Jordan, Iraq discuss strategic economic partnerships at business forum

AMMAN — Minister of Industry, Trade and Supply Yarub Qudah on Sunday underscored ongoing discussions between Jordan and Iraq on major strategic projects in the energy and food sectors, stressing the "deep-rooted" economic ties between the two countries.

Speaking at the Jordanian-Iraqi Business Forum in Baghdad, Qudah highlighted Iraq’s wheat surplus, which Jordan is exploring as a potential import source, reducing reliance on other suppliers, the Jordan News Agency, Petra, reported. 

He said: "Economic and trade relations between Jordan and Iraq go beyond mere profitability; they are built on complementarily and genuine partnership."

Qudah emphasised that while governments facilitate business, they also serve as key enablers of the special economic relationship between the two nations, aimed at achieving mutual interests. 

He commended Iraqi investments in Jordan, noting that their products are exported to over 70 countries. 

Jordan, he added, also has significant investments in Iraq, with plans for further expansion to meet the needs of the Iraqi market and leverage Iraq as a gateway to global markets.

The minister also highlighted the significance of the planned joint economic zone on the Jordanian-Iraqi border, which is set to become a key industrial hub targeting regional and international markets. 

The minister stressed the importance of direct trade partnerships between Jordanian and Iraqi business communities, facilitated by the necessary governmental infrastructure.

Iraqi Minister of Industry and Minerals Khaled Battal described bilateral ties as "historical and fraternal, forming the foundation for strong trade and business cooperation."

He noted that Jordan is the only country with a trade agreement with Iraq, underscoring the need to implement and activate the provisions of the 2012 agreement to bolster economic relations.

Battal pointed out that Iraq imports goods worth $60 billion annually, prioritising products manufactured in Jordan regardless of ownership. 

He highlighted Iraq’s growing market demand, presenting a significant opportunity for Jordanian exports, noting that Jordanian exports to Iraq remain "modest and must be increased to higher levels to achieve economic integration and mutual profitability."

President of the Jordan Chamber of Industry Fathi Jaghbir emphasised the forum’s role in expanding economic cooperation, particularly in the industrial sector. 

He called for accelerating the implementation of signed agreements to maximise economic benefits, stressing the Jordanian private sector’s commitment to boosting industrial and trade ties with Iraq.

Jaghbir noted that Jordan-Iraq trade has improved "significantly" in recent years, with bilateral trade reaching some $1.4 billion last year. 

He attributed this growth to continuous public and private sector efforts to facilitate trade flows, adding that Jordan’s industrial sector boasts high production capacity across multiple industries, including food, pharmaceuticals, chemicals, plastics, engineering and construction, all catering to Iraqi market demands.

Head of the Federation of Iraqi Chambers of Commerce Abdul Razzaq Zuhairi stressed the importance of diversifying Jordanian exports to Iraq to meet evolving consumer preferences.

Head of the Iraqi Economic Council Ibrahim Masoudi reiterated the necessity of enhancing coordination and cooperation between the two countries in light of regional economic challenges. 

He highlighted Iraq’s commitment to supporting the private sector by attracting investment, improving legislation and offering investor guarantees.

The forum, organised by the Jordan Chamber of Industry in cooperation with the Jordan Exports Company, provided an "ideal" platform for discussions on advancing economic relations, increasing investments and fostering strategic partnerships between Jordan and Iraq.

The event brought together Iraqi business leaders and Jordanian industrial firms representing sectors such as food, packaging, chemicals, cosmetics, wood and furniture, plastics, textiles, engineering, construction, pharmaceuticals, and medical supplies. 

Bilateral meetings and a panel discussion on the future of Jordan-Iraq trade were held on the sidelines of the forum.