UK announces £12.3 billion export package to boost trade with Iraq
Shafaq News/ The British government announced on Tuesday a £12.3 billion exportpackage during Iraqi Prime Minister Mohammed Shia Al-Sudani’s visit to London,marking a significant step toward strengthening economic and trade ties betweenthe two nations.
In astatement, the British government highlighted that the export package, worth tentimes the trade volume between the United Kingdom and Iraq last year, builds ona series of agreements aimed at fostering trade relations and creatingsignificant opportunities for businesses in both countries.
“Thisannouncement reflects our evolving bilateral relationship and represents a stepforward in our growing trade partnership,” said Jonathan Reynolds, UK Secretaryof State for Business and Trade.
He emphasized that the deal reflects the UK’scommitment to economic collaboration, adding, “This agreement – a significant£12 billion export package, helped by our UK Export Finance - will give UK andIraqi business more certainty and help lead to growth and genuine shared benefitsfor both our economies.”
The agreements also include measures to tackle illegalmigration, building on a landmark deal signed between the UK and Iraq inNovember 2023. Home Secretary Yvette Cooper praised the progress, stating, “When I signed the landmark deal withIraq in November, it was a clear signal of our commitment to dismantle the criminalsmuggling gangs together.”
Cooper noted that the UK-Iraq security agreement hasalready strengthened border controls and enhanced intelligence-sharing efforts,with additional resources allocated to support Iraq’s law enforcementcapabilities. “We’re targeting people smuggling gangs where it hurts,” shesaid, adding that these measures “are making it harder for criminals to exploitpeople” while ensuring they face justice.
Notably, thevisit by Prime Minister Al-Sudani follows the UK Prime Minister’s December tripto the Gulf, which sought to bolster Middle Eastern stability. During themeeting, the UK and Iraq are set to sign a joint statement to enhance defencecooperation, commemorating a decade since the Global Coalition mission in Iraqand Operation Inherent Resolve, which led to the territorial defeat of ISIS.
