Baghdad: The Ministry of Trade confirmed that the volume of trade between Iraq and 11 countries reached approximately $65 billion during the first half of 2024.
According to National Iraqi News Agency, the Ministry’s official spokesperson, Mohammed Hannoun, stated that Iraq represents a significant economic player in the region, witnessing an increase in trade volume with Arab countries and working to strengthen its economic role regionally and internationally. Hannoun explained that the trade volume reached approximately $65 billion during the first half of 2024, marking a 10% increase compared to the same period in 2023.
He further added that trade between Iraq and Saudi Arabia reached $1.3 billion in 2024, showing an increase compared to previous years. Meanwhile, trade with the Hashemite Kingdom of Jordan exceeded $1 billion annually, increasing by 45.6% compared to the previous year. The value of UAE exports to Iraq in 2023 was approximately $22 billion.
Hannoun noted that Iraq ranks 51st globally and
fourth among Arab countries on the list of the world’s largest economies for 2025, according to a report issued by the American magazine “CEO World,” reflecting its rising economic standing regionally and globally.
He explained that the “Development Road” project, estimated to cost $17 billion, aims to transform Iraq into a regional transportation hub linking the south to the Turkish border in the north, enhancing its role as an economic hub in the region.
Hannoun emphasized that Iraq continues to work on strengthening its economic position by developing trade relations with Arab countries, reviewing previous agreements, and implementing strategic projects aimed at diversifying sources of income and reducing dependence on oil.
He noted that Iraq’s hosting of the upcoming Arab Summit reflects its commitment to leading Arab efforts toward achieving economic and development integration. He emphasized Iraq’s call for the establishment of an Arab economic bloc that invests in the human and geographical resource
s of Arab countries, contributing to job opportunities and achieving social justice.
He added that Iraq seeks, through the summit, to focus on issues of food security and sustainable development, and to develop a unified Arab strategy for food security, in addition to supporting initiatives related to artificial intelligence, energy, water, and education.
In previous meetings, Iraq had proposed establishing an Arab Council comprising trade ministers under the umbrella of the League of Arab States to enhance coordination and integration in trade policies among member states.