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Iraqi News
5 days ago
- Politics
- Iraqi News
The Secretary of State and the US Senator affirm the importance of continuing bilateral cooperation in the field of counterterrorism
Baghdad - INA Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein stressed, on Friday, with US Senator Jacky Rosen, the importance of continuing bilateral cooperation in the field of counterterrorism. A statement by 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 Senator Jacky Rosen, in the presence of Consul General Stephen Bittner, Liz Leibowitz, Senior Foreign Policy and National Security Advisor to Senator Rosen, and Robert Wisanen, Senior Defense and National Security Advisor to Senator Rosen." The statement added that "the meeting discussed Iraqi-US relations in various fields, particularly military and security aspects, with emphasis on the importance of continuing bilateral cooperation in the field of counterterrorism, particularly in confronting the remnants of the terrorist organization ISIS." He explained that "the meeting also addressed developments in the electoral process in Iraq, the importance of deepening the democratic experience there, and enhancing interaction between Iraqi democratic values and their counterparts in democratic countries." He continued, "The two sides discussed security challenges in the region and crisis management mechanisms," stressing "the importance of continued US support for Iraq in this context." He noted that "the meeting touched on the course of the ongoing negotiations between Tehran and Washington, with the two sides exchanging views on points of disagreement and agreement, and the importance of reaching understandings that ensure security and stability in the region."
Iraqi News
25-05-2025
- Business
- Iraqi News
Iraq opposes being labeled as high-risk destination
Baghdad ( – The Iraqi Foreign Minister, Fuad Hussein, stated on Saturday that Western countries' continued inclusion of Iraq as a high-risk destination in their travel advice negatively impacts foreign firms' potential investments as well as restricts the expansion of tourism and the exchange of cultures. Hussein's remarks took place during his meeting with US Senators Angus King and James Lankford in Iraq's capital, Baghdad, where he confirmed that Iraq is working quickly to achieve energy self-sufficiency by utilizing associated gas, improving electricity interconnection projects with neighboring countries, and exploring new gas fields, according to a statement released by the Iraqi Foreign Ministry. Hussein urged specialist American corporations to engage in Iraq's energy sector, as the country will position itself as a gas producer in addition to being a key oil producer. In addition to the bilateral ties and regional issues discussed during the meeting, Hussein emphasized that Iraqi-US relations are strategic, ranging from partnership in the fight against terrorism to cooperation in reconstruction and the promotion of regional stability, as well as other critical areas such as energy and education. The Iraqi foreign minister stated that Iraq wishes to broaden the scope of bilateral cooperation and strengthen the presence of US enterprises to seize attractive investment opportunities and contribute to reconstruction and development initiatives. Both parties highlighted that the terrorist group ISIS continues to pose a substantial danger both regionally and internationally. They highlighted the significance of coordinating international efforts to defeat ISIS and prevent its resurgence. The meeting also addressed the progress made in the negotiations between the United States and Iran, with both sides agreeing that communication is the best approach to resolve outstanding issues, promote stability, and prevent escalation.
Shafaq News
13-04-2025
- Business
- Shafaq News
Iraq's budget in peril as Trump pressures oil markets
Shafaq News/ US President Donald Trump's relentless drive to crash oil prices in a bid to bolster American industries could wreak havoc on Iraq's fragile economy, experts warn, cautioning that sharp swings in global oil markets may deliver a heavy blow to Baghdad's heavily oil-reliant budget. Economists argue that Trump's tariff-fueled strategy is designed to squeeze oil-producing nations into reshaping trade deals on Washington's terms. While the move may give American manufacturers a competitive edge, it sends shockwaves through oil-dependent economies like Iraq, where over 90% of the national budget hinges on crude exports. 'If prices fall, the Iraqi government will struggle to secure funding and cover its budget,' said Hussein Al-Saabri, a member of the Iraqi Parliament's Investment and Development Committee. He told Shafaq News that Trump's tariffs ripple across global markets, indirectly affecting oil prices and, by extension, Iraq's fiscal health. Oil prices dropped to around $60 a barrel following Trump's tariff imposition, before a temporary 90-day suspension led to partial stabilization. Yet this swing caused global trade imbalances, said economist Mustafa Faraj. 'When tariffs were applied, global demand for goods dropped, taking oil demand with it,' Faraj told Shafaq News. 'As oil is subject to supply and demand like any commodity, prices fell accordingly. More fluctuations are expected in the coming days.' Faraj believes Trump is using tariffs as a tool to force countries to the negotiating table, citing China as a prime example of increased pressure. As for Iraq, he advises diversifying revenue sources to shield the economy from external shocks. Economic researcher Ahmed Eid echoed the call for reform, advocating domestic production growth, transparent taxation policies, and comprehensive restructuring of Iraq's economic system. 'Any disruption in oil prices immediately affects Iraq's finances,' Eid told Shafaq News. 'This pressure has driven the government to expand its tax policy in hopes of offsetting deficits.' Eid also revealed that Baghdad is considering new tax measures amid unstable oil markets—a move expected to impact imported goods prices and deepen the strain on Iraqi citizens already grappling with poverty and unemployment. In response to Trump's tariff policy, the Iraqi government announced on April 5 a set of measures aimed at recalibrating economic ties with the United States, including expanding mutual trade by opening distribution channels for US companies and activating Iraqi commercial agencies to promote direct sector-to-sector engagement with the US. The government also planned to develop banking and financial cooperation to ensure shared economic interests, as well as directing the Iraqi-US negotiating team to review the fundamentals of trade relations to build a balanced economic partnership. In addition, assigning the foreign, finance, and trade ministries, along with other stakeholders, was another move to initiate dialogue with relevant US sectors, monitor financial markets, and consult with economic think tanks. These measures mirror Trump's hard-nosed approach to negotiation, rooted in a bid to rebalance the US trade deficit through high-stakes, bilateral deals. Speaking from Paris, international legal expert Majid Boudin argued that Trump views America's economic sovereignty as under siege—and sees tariffs as a blunt but effective weapon to reclaim it. 'Trump is laser-focused on funneling massive revenue into the US Treasury and slashing the national debt,' Boudin told Shafaq News. 'He's not interested in alliances—only in pushing America's agenda.' Boudin described Trump's escalating trade war with China as part of a sweeping strategy to reignite US industrial dominance by imposing record-high tariffs. Turning to Iraq's position, Boudin pointed out that Baghdad's economic lifeline remains tightly bound to oil and gas exports. 'Trump is aggressively pursuing bargain-basement oil to drive down production costs and supercharge American competitiveness,' he said. But Boudin warned that forcing prices below extraction costs could backfire, inflicting losses on oil producers. 'That's the battlefield in Trump's next round of negotiations with Middle Eastern nations—Iraq included,' he concluded.
