Lebanon, Iraq sign cooperation deal to enhance cooperation between chambers of commerce

Lebanon and Iraq have inked a deal on October 4 in order to enhance the collaboration between their chambers of commerce, industry, and agriculture. According to a statement from the Chamber of Commerce, Industry and Agriculture of Beirut, the deal ties both the nations to promote business and information exchange for their business people while supporting the expansion of bilateral commercial operations. 

The deal was signed on the occasion of the Iraqi-Lebanese Business Conference, which took place at Beirut's headquarter chambers of commerce in which representatives from both nations has attended. Mohamed Choucair, the chamber's head, has stressed the relevance of the meeting during the COVID-19 pandemic's economic downturn.  

Lebanon-Iraq cooperation agreement

The head of Chamber Choucair stated that at this time, the private sector had a significant amount of responsibility, and substantial work is necessary to make progress in the bilateral economic relations of the countries. While, Haidar Al-Barrak, Iraq's ambassador, further proposed to conduct this conference on an annual basis, with the hope that this conference would be hosted in one of the two nations' provinces when any one of the countries are in desperate need of rebuilding projects. 

According to Lebanese Industry Minister George Boujikian, the new government is intended to activate economic and commercial relations by signing deals with Iraq, as well as to reduce tariffs on Lebanese industrial items shipped to Iraq.   

Lebanon-Iraq deal for 1mn tons of Iraqi fuel

Meanwhile, a few months back on July 24y, Lebanon had inked an agreement with Iraq to secure 1 million tons of Iraqi fuel, as the Mediterranean country was suffering from a debilitating energy shortage. As per Lebanon's Energy Minister Raymond Ghajjar, the agreement stated that Iraq would receive access to services from Lebanon in exchange. Further, the agreement reveals that Iraq would gain benefits from Lebanon's health services and agricultural consulting, AP reported citing local media. 

This exchange agreement was estimated to be worth $300-400 million by Ghajjar. As per the agreement, it was stated that it would provide a temporary reprieve to Lebanon's rising blackouts. Since the conclusion of Lebanon's 15-year civil war in 1990, blackouts have been a regular occurrence, and the country has relied on essential fuels, either via power barges or generators. The situation had worsened as the government deals with historic financial difficulties and considers reducing gasoline subsidies. 

(Image: AP/ Unsplash)