After Increasing Its Trade Transactions To Approximately $65 Billion, The Ministry Of Commerce Stated That Iraq Is A Major Economic Player In The Region.
economy | 11:39 – 05/13/2025 Mawazine News – Baghdad – The Ministry of Trade confirmed, on Tuesday, that Iraq represents an important economic player in the region, as it is witnessing a remarkable development in the volume of trade exchange with Arab countries, and is working to strengthen its regional and international economic role.
The official spokesperson for the ministry, Mohammed Hanoun, stated in a statement received by Mawazine News that “the volume of trade exchange between Iraq and 11 countries amounted to approximately $65 billion in the first half of 2024, a 10% increase compared to the same period in 2023.”
He added, “The volume of trade exchange between Iraq and Saudi Arabia reached $1.3 billion in 2024, reflecting a significant increase compared to previous years,” noting that the volume of trade exchange between Iraq and Jordan exceeded $1 billion annually, after increasing by 45.6% over the previous year. The volume of trade exchange with the United Arab Emirates in 2023 reached $22 billion in Emirati exports to Iraq.
Regarding Iraq’s economic role, Hanoun explained that Iraq’s economic role in the region and the world has begun to grow and increase, as it ranked 51st globally and fourth in the Arab world on the list of the largest economies in the world for the year 2025, according to a report issued by the American magazine “CEO World.”
Hanoun affirmed that the “Development Road” project, estimated to cost $17 billion, aims to make Iraq a regional transportation hub by linking its southern hinterland to the Turkish border in the north, strengthening its role as an economic hub in the region.
He emphasized that Iraq’s move is to strengthen its economic position by developing trade relations with Arab countries, reviewing all previous agreements, and implementing strategic projects aimed at diversifying its economy and reducing its dependence on oil.
He added that Iraq’s commitment to hosting the Arab Summit reflects its commitment to leading Arab efforts towards achieving economic and development integration, having called for the establishment of an Arab economic bloc that invests in the human and geographical resources of Arab countries, with the aim of achieving effective economic integration, providing job opportunities, and achieving social justice.
The official spokesperson for the Ministry of Trade continued, “By hosting the Arab Summit, Iraq seeks to focus on food security and sustainable development, and developing an Arab strategy for food security, in addition to supporting initiatives related to artificial intelligence, energy, water, and education, with the aim of achieving sustainable development in the region.”
He concluded by saying that “Iraq had proposed in previous meetings the establishment of an Arab Council comprising trade ministers under the umbrella of the League of Arab States, to enhance coordination and integration in trade policies among member states.” https://www.mawazin.net/Details.aspx?jimare=261376
The Dollar Continues To Rise Against The Dinar In Baghdad.
Stock Exchange Economy News – Baghdad The exchange rate of the US dollar rose against the Iraqi dinar on Tuesday morning in Baghdad markets.
The dollar exchange rate rose slightly on the Al-Kifah and Al-Harithiya stock exchanges, reaching 142,850 Iraqi dinars per $100, compared to 142,750 dinars per $100 on Monday.
Selling prices at exchange offices in Baghdad’s local markets remained stable, with the selling price reaching 143,750 dinars per $100, and the buying price reaching 141,750 dinars per $100. https://economy-news.net/content.php?id=55415
Iraqi Oil Prices Recover To $66 Per Barrel.
economy | 09:26 – 05/13/2025 Mawazine News – Follow-up: Iraqi oil prices recorded a significant increase during daily trading on the global market on Tuesday.
According to data reviewed by Mawazine News, Basra Medium crude oil recorded $66.00 per barrel, while heavy crude oil recorded $62.85 per barrel, with a change rate of +1.69% for both.
The data also showed a slight decrease in global oil prices, with British Brent crude recording $64.85 per barrel, while US West Texas Intermediate crude oil recorded $61.88 per barrel, with changes rates of -0.15% and -0.11%, respectively. https://www.mawazin.net/Details.aspx?jimare=261371
Gold Prices Rebound From Their Lowest Levels In More Than A Week.
Time: 2025/05/13 08:52:42 Read: 1,485 times {Economic: Al Furat News} Gold prices rose on Tuesday from their lowest levels in more than a week, reached in the previous session, following a temporary agreement between the United States and China to reduce mutual tariffs.
Spot gold rose 0.7% to $3,259.39 per ounce, after falling 2.7% in the previous session. US gold futures also rose 0.8% to $3,256.40 per ounce.
Following two days of negotiations in Geneva, the United States and China announced mutual tariff reductions over the next three months. The United States reduced tariffs on Chinese imports from 145% to 30%, while China reduced tariffs on US imports from 125% to 10%, boosting global stocks.
