two countries.

Emphasizing a new page of comprehensive cooperation at all levels, Saudi and Iraqi ministers announced the signing of a power linkage agreement to enhance regional electricity trade, in addition to renewable energy projects and opportunities for joint investments in the oil, gas, agriculture, petrochemicals and smart cities sectors.

Highlighting the supportive political will, Saudi Minister of Commerce Dr. Majid Al-Qasabi pointed to the factors of growth and prosperity for Saudi-Iraqi economic relations.

He stressed the need to launch an annual joint business forum and to establish a database of investment opportunities available in both countries, as well as to develop a joint action plan to translate aspirations and hopes into real opportunities that contribute to strengthening trade and investment relations.

Dr. Hamid Al-Ghazi, Secretary-General of the Iraqi Council of Ministers, affirmed the Iraqi government’s support for the Saudi-Iraqi Coordination Council to open a new page in the historical relations.

The pillars of Saudi Vision 2030 are a major starting point for the strategic partnership between the two countries, he emphasized, adding that the Green Middle East Initiative, the Green Saudi Arabia and the Green Belt Project in Iraq present important areas of cooperation.

Ghazi noted that a delegation from the Iraqi ministry of Agriculture will visit the Kingdom next week to discuss opportunities for cooperation and partnership in the fields of agriculture, irrigation systems and manufacturing industries.

The political will in the two countries is real and serious towards developing economic relations, he said. This is confirmed by the growth in the volume of trade exchange by 15 percent last year, according to the Iraqi official.

The participants in the Saudi-Iraqi Forum, organized by the Federation of Saudi Chambers, reviewed investment opportunities in promising economic sectors, while the forum witnessed the signing of a number of agreements and memoranda of understanding between Saudi government and private agencies, in several vital areas.

Ajlan Al-Ajlan, President of the Federation of Saudi Chambers, stressed the importance of consolidating Saudi-Iraqi ties to become a distinguished model of a successful trade and investment partnership.

According to Al-Ajlan, Iraq ranks 11th among Arab countries in the volume of trade exchange with Saudi Arabia, noting that these numbers were to some extent motivating, but were not commensurate with the historical relationship between the two countries, and do not reflect the aspirations of both sides.

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US Energy Secretary Says Riyadh and Washington to Sign Civil Nuclear Agreement

US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
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US Energy Secretary Says Riyadh and Washington to Sign Civil Nuclear Agreement

US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili
US Energy Secretary Chris Wright speaks at the press conference in the Saudi capital Riyadh. Photo: Turki al-Aqaili

The United States and Saudi Arabia will sign a preliminary agreement on energy cooperation and civilian nuclear technology, US Energy Secretary Chris Wright said on Sunday.

Wright spoke at a press conference in the Saudi capital Riyadh where he arrived from the United Arab Emirates on Saturday as part of a regional tour that will also take him to Qatar.

His visit comes amid world economic turmoil over the tariffs imposed by US President Donald Trump. But Wright said that these tariffs don’t seek to restrict trade, rather they aim for fair and reciprocal trade.

His visit also comes ahead of an expected visit by Trump to the Kingdom, the UAE and Qatar in May to consolidate relations.

The US Energy Secretary told journalists at the Saudi Energy Ministry that Riyadh and Washington were on a "pathway" to reaching an agreement to work together to better develop energy resources and energy infrastructure, in addition to mining cooperation, civilian nuclear technology and energy production.

Wright said further details over a memorandum detailing the energy cooperation between Riyadh and Washington would come later this year.

Saudi Minister of Energy Prince Abdulaziz bin Salman announced last September that the Kingdom is working to develop peaceful uses for nuclear energy across various fields.

In his press conference on Sunday, Wright discussed the meetings he has held in Riyadh. There have “been very wide ranging dialogues for a day and a half now and they're going to continue. We've talked about energy in all aspects of energy. We've talked about mining, critical materials. We've talked about processing in industry. We've talked about climate change. We've talked about human lives and what drives their improvement and how best to achieve those ends,” he said.

On Saturday, Prince Abdulaziz met with Wright at King Abdullah Petroleum Studies and Research Center (KAPSARC) where the US official was briefed on the Center's role in the fields of energy policy research and its transitions, climate change, sustainable transportation, and consultancy services, in addition to the development of models and analytical tools that contribute to finding solutions to current challenges in the energy sector. They also discussed opportunities for cooperation in energy research, exchange of expertise, and strengthening joint research efforts.

Wright said Sunday that he believed “Saudi Arabia will be one of the leading countries in investing in the United States. I think that's a win for the Kingdom here. It's a win for the United States. And for us, most importantly, it's a win for the working class and American citizens to have better job opportunities.”

He added that the “broader objectives” of the US and Saudi Arabia “are prosperity at home and peace abroad.”

Wright also said in response to a question by Asharq Al-Awsat that tariffs are part of Trump's economic agenda.

He said Trump is trying to grow the flow of goods outside the United States into other countries while sustaining imports and engagement with countries from around the world. “So that's a way you could describe this. Fair trade, not restricted trade, just fair trade, reciprocal trade.”

He added that the United States has seen a lot of its intensive industries, particularly energy, move outside of the country and be outsourced somewhere else. “Too many Americans have seen their job opportunities shift overseas.”

“So tariffs are also a way to give a nudge and encourage investment into our country, to make products in our country, to grow economic opportunity and prosperity in America.”