Petrochemicals included in agreement to eliminate trade barriers between Indonesia and Iraq

16-Jun-10

Indonesia and Iraq have agreed to eliminate trade barriers and provide incentives to increase bilateral trade volumes. Agreement has been reached to establish a task force in the next three months to identify barriers in bilateral trade and investment, and also to explore actions and possible incentives to promote the two countries' trade volume. Iraq had offered Indonesian businessmen wider investment opportunities in various sectors of energy and oil and gas, telecommunications, petrochemicals, pharmaceuticals, banking and housing construction projects; as part of a program to promote trade relations. According to the Indonesian Trade Ministry, bilateral trade between Indonesia and Iraq dropped sharply to US$41.26 mln in 2009 from US$265.59 mln in 2008.