Iraq Economic News and Points To Ponder Monday Evening 10-5-26
EU Ambassador: Trade Between Iraq And Europe Amounts To About 18 Billion Euros
Money and business Economy News – Baghdad The Ambassador of the European Union to the Republic of Iraq, Clemens Smtner, said that the relations between Baghdad and the European Union are witnessing a renewed development in various fields, pointing out that the partnership between the two sides expands to include economic, developmental and security files, in addition to issues related to institutional reform and the rule of law.
According to the official newspaper, Smtner stressed the existence of close cooperation with the Iraqi government, especially with the Integrity Commission, pointing out that the European Union submitted, weeks ago, a review of Iraqi legislation in order to ensure that corruption cases are not dealt with only the application of criminal law, but the Iraqi authorities cooperate better to ensure the full recovery of funds and assets in the civil cases resulting from it, in the interest of the Iraqi people.
He stressed that the fight against corruption was not limited to law enforcement, but began with prevention, by providing appropriate mechanisms for transparency and accountability.
Smtner touched on the location of Iraq in its regional environment, pointing out that the country has been severely affected by the regional conflict, and that some neighboring countries claim to be attacked from Iraqi territory.
He welcomed the efforts made by the Iraqi government to communicate with neighboring countries and reform relations with them, stressing that the future of Iraq depends on being an integrated partner in its regional environment.
He pointed out that Iraq's position qualifies it to become a crossroads between Asia, the Gulf and Europe, which could strengthen its economic and regional role.
He described Europe as a close partner of Iraq historically and geographically, as well as the multiple relations between the peoples of the two sides, stressing the desire of the European Union to intensify the partnership with Iraq in the fields of trade and investment, as well as on migration and regional security issues.
The European Union viewed Iraq as an important partner with great potential, stressing the importance of strengthening security by limiting all weapons to the state, reforming the public sector, diversifying the economy, improving the business environment and fighting corruption.
He pointed out that the convening of the Partnership and Cooperation Council in October 2025 strengthened cooperation between the two sides in the fields of trade, renewable energy, social and economic development, democracy and human rights.
He explained that the volume of trade between Europe and Iraq is about 18 billion euros, pointing out that the developments related to the closure of the Strait of Hormuz showed the importance of addressing Iraq's large dependence on oil and the inflation of the size of the public sector, considering that this situation will not continue in the long term.
He added that the European Union supports Iraq in diversifying its economy through the sectors of renewable energy, information and communications technology, agribusiness and logistics, in addition to working to improve the investment climate through better governance, legal frameworks and strengthening the rule of law.
He pointed out that European support also includes the modernization of public financial management and social protection systems, with the aim of using public resources more effectively and efficiently, and maintaining the social contract with the Iraqi people, while providing more space for investment to contribute to the creation of jobs and wealth.
Support for security sector reform In the security field, Smtner stressed that the European Union, through the European Union Advisory Mission in Iraq (EUAM), supports security sector reform and cooperates with the Iraqi authorities in the areas of border management, combating trafficking, crime and violent extremism, in accordance with the rule of law and human rights.
He pointed out that the European Union and its member states were partners of Iraq in the international coalition to fight the terrorist organization Daesh, pointing out that the European Union itself does not provide weapons or defense equipment, while member states can provide this at the bilateral level.
He added that some member states had advised Iraqi security forces, including as part of their NATO membership.
He explained that the war in Iran led to the interruption of these efforts, while the European member states of NATO intend to continue this work, although it is unclear when and how to resume it.
Transformation towards renewable energy sources In the energy file, the EU ambassador stressed that the EU has a clear policy of directing energy policies away from hydrocarbons towards renewable energies.
He explained that the Union continues to support the Iraqi government in developing the necessary legislation, developing gas treatment, designing climate-adaptive housing, and helping Iraq to become a partner in global emissions trade.
He pointed out that the European Investment Bank, which plans to start operations in Iraq soon, along with other European investment banks, could play an important role in the transformation of the energy market, including the electricity grid.
Smtner stressed that the diversification of Iraq's energy policy, along with the diversification of the economy, is a key axis to ensure the country's future.
European interest in investment
He stressed that European companies are interested in investing in Iraq, pointing to cooperation with the Iraqi Ministry of Trade to prepare for the "Iraq National Forum for Trade and Investment", scheduled to be held on October 28 and 29 in Baghdad.
More than 60 European companies and more than 500 Iraqi companies have so far expressed their interest in participating in the forum, which will focus on the sectors of trade, agribusiness, digital connectivity, renewable energy, construction, transport and logistics, he said.
He pointed out that the European countries already receive energy from Iraq worth about 12 billion euros annually, while European companies are active in the Iraqi market, expressing the hope for the continuation and expansion of this cooperation.
The EU ambassador stressed that diversifying the Iraqi economy and energy policies would contribute to ensuring the future of Iraq and represent a basis for expanding the economic partnership between the two sides.
Agreements and Economic Cooperation
Regarding mutual visits and contacts, Smtner said he could not speak on behalf of the governments of EU member states, but that these visits showed the Iraqi government's keenness to develop cooperation with Europe, and stressed the readiness of member states to strengthen their economic relations with Iraq.
In that connection, he referred to the signing of a number of agreements, expressing the hope that it would lead to more tangible investments and trade.
Cooperation programmes with Iraq already existed and covered many areas, much of which focused on the transfer of technical knowledge and capacity-building of the Iraqi authorities to implement better policies.
He pointed out that these programs include vocational training and schooling, improving the marketing of agricultural products, conserving water, and encouraging investment.
