Iraq and Venezuela discuss joint coordination to support stability in global oil markets
Baghdad – INA
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed today, Saturday, with his Venezuelan counterpart, Ivan Gil Pinto, joint coordination to support stability in global oil markets, in a manner that serves the interests of both producing and consuming countries.
A statement from the Ministry of Foreign Affairs, received by the Iraqi News Agency (INA), stated that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein met with the Minister of Foreign Affairs of the Bolivarian Republic of Venezuela, Ivan Gil Pinto, on the sidelines of their participation in the Antalya Diplomatic Forum (ADF2025) held in the Turkish province of Antalya."
The statement added that "the meeting discussed ways to strengthen bilateral relations between Iraq and Venezuela, particularly in the fields of energy, trade, and investment, within the framework of the historical relations that unite the two countries within the OPEC organization. The two sides also discussed the importance of joint coordination to support stability in global oil markets, in a manner that serves the interests of both producing and consuming countries."
According to the statement, Fuad Hussein expressed "Iraq's aspiration to expand cooperation with Venezuela, particularly in the field of oil companies and promising economic sectors," stressing "the importance of strengthening partnerships between the private sectors of both countries." The statement continued, "Ivan Gil Pinto, for his part, affirmed his country's commitment to strengthening bilateral dialogue, extending an official invitation to Fuad Hussein to visit Venezuela," and expressing his "welcome to visit the capital, Caracas, as soon as possible to continue discussions on prospects for joint cooperation." The statement continued, "The meeting addressed regional and international issues of common interest, including efforts to achieve stability in the Middle East and Latin America. Both sides emphasized the importance of adopting political solutions to crises and respecting the sovereignty of states."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
a day ago
- Shafaq News
Turkish bulgur exports hit record high in May
Shafaq News/ Turkish bulgur exports reached a record high in May, driven by strong demand from Iraq, Italy, and Romania, the Mediterranean Exporters' Association reported on Sunday. In a statement, Feisal Memiş, President of the Association, confirmed that total bulgur exports climbed to $1.35 billion in May 2025, marking a 12% increase compared with the same month last year. The rise reflects Turkish bulgur's expanding presence in global markets, with Memiş highlighting its ''affordability, long shelf life, and versatility'' as key factors that have established it as a staple in a variety of cuisines across major export destinations.
Shafaq News
a day ago
- Shafaq News
Iraqi expert: Turkiye using water as leverage in trade
Shafaq News/ Turkiye is increasingly linking access to water resources with trade flows to Iraq, raising concerns about the potential long-term impact on the country's agriculture, industry, and economic independence, according to Manar al-Obaidi, head of the Future Iraq Foundation. In a Facebook post, al-Obaidi referenced comments by Gursel Baran, chairman of the Ankara Chamber of Commerce, who outlined a shared objective between Baghdad and Ankara to raise bilateral trade to $30 billion annually, with Turkish exports expected to make up more than 90% of the total. While Baran did not provide details on when or where this target was set, al-Obaidi interpreted the figures as reflecting Ankara's growing view of Iraq as a key export market. He also pointed to a shift in the bilateral relationship's framework. The longstanding concept of 'oil for water,' he observed, appears to be evolving into a new arrangement he described as 'imports for water,' in which increased Iraqi imports from Turkiye could influence the volume of water released from Turkish dams. Under this emerging arrangement, al-Obaidi cautioned that Iraq faces limited options: either tolerate reduced water flows, which he described as 'unacceptable,' or increase imports from Turkiye in the 'hope of securing more favorable water releases.' He further urged the Iraqi government to clarify its position by either publicly rejecting the proposed trade target or disclosing details of any formal agreement with Turkiye, if one exists.
Shafaq News
a day ago
- Shafaq News
Iraq's closet goes Turkish: A trade story
Shafaq News/ Turkish clothing maintains a commanding presence in Iraqi markets, fueled by strong consumer demand, geographic proximity, and growing confidence in product quality. This retail dominance mirrors a broader economic convergence, as Baghdad and Ankara aim to boost annual trade to $50 billion—a target shaped by both strategic priorities and market momentum. Threads of Diplomacy Turkish brands are deeply woven into malls and markets across Baghdad, Basra, Kirkuk, the Kurdistan Region, and the south. Their ubiquity signals more than popularity—it reflects increasing economic interdependence, particularly in textiles, where Turkiye has emerged as a leading supplier. This alignment is rooted in post-2003 trade growth, when Turkish exports to northern Iraq surged, laying the foundation for a durable commercial partnership. Momentum has since accelerated. Recent high-level visits by Prime Minister Mohammed Shia al-Sudani to Ankara and President Recep Tayyip Erdogan to Baghdad produced a series of agreements in infrastructure, energy, and trade. Among the most ambitious is the Development Road project, a $17 billion initiative linking Iraq's Grand Al-Faw Port to Turkiye via rail and highway corridors. Envisioned as a strategic transit route, the corridor is expected to diversify Iraq's economy and enhance regional connectivity. Security cooperation has also strengthened. Iraq's recent decision to classify the Kurdistan Workers' Party (PKK) as a 'terrorist group' was welcomed by Ankara, marking closer coordination on regional threats. Turkish Textiles Take Over The apparel sector stands out as a pillar of Iraq-Turkiye commerce. In 2023, Iraq imported approximately $798 million in Turkish textiles, making Turkiye its second-largest supplier after China. Turkish garments now represent nearly 90% of clothing in Iraqi shopping centers, according to Nawaf Qilij, Head of the International Association of Industrialists and Businessmen in Turkiye. Imports rose sharply across several categories. Women's suits, jackets, and knitted wear posted increases of 10% to 40% between 2022 and 2023, while T-shirts and vests climbed by over 30%. 'This clothing has become part of Iraq's daily consumption,' observed Saadoun Abbas of the Iraqi Chambers of Commerce, pointing to a blend of high demand and trusted quality. Trader Yashar al-Bayati, who works in the New Baghdad Market, told Shafaq News that Iraqi customers now recognize Turkish fabrics for their superior cotton, intricate embroidery, and contemporary designs. 'Turkish winter wear, in particular, sells quickly because it lasts longer compared to Chinese or locally made products.' Despite strong imports, Iraq's textile exports to Turkiye remain limited—just $896,000 in 2023—highlighting a significant trade imbalance. Still, demand for Turkish goods continues, driven by price competitiveness. Consumer habits reinforce this pattern. Kirkuk-based civil servant Hanaa Jassim said she prefers Turkish brands for her children due to 'comfort, elegance, and longevity.' Even higher-end women's suits, some priced up to $200, remain in demand for their lasting quality. Bottlenecks and Barriers Structural challenges continue to limit the full potential of Iraq-Turkiye textile trade. The Khabur border crossing, currently the sole trade corridor, is overwhelmed by more than 2,000 trucks daily, creating a serious bottleneck. Industry voices have urged the opening of additional border points to alleviate congestion and streamline logistics. Complicating matters are visa restrictions that hinder Turkish businesspeople from accessing key Iraqi provinces, slowing distribution and limiting market penetration. Meanwhile, Iraq's domestic textile sector is struggling to stay afloat. Burdened by rising production costs, limited state support, and weak tariff protections, local manufacturers face mounting pressure from Turkish imports. Speaking to our agency, clothing trade expert Hussam Jamal cautioned that unchecked dependence on foreign apparel could further erode Iraq's production base. Yet, he recognized Turkiye's advantage, citing modern design and strong consumer demand as drivers of dominance. 'The apparel sector,' he concluded, 'remains one of the most dynamic areas of Iraqi-Turkish economic cooperation.'
