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Egypt, Iraq Sign Free Trade Zone Agreement
Egypt and Iraq Thursday signed a protocol that would establish a free trade zone between the two countries, the state-run Middle East News Agency reported.
The trade deal was signed by Egyptian Prime Minister Atef Obeid and visiting Iraqi Vice President Taha Yassin Ramadan, who arrived here Tuesday for a three-day visit.
Obeid said after the signing ceremony that Egyptian-Iraqi economic cooperation will benefit the two countries and bring about "greater trade exchange and more joint projects."
"The free trade agreement is the first step towards the establishment of an Arab common market," he said, urging all Arab countries to join the market to meet the challenges of the 21st century, including globalization and major economic blocks emerging in the world.
Ramadan, as the highest ranking Iraqi official to visit Egypt since 1991, said that the agreement is the first one of its kind for Iraq to sign with an Arab country, voicing hope that it will open a door for other Arab parties to join it.
"The dialogue with the Egyptian side is positive and marked by a genuine interest in achieving cooperation," Ramadan said, adding that he had invited Obeid to visit Iraq to promote trade and economic cooperation between the two countries.
Egypt and Iraq, who broke off ties in 1991 and had since operated interests sections in the Indian embassies in each other's capital, effectively resumed diplomatic relations in November at the level of charge d'affaires.
The two countries have improved trade ties since the implementation of a memorandum of understanding on trade in 1996 when the UN launched the oil-for-food program, which allows Iraq to sell oil to buy food, medicine and other necessities.
Egypt has become Iraq's largest trade partner in the Arab world and the fifth largest in the world, after Russia, China, France and India.
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