The European Union (EU) and Iraq recently signed a partnership and cooperation agreement aimed at strengthening their bilateral relationship and promoting mutual economic, political, and cultural cooperation.
The agreement, which was signed in 2018, provides a framework for the two sides to work together on a range of issues, including trade, investment, energy, migration, and security. It also establishes a dialogue on human rights, democracy, and the rule of law.
One of the key objectives of the agreement is to boost trade and investment between the EU and Iraq. The EU is already one of Iraq’s largest trading partners, with bilateral trade reaching €22 billion in 2019. However, there is still room for growth, particularly in non-oil sectors such as agriculture, manufacturing, and services.
To support this objective, the agreement provides for the establishment of a joint committee on trade and investment, which will work to remove trade barriers and promote investment in both directions. The committee will also aim to facilitate the exchange of information, ideas, and best practices on a range of issues related to trade and investment.
In addition to trade and investment, the agreement also seeks to promote cooperation in the areas of energy and the environment. Iraq is a major oil producer and exporter, and the EU is keen to expand its energy ties with the country. The agreement provides for the development of a strategic energy partnership aimed at boosting cooperation in areas such as energy security, renewable energy, and energy efficiency.
Another important area of cooperation is migration. Iraq is one of the main countries of origin for migrants and refugees coming to the EU, and cooperation between the two sides is essential for managing the migration flows in a safe, orderly, and humane manner. The agreement provides for the establishment of a dialogue on migration, which will aim to address the root causes of migration, strengthen border management, and enhance cooperation on return and readmission.
Overall, the partnership and cooperation agreement between the EU and Iraq represents a significant step forward in their relationship, and provides a solid framework for promoting mutual cooperation and strengthening ties between the two sides. It is hoped that it will lead to increased trade and investment, improved energy cooperation, and enhanced cooperation on migration and other issues of mutual concern.