- Time: 2023/03/21 21:10:22
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{Local: Al-Furat News} The Ministry of Foreign Affairs announced the text of the joint declaration of the European Union and Iraq for the meetings of the third session of the Iraqi-European Cooperation Council held in Brussels on March 19 on sustainable development, green transformation, governance, regional interdependence and sustainable financing.
Within the framework of the implementation of the partnership and cooperation agreement signed between Iraq and the European Union in 2012, the two sides are working to strengthen and deepen their cooperation frameworks in order to advance economic reforms and sustainable green transformation.
Pursuant to the partnership and cooperation agreement, both Iraq and the European Union recognize the critical importance of sustainable social development and the need to go hand in hand with economic development. The two sides stress the need to strengthen and strengthen cooperation between them in various fields of common interest, based on the foundations of respect for sovereignty, equality, non-discrimination, the rule of law, good governance, taking into account environmental conditions and mutual benefit. The two sides also recognize the need for Iraq to support the European Union to continue its efforts in carrying out political reforms and economic rehabilitation.
In this regard, Iraq and the European Union recognize the need to address the phenomenon of climate change globally and in line with their international commitments and the Paris Climate Agreement, in particular, and therefore the two sides are determined to work to achieve the Sustainable Development Goals as part of those efforts and make progress in decarbonization in the areas of energy and transport. The two sides consider close cooperation to promote regional connectivity through digital networks, power networks and transport to promote stability and sustainable peace in the Middle East to be vital.
This cooperation includes mobilizing sources of sustainable financing in order to achieve these goals to meet the large investment needs in Iraq and the region, especially through possible cooperation between Iraq and European development and trade finance institutions. These efforts are in line with the European Union Green Deal and Global Portal initiatives.
1. Sustainable development and green transformation:
– The European Union appreciates Iraq’s commitment to promoting renewable energy sources and improving the country’s energy potential and efficiency and its orientation towards the green energy sector. Iraq and the European Union also pay great attention to the issue of reforming the electricity and gas market in Iraq, including the modernization of the electrical system network and agreed on the need to take measures to reduce unnecessary gas burning as much as possible and replace this with the use of gas stored in electricity production for domestic consumption.
– The European Union commends Iraq’s ratification of the Paris Agreement and encourages it to proceed with following up on the steps required to implement its contribution at the national level.
– In light of Iraq’s extreme vulnerability to the effects of climate change and environmental degradation, Iraq and the European Union recognize the importance of setting clear targets and intensifying the most urgent actions to address the challenges associated with reducing emissions including emissions leaks, water management and adaptation to climate change.
– Iraq and the European Union agree on the role that decarbonization pathways can play, especially in the electricity sector, in terms of the high rate of additional growth and production gains.
– The European Union expressed its readiness to help Iraq urgently address the challenges of climate adaptation and environmental degradation by moving towards sustainable, equitable and resilient economic policies.
2. Governance:
Iraq and the EU reaffirm their cooperation on (re) Iraq’s commitment to additional reforms that include regulatory frameworks and provide an enabling environment for the private sector as well as to diagnose and develop broader governance and provide basic services, as well as improve transparency and fight corruption.
3. Regional connectivity:
Iraq and the EU intend to strengthen their cooperation on improving regional electrical interconnection and strengthening stronger transport links in the region. Furthermore, the two sides reaffirm the field of air safety as a key priority in their bilateral relations. The EU also continues to engage with the Iraqi Civil Aviation Authority (ICAA) and will monitor its own safety capabilities.
4. Sustainable finance:
The European Union supports the efforts of the Government of Iraq in addressing the underlying structural imbalances, advancing the required reforms in the areas of economic diversification, strengthening the private sector, economic empowerment of women, attracting investments in order to address the challenges of unemployment and focusing on youth, women and displaced people in particular.
The European Union, in cooperation with European development finance institutions such as the European Investment Bank and the European Bank for Reconstruction and Development, expressed their readiness to work more closely with the Iraqi government to enhance its participation with financial institutions to advance the development of the private sector, including the banking sector and improving the country’s investment environment by diversifying sources, sustainability and inclusiveness by providing investment support in Iraq and in line with the EU’s global climate-related priorities.
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