The two sides exchanged tariffs last month, fueling trade tensions between the world’s two largest economies. LINK
As Part Of Preparations For The Baghdad Summit, The Economic Council Holds Its Ministerial Meeting.
Political | 04:47 – 05/13/2025 Mawazine News – Baghdad – The Economic Council held its ministerial meeting today, Tuesday, in preparation for the Arab Summit to be held in Baghdad.
Trade Ministry spokesman Mohammed Hanoun told Mawazine News that “the Council discussed the summit agenda, which included 27 items covering a range of economic, social, and developmental issues that are a priority for joint Arab action.”
He added that “one of the most prominent points of the meeting was enhancing Arab economic integration, with a focus on completing the Greater Arab Free Trade Area project and promoting electrical interconnection and transportation projects between Arab countries.
” Hanoun continued, “The topic of food and water security also included: The meeting discussed initiatives to achieve food and water security in the region, including supporting sustainable agriculture and developing water resources.”
Regarding the Arab Artificial Intelligence Initiative, Hanoun explained that “the Secretary-General of the League of Arab States’ initiative entitled ‘The Arab Artificial Intelligence Initiative: Towards Technological Leadership and Sustainable Development’ was reviewed, which aims to enhance the use of modern technologies in development.”
He pointed out that “the meeting addressed the issue of supporting and sheltering displaced families from the Palestinian territories: The meeting discussed the project to support and shelter displaced families from the Palestinian territories, and to confront attempts to displace the Palestinian people from their land.”
The Ministry of Commerce spokesperson indicated that “the empowerment of youth and women was discussed: the files of empowering youth and women, developing technical education, digital transformation, and building cyber capabilities were discussed, with an emphasis on protecting Arab cultural heritage.”
He concluded by saying that “the ‘Baghdad Declaration’ document was issued: The summit is scheduled to conclude with the issuance of the ‘Baghdad Declaration’ document, which is expected to embody the unified Arab position on the political, economic, and security issues on the agenda.” https://www.mawazin.net/Details.aspx?jimare=261388
The Arab Summit In Baghdad And Joint Arab Economic Cooperation
Samir Al-Nusairi The 34th Arab Summit will be held in Baghdad soon, amidst the economic, political and security challenges and crises sweeping the world, the Arab region and the geographical region, at a time when most countries are suffering from the current trade war between America and China,
which has disrupted international trade and complicated ways to facilitate the economic and financial process, in addition to the effects of wars, conflicts and disputes in the region and the world on the current economic situation and expectations of slowing economic growth and inflationary stagnation and the suffering of countries that depend primarily on oil as the main resource for the country, as well as the accumulated suffering of poor countries from the food and energy crises.
All of the above factors make Iraq, which is witnessing security and economic stability, enjoys balanced foreign relations with countries of the world, and strong and open relations with Arab countries.
This is supported by the success of the current government in achieving fundamental stages of comprehensive economic, financial, and banking reform, which will be reflected in building a solid national economy and a solid financial and banking sector, as economic indicators indicate in 2024 and the first quarter of 2025.
Foreign exchange reserves and gold reserves exceed $100 billion, with a sufficiency rate of 140% to cover the local currency in cash circulation and to cover imports, the recovery of the Iraqi dinar, and the relative stability of the exchange rate against the US dollar.
The annual inflation rate reached 2.8% and the core inflation rate 2.5%, which means maintaining the general level of prices despite the food crisis and the repercussions of the current global trade war. What strengthens the Iraqi economy are the giant economic and investment projects and joint projects with Arab and friendly countries, such as the Development Road Project, gas investment, regulating foreign trade financing, building solid financial and banking relations with the world’s correspondent banks, complying with international standards, and combating money laundering and terrorist financing.
Therefore, holding the Arab Summit in Baghdad is an important step towards Iraq’s return to its Arab fold and its openness to building balanced political, economic and security relations with sister nations. This will enable Iraq to launch an initiative for a joint Arab strategic cooperation project, similar to the one currently implemented by global economic blocs.
This initiative aims to formulate a strategy for Arab economic integration, unify joint policies and programs to support and enhance Arab development work and confront potential risks.
The experience of previous successful coordination relations with Egypt, Jordan, Saudi Arabia and the rest of the Gulf states has established important pillars for Arab economic cooperation, which supports Iraq’s position in calling for the establishment of an Arab economic bloc that serves the supreme interests of the Arab peoples in all fields, especially cooperation, communication and strengthening financial and banking relations among them, particularly in foreign banking transactions.
Motivating and encouraging investment companies to invest in Iraq will lead to strengthening the financing and investment sectors, especially economic infrastructure projects. https://economy-news.net/content.php?id=55431
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
