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Saudi Arabia reveals the volume of its commercial imports from Iraq within 20 years
Economy News _ Baghdad
The average growth of trade exchange between the Kingdom of Saudi Arabia and the Republic of Iraq during the last 20 years (from 2000 to 2019) was about 42%, according to a report by the Saudi newspaper, Mal.
The value of trade exchange between Saudi Arabia and Iraq in 2019 amounted to about 2.97 billion riyals, of which 2.95 billion riyals are Saudi exports to Iraq, and 26 million riyals are Saudi imports from Iraq.
Trade exchange between the two countries is expected to increase by a greater rate, following the opening of a new port in Arar, which connects the Kingdom of Saudi Arabia with the Republic of Iraq, which is located in New Arar Governorate, which is affiliated with the northern border region of the Kingdom.
The area of the port is 667 thousand square meters, and the crossing was officially closed in 1990 during the Iraqi invasion of Kuwait, except for the Hajj seasons, until August 2017. In November 2018, construction and improvement of the port began, and Saudi Arabia pledged all costs amounting to about 259 million riyals.
The opening of the crossing will contribute to lowering the costs of Iraqi imports from Saudi Arabia, and vice versa, rather than entering them through neighboring countries.
The port is also a commercial exchange and a logistical area linking the Kingdom of Saudi Arabia with the continent of Europe and Asia. The opening of the crossing will also ease the suffering of travelers between the two countries, instead of traveling through neighboring countries such as Kuwait, Jordan and Turkey.
The Crown Prince, Deputy Prime Minister and Minister of Defense Muhammad bin Salman bin Abdulaziz stressed, during a video meeting held yesterday with Mustafa Al-Kazemi, Prime Minister of the Republic of Iraq, on the importance of relations between the two countries.
The Crown Prince also referred to the importance of the meeting between the Kingdom of Saudi Arabia and Iraq, noting the ties between the two countries as they are very large, very deep and important ties, and we must work to achieve them.
He said: The two countries are neighboring, we are all Arabs, and we follow the same religion. We have the same interests and the same challenges. I am very happy to develop work with you and Iraq.
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