In recent years, Iraq has made significant strides in becoming an active participant in the global marketplace. The country is making extensive progress in economic and regulatory reforms aimed at attracting foreign direct investment, and private sector development is a high priority in this regard. With stabilized security conditions throughout the country, Iraq is certainly a place to consider for investments, business expansion, and other fruitful opportunities.
To increase trade, the United States has designated Iraq as a beneficiary developing country under the Generalized System of Preferences program and several U.S. companies are active in Iraq, including in the energy, defense, information technology, automotive, and transportation sectors. Two-way trade in goods in 2021 totaled $4.6 billion, with $0.8 billion in U.S. exports to Iraq and $3.8 billion of Iraqi exports to the United States, almost entirely consisting of crude oil. A Trade and Investment Framework Agreement between the United States and Iraq came into force in 2013, and a U.S.-Iraq Trade and Investment Council established by the agreement met in 2014 and 2019. On the margins of the August 2020 bilateral Strategic Dialogue the Government of Iraq signed MOUs totaling $8 billion in potential deals with U.S. companies