US Trade Delegation Visits Iraq to Sign Economic Cooperation Agreements

A US trade delegation, comprising representatives from 60 companies, visited Iraq to sign economic cooperation agreements with the private sector. The three-day visit, which commenced on Monday, occurs amid concerns about a potential international recession following the imposition of tariffs by the US on various countries, including 39 percent duties on Iraqi imports. The delegation includes 101 members from sectors such as energy, technology, and health, who are scheduled to meet with Iraqi officials and finalize agreements. A memorandum of understanding was signed between the US Chamber of Commerce and the Federation of Iraqi Chambers of Commerce to strengthen ties between the US and Iraqi private sectors. Total goods trade between the US and Iraq reached $9.1 billion in 2024, with US exports at $1.7 billion and imports from Iraq at $7.4 billion. Iraq is expected to sign an agreement with General Electric to develop a high-efficiency power plant. This initiative aims to diversify Iraq's energy sources and reduce its dependence on Iranian gas, which currently supplies a third of Iraq's energy needs but is subject to frequent disruptions.