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Iraq calls for striking off debts still due to EU
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Kuna - [11/24/2006]
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EU External Relations Commissioner Benita Ferrero-Waldner affirmed on Monday the importance of upgrading the EU-Iraqi trade and economic cooperation.
Speaking to newsmen here after wrap up of the first session of trade and cooperation talks with conflict-torn Iraq, she said this allows cooperation shores up the EU commitment to help the Iraqi people and the new Iraqi government to enter the international fold.
In turn EU Trade Commissioner Peter Mandelson who took part in the talks underlined the need for the Iraqis to believe that the EU stands firmly be their side.
He singled out energy as a top field for cooperation between both sides and stressed that counting on this field would open wide horizons because it is a fertile area for European investments.
Iraq's Deputy Premier Barham Saleh called on the EU to write off the 20 percent of the debts still due for payment by Iraq, noting that this was discussed with the European officials during last Paris Club meeting.
Reminding, he said there was agreement to write off 80 percent of the debts due for payment by Iraq to the EU.
He said the 20 percent still due end up in an extra load sustained by the Iraqi people who need help at this stage.
"Iraq is going through a tough transition and none of us wants to underestimate the difficulties and the challenges we face, the challenge of terrorism and extremism, but Iraq has nowhere to go but to succeed," Saleh told a joint press conference after the meeting.
The three speakers agreed on the importance of Iraq's oil and gas reserves, but stressed that this was not the only focus of the planned accord.
Iraq currently produces about 1.7 million barrels of oil per day.
Saleh, who is also Iraq's trade minister, said he hoped that the figure would at least double by 2010.
The EU plans for a new deal with Iraq runs alongside a five-year UN-backed strategy, known as the International Compact, aimed at reviving the war-torn nation's economy and integrating it into the global economy.
Since 2003, the European Commission has contributed USD 923 million for the reconstruction of Iraq, with concern on assisting the Iraqi people in accessing basic services.
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