First ever Iraqi-British Chamber Of Commerce (IBCOC) announced

The statement came after a joint meeting between the two parties in Amman, Jordan and was announced during the Iraq Procurement 2004, Amman, Jordan pre-event launch reception. The main function of the new chamber is to entrench the bilateral commercial relationship between the two countries, thus enabling British businesses to have a larger role in the rebuilding of Iraq.

Dr Mostafa Bazergan, a respected Iraqi businessman and project consultant for Iraq Procurement 2004, stated that "during a meeting between the two sides in Amman they had agreed to declare the foundation of the formation of the chamber, adding that further meetings will proceed in the future to set its structure."

Dr Bazergan, who is also the chairman of Iraq Infosearch, explained: "The IBCOC is the first such chamber between Iraq and the United Kingdom, despite a long history of commercial cooperation between the two countries." The IBCOC is expected to have a major share in the rebuilding of Iraq. Analysts have put the overall costs of Iraqi reconstruction projects at more than $150 billion.

"This chamber will open opportunities for Iraqi businessmen to participate in the process of rebuilding their own country with the help of their British partners," Dr Bazergan continued. Although there are no accurate figures, I think the trade between the two countries had declined to eight per cent of what it was in the 1970s and 1980s. During our meetings with British businesses in Amman, it was agreed that the target for the IBCOC (in the next few years) should be to bring the current level of trade to 60 per cent of what it used to be."

An analyst commented that the announcement of the IBCOC - coinciding with Iraqi Prime Minister Dr Iyad Allawi's first visit to Jordan - was a testament to the country's role in Iraq's future commercial relations with the international community: "I think that this announcement in Amman indicates the importance of Jordan as a partner for the new Iraqi government. Jordan was Iraq's major trading partner for the past 15 years and we cannot forget Jordan's support for Iraqis during the years we lived under UN sanctions," he said.