Egypt and Iraq recently signed 12 MoUs in Baghdad. The agreements cover economy, trade, communications, transportation, financial oversight and several other joint issues.
The signing came on the sidelines of the Iraq-Egypt Joint Higher Committee’s third session, presided over by Iraqi Prime Minister Mohammad Al-Sudani and his visiting Egyptian counterpart Mostafa Madbouly, the Iraqi Prime Minister’s Office said in a press release.
The MoUs, inter alia, include land transport of passengers and goods, enhancing competition and combating monopolistic practices, proposed cooperation protocol on local development, cooperation in financial market oversight and regulation, it added.
Economic reforms and opportunities
During his speech at the forum, Al-Sudani highlighted the significant historical and civilizational ties between Iraq and Egypt. He noted the strong social and economic connections that form a solid foundation for partnership, particularly for private sector collaboration across various economic fields in both countries.
He further remarked on how economic reforms—encompassing banking, administration, taxation, and investment—have facilitated the entry of Egyptian companies into the Iraqi market. Al-Sudani expressed a desire to expand partnerships with the Iraqi private sector, aiming for more opportunities in Egypt as well. Meanwhile, the Egyptian Prime Minister emphasized a shared political and popular commitment to fostering cooperation with Iraq, envisioning a thriving industrial, agricultural, economic, and service hub. He also referenced the current regional circumstances that call for enhanced economic integration and political coordination to benefit both Iraqi and Egyptian peoples, promoting progress and development.
Bilateral trade
Trade between the two nations has fluctuated. Iraq’s exports to Egypt have dramatically decreased from $615 million in 2017 to just $11.1 million in 2022, reflecting an annualized decline of 55.2 percent. Moreover, the primary products exported from Iraq to Egypt include tropical fruits, sulphur, and other nuts, with tropical fruits alone accounting for $9.55 million of the total exports.
