Iraq and Italy have launched a new Business Council to expand trade and strengthen cooperation between their public and private sectors. The announcement comes as trade volume between the two countries reaches nearly $5 billion, which officials describe as below expectations.
During the launch ceremony, Deputy Trade Minister Sattar al-Jabri highlighted that $3 billion of the trade benefits Iraq, while $2 billion goes to Italy. He described the council as an important step to improve bilateral relations and increase economic collaboration in key sectors.
Moreover, Al-Jabri emphasized that Iraq has been restoring ties with international partners after years of conflict. He commended Italy’s contributions to Iraq’s counterterrorism efforts and noted long-standing cooperation in energy and infrastructure. He recalled that the Partnership and Cooperation Agreement, signed in Rome, took effect in 2009, but the joint committee has not convened since 2019.
Therefore, the new Iraq-Italy Business Council aims to revive dialogue and create new opportunities for investors and businesses from both countries. Al-Jabri explained that the council will serve as a platform for sharing expertise, exploring investment projects, and facilitating trade agreements to strengthen economic ties.
Looking ahead, the ministry has invited Italy to participate in the 2026 Baghdad Exhibition, titled Made in Italy. Italian authorities have expressed strong interest in joining the event next year, signaling continued enthusiasm for bilateral trade and cooperation.
Additionally, analysts say the council could help Iraq diversify its trade portfolio, attract Italian investment, and enhance collaboration in technology, energy, and infrastructure sectors. Officials hope this step will stimulate business partnerships and encourage private-sector growth in both countries.
The establishment of the council reflects Iraq’s broader strategy to strengthen international trade, rebuild its economy, and foster sustainable development through global partnerships.