Iraq is set to sign a GBP 12.3 bn (c. USD 15 bn) export package agreement with the UK in a bid to boost trade between both countries, according to a statement. The value of the agreement — which is assisted by UK Export Finance — is 10x higher than the current value of trade between the UK and Iraq in 2024.

What we know so far: The package includes a series of export agreements between the two countries, including the export of GBP 66.5 mn worth of equipment from the UK to strengthen Iraq’s border security. The package also offers several avenues for expansions for British business.

Bolstering trade: The total trade between Iraq and the UK amounted to GBP 1.1 bn in 2024, a 3.4% y-o-y increase, according to a separate statement (pdf). The UK’s total exports to Iraq were up 6.4% y-o-y, reaching GBP 866 mn in 2024, while Iraq’s exports to the UK saw a 5.7% y-o-y decrease to GBP 246 mn during the same period. Iraq was the UK’s 87th biggest trading partner, amounting for 0.1% of total UK trade in 2024.

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