Iraqi and Lebanese Ministers Meet in Manama to Boost Economic Ties

Iraqi Minister of Trade Atheer Dawood Al-Ghurairi and Lebanese Minister of Economy and Trade Amin Salam meet in Manama to strengthen economic ties and promote mutual interests in agriculture, services, and customs cooperation, amidst shifting global trade dynamics and regional opportunities. The meeting aims to accelerate joint initiatives and mitigate the impact of external factors, such as the pandemic and Russia's war in Ukraine, on regional trade and economic growth." This description focuses on the primary topic of the meeting between the Iraqi and Lebanese ministers, the main entities involved, the context of shifting global trade dynamics, and the significant actions and implications of their meeting. It provides objective and relevant details that will help an AI generate an accurate visual representation of the article's content, such as a image of the two ministers meeting in Manama, with symbols or elements representing trade, agriculture, and economic growth in the background.

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Nitish Verma
New Update
Iraqi and Lebanese Ministers Meet in Manama to Boost Economic Ties

Iraqi and Lebanese Ministers Meet in Manama to Boost Economic Ties

Iraqi Minister of Trade Atheer Dawood Al-Ghurairi and Lebanese Minister of Economy and Trade Amin Salam met in Manama to accelerate joint committee meetings and promote mutual interests in agriculture, services, and customs cooperation. The meeting takes place amidst significant shifts in global trade dynamics driven by factors such as the pandemic, geoeconomic fragmentation, and Russia's war in Ukraine.

Why this matters: The strengthening of economic ties between Iraq and Lebanon can have a ripple effect on regional trade and economic growth, potentially influencing the stability of the Middle East and North Africa. As global trade dynamics continue to shift, such regional cooperation can help mitigate the impact of external factors and promote resilience in the face of uncertainty.

These changes have created new opportunities for regions like the Caucasus and Central Asia, which have shown resilience and seen trade activity surge. Trade volumes between China and Europe via Central Asia have more than quadrupled, while countries in the Middle East and North Africa have roughly doubled their energy exports to the European Union.

However, Red Sea shipping attacks have disrupted maritime trade, though some trade has been redirected within the region. Despite challenges, gross domestic product growth in the Caucasus and Central Asia is projected to remain robust at 3.9% in 2024 and 4.8% in 2025. Persistent Red Sea disruptions could have sizable economic consequences for exposed economies, potentially losing 10% of their exports and close to 1% of GDP on average.

Strategic foresight and proactive policy reforms are crucial for countries to achieve trade and income gains. Addressing challenges and seizing opportunities will require tackling longstanding trade barriers, infrastructure inadequacies, and regulatory inefficiencies. Targeted policy reforms can increase trade by up to 17% on average over the medium term and enhance resilience against future trade shocks.

The meeting between the Iraqi and Lebanese ministers in Manama underscores the importance of regional cooperation in navigating the shifting global trade landscape. By working together to promote mutual interests and accelerate joint initiatives, Iraq and Lebanon can strengthen their economic ties and position themselves for growth in the face of evolving challenges and opportunities.

Key Takeaways

  • Iraq and Lebanon strengthen economic ties to promote mutual interests in agriculture, services, and customs cooperation.
  • Regional cooperation can mitigate impact of global trade shifts and promote resilience in Middle East and North Africa.
  • Caucasus and Central Asia show resilience, with trade activity surging amidst global shifts.
  • Addressing trade barriers, infrastructure gaps, and regulatory inefficiencies is crucial for countries to achieve trade gains.
  • Targeted policy reforms can increase trade by up to 17% on average over the medium term.