Saudi Arabia and Iraq are to launch a joint trade commission, the Saudi cabinet announced Monday (August 14th), in a sign of a thaw in ties between the two neighbours, AFP reported.
"The cabinet has decided to approve the establishment of the Saudi-Iraqi Co-ordinating Commission and to delegate the Saudi minister of trade and investments to sign on behalf of the kingdom," read a statement carried by state-run SPA news agency.
Saudi Arabia and Iraq, OPEC's top two producers, were both dealt a serious blow when oil prices plummeted following a global production glut in 2014.
Riyadh and Baghdad showed an improvement in ties in June, when Iraqi Prime Minister Haider al-Abbadi visited the kingdom followed by a series of visits by high-ranking officials.
Iraq's Energy Minister Jabbar al-Luaybi and his Saudi counterpart Khalid al-Falih last Thursday jointly announced they would strengthen their commitment to pledged oil production cuts and vowed to ensure co-ordination of their nations' oil policies.
