According to global media reports, the Prime Ministers of Iraq and the United Kingdom announced a joint statement yesterday, stating that they have agreed on a trade package worth up to $14.98 billion (12.3 billion pounds) and a bilateral defense agreement.
The agreement was announced after a meeting between Iraqi Prime Minister Mohammed Shia’ al-Sudani and his British counterpart, Keir Starmer, at Downing Street. The deal is expected to result in more than a tenfold increase in bilateral trade by 2024.
The agreement includes a £1.2 billion project to use a British-built power transmission system for the grid interconnection project between Iraq and Saudi Arabia, as well as a $610 million plan to upgrade the Qayyarah Airbase in northern Iraq.
The statement also mentioned a water infrastructure project led by a UK consortium, which aims to provide clean water to the dry southern and western regions of Iraq. This project could be worth up to £5.3 billion in UK exports.
Additionally, Prime Minister Mohammed Shia’ al-Sudani and Prime Minister Keir Starmer signed a defense agreement, which lays the foundation for a new era of security cooperation between the two nations.
