Abdullah bin Zayed: UAE-Iraq trade exceeded US$4.5 in 2011

Abu Dhabi, Jan 17, 2012 (WAM) - Trade exchange between the UAE and Iraq continues to grow and has exceeded US$4.5 billion last year despite the global economic crisis, H.H Sheikh Abdullah Bin Zayed Al-Nahyan, Minister of Foreign Affairs of the UAE said at a joint , at a joint press conference with his Iraqi counterpart Hoshyar Zebari in Abu Dhabi. Sheikh Abdullah also condemned the recent terrorist acts in Iraq and reiterated the UAE's support for Iraq's stability and security. For his part, Zebari hailed the UAE's decision to waive Iraq's debt as an initiative which is proof of the depth of relations between the two countries. The press conference was held upon the conclusion of the 8th meeting of the UAE-Iraqi Joint Committee which chaired by the two ministers. The UAE Minister noted that an agreement will be signed with Iraq to define a legal mechanism for waiving Iraq's US$ 5.8 billion debt. "Iraq's relations with the Arab Gulf countries are reasonable," he said adding that more efforts and action by both sides are needed to further enhance these relations." "There was a decision by Arab leaders to hold the next Arab summit in Baghdad, Iraq. We Arabs should make sure the next summit will be a step forward and at the same time keep Iraq's right to host an Arab summit," he added. Asked on Iran's recent warnings to Gulf countries if they raise oil output to replace Iranian crude facing an international ban, Sheikh Abdullah emphasised on the need for a diplomatic solution adding that the escalation from the media, politicians, or military officials is not beneficial for the region or the stability of oil markets and the global economy cannot accommodate more tension. For his part, Zebari said Iraq is against escalation and against dealing with these differences using military force. "It is not in the interest of any party to allow this crisis to go on" he said noting that there were serious and continuous bids by Iraq to send clear messages to the Iranian leadership on the importance of the Straits of Hormuz for all countries. "Any talk on waterways, and Hormuz in particular, has an effect on all of us in the Gulf countries, Iraq and Iran. All of us will do everything possible to defuse the crisis," he added. Asked to comment a proposition by the emir of Qatar Sheikh Hamad Bin Khalifa Al Thani to send peacekeeping troops to Syria, Sheikh Abdullah said: "We are making consolations, exchanging views and listen to proposals by leaders on the situation in Syria. Arab foreign ministers will discuss this. The next Arab ministerial meeting in Cairo on 22 January will evaluate the work of the Arab League's observer mission and view reports by the mission and the Secretary General. He noted that 12 Emiratis are among the members of the Arab League's observer mission in Syria and said there are no plans to increase the number of observers or withdraw them from Syria. For his part, Zebari said Iraq supports a solution to the crisis with Iran through dialogue and peaceful means. "There is a big crisis of confidence with Iran," Zebari said. "We are not with escalation, or military force. We are with calming and dialogue," he said noting that 90% of Iraq's oil exports are transported through the Strait of Hormuz. - Emirates News Agency, WAM