Trade agreement with Iraq renewed

Joint Iraqi and Jordanian committees and working industrial and trade teams are expected to meet before the end of this month to discuss the details of renewing the 1998 trade agreement between Iraq and Jordan.

Jordan was studying an Iraqi request to increase the volume trade between the two countries and the sum to be paid in cash in return for its oil imports from Iraq, a governmental source said.

The increase in trade would be specified in meetings to this month and would be set according to the Kingdom's economic capabilities, he affirmed.

The volume of the trade agreed upon before was $255 million for the last year. It included organized bilateral trade exchange operations, transport and communications, facilities provided for Iraq to import via al-Aqaba port among other services.

Jordan will import 4.8 tons of Iraqi crude oil and products for $16.8 per barrel to fill local needs, in addition to a bonus of $300 million Iraq is donating to Jordan.

The oil agreement between the two sides requires establishing a joint company for oil products, building a pipeline to transport Iraqi oil to Jordan and building an oil refinery in al-Aqaba.

Jordan gets Iraqi oil according to an exemption to UN sanctions imposed on Iraq in 1990 after Iraq invaded Kuwait.