The council expressed its satisfaction with the state of the oil market following an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers to cut supply to shore up prices.
The SICC stressed the importance of participants’ full commitment to the agreement until its target is achieved.
“The Council was briefed on the results of the Kingdom’s participation in the Baghdad International Fair, which was a great contribution to economic and trade relations. The Saudi side also noted the level of welcome and hospitality enjoyed by the Saudi delegation from reception to departure,” the statement said, adding that the two sides stressed the need to work together to reduce obstacles and facilitate bilateral trade.
They also agreed to develop private sector partnerships, inform businessmen of trade and investment opportunities, and encourage the exchange of technical and scientific expertise and research.
The Iraqi side thanked the Kingdom for its initiative in studying the implementation of customs ports, which will facilitate bilateral trade.
The two sides reached an agreement on opening border crossings and developing ports, roads and border areas. They also agreed to review an agreement on customs cooperation and study bilateral trade.
The SICC announced the resumption of flights from the Kingdom to Iraq, the opening of a Saudi Consulate there, and the reopening of Saudi chemical manufacturing company SABIC’s office in Iraq.
As part of the promotion of bilateral ties, it was agreed that Saudi Arabia will participate in exhibitions in Iraq, including the Baghdad International Fair, the Basra Oil and Gas Exhibition, and the Business and Investment Forum.
During the SICC’s first meeting, it discussed its priorities for the next two years, implementation of its work and the formation of a working group.
Its second meeting will be held in Iraq’s capital Baghdad in the presence of ministers and senior officials from both countries.