The Saudi-Iraqi Business Council estimates the volume of trade exchange between the two countries at 5 billion riyals

Baghdad, The Saudi-Iraqi Business Council estimated the volume of trade exchange between the two countries at 5 billion riyals, with an annual growth of 12%. The Federation of Saudi Chambers said in a statement, today, Tuesday, that 'Iraq is preparing to present a law to protect Saudi-Iraqi investment and discuss it before Parliament in preparation for its approval during the next few months, to enhance economic cooperation between Iraq and Saudi Arabia.' In December of last year, Saudi Arabia signed a partnership agreement with Iraq in the field of private sector industrial investments, at a time when the Saudi ambassador confirmed the existence of many investment opportunities that are being studied. Last November, the Saudi Minister of Investment announced that Saudi Arabia was considering inaugurating the first free economic zone with Iraq, in the border region of Arar, expressing his hope that the region would be the first free economic zone with a neighboring country without taxes, fees, or entry vis as to serve investors in the two countries. Source: National Iraqi News Agency