Iraq, US to unveil economic agreements worth $60 billion

Baghdad (IraqiNews.com) – Iraq and the United States are establishing a broad economic partnership based on an estimated $60 billion in business agreements.

The move underscores Washington’s intention to promote economic relations with Iraq.

Baghdad and Washington are actively seeking to shift the US-Iraq relationship away from security reliance and toward economic cooperation.

As part of his official visit to the United States, Iraqi Prime Minister Ali al-Zaidi and US Energy Secretary Chris Wright are expected to attend a summit on Friday at the US Chamber of Commerce, where organizers anticipate unveiling $60 billion in commercial deals between US firms and the Iraqi government and private enterprises, according to Semafor.

The US Chamber of Commerce’s vice president for Middle East Affairs, Steve Lutes, told Semafor that the number of deals exceeded expectations.

The spokesperson for the Iraqi government, Haider al-Aboudi, said earlier that Iraq plans to sign memoranda of understanding with US firms to increase oil production capacity.

According to al-Aboudi, the projected oil and gas deals seek to build alternative export outlets to alleviate disruptions in the Strait of Hormuz.

Al-Zaidi has flown to Washington to hold high-level meetings with US officials and business executives to reinforce these foundations.

Additionally, one of the key goals is to secure major trade lanes, including the region’s vital oil corridors, by encouraging strong economic connectivity.