UK announces £12.3 billion export package to boost trade with Iraq

UK announces £12.3 billion export package to boost trade with Iraq
2025-01-14 12:53

Shafaq News/ The British government announced on Tuesday a £12.3 billion export package during Iraqi Prime Minister Mohammed Shia Al-Sudani’s visit to London, marking a significant step toward strengthening economic and trade ties between the two nations.

In a statement, the British government highlighted that the export package, worth ten times the trade volume between the United Kingdom and Iraq last year, builds on a series of agreements aimed at fostering trade relations and creating significant opportunities for businesses in both countries.

This announcement reflects our evolving bilateral relationship and represents a step forward in our growing trade partnership,” said Jonathan Reynolds, UK Secretary of State for Business and Trade.

He emphasized that the deal reflects the UK’s commitment to economic collaboration, adding, “This agreement – a significant £12 billion export package, helped by our UK Export Finance - will give UK and Iraqi business more certainty and help lead to growth and genuine shared benefits for both our economies.”

The agreements also include measures to tackle illegal migration, building on a landmark deal signed between the UK and Iraq in November 2023. Home Secretary Yvette Cooper praised the progress, stating, “When I signed the landmark deal with Iraq in November, it was a clear signal of our commitment to dismantle the criminal smuggling gangs together.”

Cooper noted that the UK-Iraq security agreement has already strengthened border controls and enhanced intelligence-sharing efforts, with additional resources allocated to support Iraq’s law enforcement capabilities. “We’re targeting people smuggling gangs where it hurts,” she said, adding that these measures “are making it harder for criminals to exploit people” while ensuring they face justice.

Notably, the visit by Prime Minister Al-Sudani follows the UK Prime Minister’s December trip to the Gulf, which sought to bolster Middle Eastern stability. During the meeting, the UK and Iraq are set to sign a joint statement to enhance defence cooperation, commemorating a decade since the Global Coalition mission in Iraq and Operation Inherent Resolve, which led to the territorial defeat of ISIS.

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