Islamabad: Pakistan and Iraq will sign 10 agreements to promote cooperation in different sectors including tax and tariff exemptions and trade to enhance bilateral relations, according to news published on April 25.
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Iraqi Ambassador Hamid Abbas Lafta revealed that both the countries will sign 10 agreements in June, which will mark the start of a new era for enhancing bilateral trade and economic ties. He further added that the agreements will be signed regarding coordination against human trafficking & other crimes, economic and trade cooperation, and tax and tariff exemptions.
Moreover, the ambassador stated that Iraq is a free market, offering opportunities for investors from Pakistan that will be beneficial for the local business community. He also mentioned that there is huge potential for the development of bilateral trade. Ambassador Lafta hoped that the current USD 100 million bilateral trade can be doubled if cooperation in the tourism, petroleum and air travel facilities are included.
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Reportedly, talks are underway for making air connectivity more effective; an agreement will be signed in this regard. In order to improve trade and economic relations, both the countries should know each other’s markets. For this purpose, exhibitions and seminars will be arranged. The ambassador disclosed that there is an abundance of investment opportunities for Pakistani companies in the construction sector in southern Iraq.