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Cairo offers Egyptian goods to Iraq in exchange for oil

August 25, 2017 at 10:40 am

Egyptian Trade and Industry Minister Tarek Kabil met with his Iraqi counterpart on Thursday to discuss the supply of Egyptian goods to Iraq in exchange for crude oil, New Khalij has reported. The Iraqi ambassador to Cairo, Habib Al-Sadr, said that the Egyptian minister also suggested the signing of a memorandum of understanding between the two countries in this regard.

The ambassador explained that the two ministers met after a meeting at the Arab League’s headquarters in the Egyptian capital. Also under discussion was how Egyptian companies can contribute to the reconstruction of the areas that have been liberated from Daesh. Al-Sadr pointed out that it is likely that President Abdel Fattah Al-Sisi’s assistant for national projects will visit Iraq to facilitate the entry of Egyptian workers for reconstruction work.

He stressed that the changing reality is encouraging trade links between the two countries, including the reopening of Erbil border crossing, which has in the past facilitated the flow of Egyptian goods to Iraqi markets. He pointed out that the ministers also looked at the opening of the Arar border crossing between Iraq and Saudi Arabia through which Egyptian goods can enter his country.

The possibility of an Egyptian trade centre in Baghdad was also on the agenda. This would present investment opportunities and Egyptian goods available for export to Iraqi, as would mobile exhibitions touring Iraqi cities, such as the one which is currently visiting Karbala Province.