Shafaq News / The Iraqi Industries Union announced on Wednesday that there is a desire from Saudi Arabia to establish a commercial market to showcase Iraqi local products in the Kingdom.
The Union stated today that "to enhance economic and trade relations between Iraq and Saudi Arabia, the commercial attaché in Riyadh expressed its desire to establish a commercial market to showcase Iraqi products in the Kingdom."
The statement urged Iraqi manufacturers interested in exporting to provide the Union with a list containing types and samples of agricultural and industrial goods to display and promote them in Saudi Arabia.
However, the Union did not specify a date for the establishment of this market in its statement.
Trade between Iraq and Saudi Arabia has historically been significant due to their geographical proximity and longstanding diplomatic relations.
Despite occasional political tensions, economic ties have persisted, with trade volumes reaching approximately one billion dollars annually.
Saudi Arabia, as one of the world's largest oil producers, exports various goods and services to Iraq, while Iraq reciprocates with exports of oil, agricultural products, and some manufactured goods.
Efforts to enhance bilateral trade have included streamlining customs procedures, reducing tariffs, and promoting business partnerships.
However, challenges such as bureaucratic hurdles, political tensions, security concerns, and infrastructure deficiencies have hindered the full realization of trade potential between the two nations.
Nonetheless, both countries continue to explore opportunities to diversify their trade relations beyond oil and strengthen economic cooperation in sectors such as agriculture, manufacturing, and infrastructure development.