Thursday UPDATE for November 19, 2020
- Iraq Minister of Trade is saying that Iraq must join the World Trade Organization (WTO). This will help their country.
- News is indicating that private banks are supporting all reforms by the CBI (Central Bank of Iraq).
- The new tax system is being submitted to the Council of Ministers for approval.
- United Nations representatives are on Iraqi TV interviews requesting that Baghdad and Erbil accelerate acceptance of their agreements and to complete the financial reforms.
- Iraqi TV is broadcasting that President Saleh is refusing to sign the Borrowing Law…….(more news at 11)
- Some banks are very excited after having meetings with Treasury.
- Some rates are being seen again.
- Appearance and demeanor will reflect negotiated rates….at their discretion.
Harambe: MEM: Iraq, Saudi Arabia reopen border crossing after 30 years
Iraq and Saudi Arabia have reopened the Arar border crossing for trade exchanges on Wednesday, which has been closed for 30 years.
“The Arar border crossing with the Kingdom of Saudi Arabia has been officially reopened for trade movement between the two neighbouring countries,” confirmed the Iraqi Border Crossing Authority in a statement, of which Anadolu Agency obtained a copy.
The statement added: “The Interior Minister Othman Al-Ghanmi attended the reopening ceremony on behalf of Prime Minister Mustafa Al-Kadhimi, accompanied by the Saudi ambassador to Iraq, Abdulaziz Al-Shammari, and a number of government officials from both countries.”
The Arar crossing, which is the only land port linking Iraq and Saudi Arabia, over the past few years has been solely designated for the transportation of pilgrims, while prohibiting the passage of goods and passengers.
Iraq and Saudi Arabia agreed in July 2019 on the customs mechanisms to be adopted at the Arar border crossing for the inauguration of trade movement between the two countries.
Saudi Arabia resumed diplomatic relations with Iraq in December 2015, after being severed for 25 years following the Iraqi invasion of Kuwait in 1990.
Following decades of tension, relations improved after the Saudi Foreign Minister Adel Al-Jubeir visited Baghdad on 25 February, 2017.
It was the first visit of a senior Saudi official to the Iraqi capital since 1990, paving the way for future mutual visits.
Observers believe that Iraq represents one of the battlegrounds of the competition over regional influence between Saudi Arabia and Iran, which has close relations with most of the Shia political forces in Baghdad.