Iraqi-Jordanian trade agreements worth $255 million

Jordanian ministers and concerned parties are continuing their efforts to draft a detailed Iraqi-Jordanian 1998 trade protocol. It is expected to be worth $255 million, the same as the 1997 protocol.

There is an effort to increase the amount of trade by $30 million to $50 million. The extra sum to be allotted to smaller Jordanian companies which were not previously allowed to export their products to Iraq.

The oil agreement between Iraq and Jordan was renewed late last year during a visit held by Jordanian Minister of Energy and Mineral Wealth Mohammed Saleh al-Hourani to Iraq.

The two governments agreed to increase the quantities of oil and other products exported by Iraq to Jordan this year.

Iraq's government also agreed to reduce oil prices for Jordan and to supply Jordan with no less than $300 million worth of oil.

The agreement is connected with UN resolutions which allow Jordan to provide Iraq with its services in exemption to the UN sanctions imposed on Iraq in 1990 after Saddam Hussein's forces invaded Kuwait.