He stressed that Iraq, as one of the upper tranches of middle-income countries, has great resources and potential, noting that European cooperation focuses on creating common value for Iraq and the European Union and achieving equitable growth for the Iraqi people.
The Ambassador of the European Union concluded by stressing that Iraq's success in enhancing its security, reforming the public sector, diversifying its economy, improving the business environment and combating corruption would benefit Iraqis, while opening new opportunities for cooperation between Iraq and the European Union, especially in the economic, developmental and security fields https://www.economy-news.net/content.php?id=74656
Iraq Is The Third Largest Importer Of Turkish Cigarettes With Forty Million Dollars
Money and business Economy News - Baghdad
Data from the Turkish tobacco sector showed on Monday that Iraq ranked third among the largest importers of Turkish cigarettes during the first eight months of 2026, with a value of $ 49 million, after the United States and Syria.
The head of the Association of Tobacco Exporters in the Aegean Sea, Slim Jimi, said Turkey's exports of tobacco and tobacco products rose 8% last year to $1.110 billion, while cigarette exports reached $361 million during the first eight months of 2026.
Exports of tobacco leaf rose 41 percent to $279 million, while exports of hookah tobacco amounted to $58 million and cigarette tobacco reached $43 million.
Belgium topped the list of Turkish tobacco importers with $ 58 million, followed by the United States $ 52.5 million, then Indonesia $ 15 million, while the United States topped the list of importers of cigarettes worth $ 54 million, then Syria with $ 53 million, and Iraq fourth with $ 49 million https://www.economy-news.net/content.php?id=74657
The Legal Committee Discusses The Proposal To Grant Employees A Long Regular Leave And Mechanisms For Its Application
Money and business Economy News – Baghdad The Parliamentary Legal Committee discussed on Monday the proposal of a law to grant the employee a long regular leave, in the presence of the Chairman of the Federal Service Council, Dr. Hussein Abbas, and the Undersecretary of the Ministry of Labor and Social Affairs, Dr. Hoda Sajjad.
The committee said in a statement that the meeting was held under the chairmanship of Dr. Ribwar Hadi and in the presence of a number of its members, and discussed the most prominent observations and proposals submitted by the executive authorities concerned on the articles of the proposal.
The meeting also addressed objections and observations related to the mechanisms of application of the proposal and its implications for employees and government institutions.
The Legal Committee confirmed that it will continue to listen to the views and observations of the relevant executive authorities by hosting them successively and discussing the legislative, technical and administrative aspects of the proposal.
She pointed out that these discussions aim to address the observations and reach a balanced legal formulation that meets the requirements of the public interest and achieves the objectives of the legislation https://www.economy-news.net/content.php?id=74653
About $150 Million In Losses After The Resounding Fall Of Tom Cruise's New Film
Money and business Economy News - Follow-up Tom Cruise has been hit by one of the worst openings of his film career: his new film, Digger, directed by Alejandro González Inariato, generated a shocking revenue of just $20 million globally in the first weekend of its screen show.
According to the British newspaper "The Guardian", the satirical film suffered this huge loss against a huge production budget of $ 150 million, as well as $ 100 million spent on the marketing campaign.
The North American box office has earned only $8 million, while 74 international markets have raised only about $12 million, disappointing results for Warner Bros., which counted on Cruz’s strong global presence.
The film was subjected to a sharp criticism attack, describing it as a "pale farce" about climate change, despite the praise of some of Cruz's satirical performance, while the audience gave the film a "C+" rating on "Score Cinema".
The setback coincided with Warner Bros.’s last moments as an independent studio before it completed its merger with Paramount SkyDance in a $110 billion deal.
In contrast, Verity, based on Colin Hoover’s novel and starring Dakota Johnson and Anne Hathaway, took the lead in North America with $32.6 million.
On the other hand, the re-show of the film Avengers: Endgame has regained the top of the historical list of the highest-income films in history with a total of $2.9255 billion, surpassing the film "Avatar" again by a narrow margin
Iraqi Airways to resume direct flights to Iran from Thursday
Money and business Economy News – Baghdad The Iraqi Airways Administration announced on Monday the resumption of direct flights of the national carrier to the Islamic Republic of Iran, starting next Thursday, October 8, 2026.
The company’s management explained that the new operating plan will include regular daily flights between Najaf International Airport, Mashhad Airports, Tehran and Isfahan, which will contribute to enhancing the flow of passenger traffic and provide regular air transport options between Iraq and Iranian cities.
The resumption of flights is part of the Ministry of Transport’s efforts to reactivate air traffic and strengthen the air link between Iraq and various regional destinations https://www.economy-news.net/content.php?id=74648
Land Transport Completes 1120 Cross-Border Cargo Flights With TIR System In September
Money and business Economy News – Baghdad The General Company for Road Transport, one of the formations of the Ministry of Transport, announced on Monday the completion of 1120 cross-border cargo flights according to the TIR system during the month of September, coming from Turkey and Europe towards the Gulf countries and Jordan.
A statement by the company, "Al-Ahd News", that "the flights were carried out by official requests, and launched from the port of Ibrahim Al-Khalil towards the ports of Safwan and Trebil, within the transport and transit routes across the Iraqi territory."
The company stressed that "the high number of flights reflects the growth of international road traffic through Iraq, and strengthens its location as a trade corridor linking Turkey and Europe to the Gulf countries and Jordan, taking advantage of the application of the TIR system, which contributes to facilitating the transit and transport of goods."
She added that "this step comes within the efforts of the Ministry of Transport and the local guarantor team to develop the land transport system, and facilitate the movement of transit and international trade through Iraqi territory, in a way that enhances the logistical role of Iraq and supports economic activity https://www.economy-news.net/content.php?id=74643