Iraq owes China $8.5 billion trillion in debt free of 80% of total

Iraq owes China $8.5 billion trillion of debt-free debts to the total of 80% Iraqi Finance Minister Bagler Zubedi announced January 31 that Beijing has agreed to a bilateral agreement that would exempt Baghdad from 80% of its debt, about $6.8 billion trillion, which amounted to $8.5 billion trillion. China's ambassador to Iraq, Changyi, conveyed to Zubedi the approval of the NPC Standing Committee on the bilateral agreement, which was initialled in Beijing.　　It is reported that the two sides in Beijing on the issue of debt relief consultations, the Chinese side said it would reduce the debt owed to China. In addition, the finance minister also asked the Chinese embassy in Baghdad to simplify the entry visa procedures for Iraqi businessmen to visit China.　　Zubedi confirmed that bilateral trade between China and Iraq increased by 78% in 2008 and 9 months, to nearly 4 billion U.S. dollars in 2009 years ago. Related news Sino-Iranian oil trade profile PetroChina is the first foreign company to enter Iraq's oil field after the war, and in August 2008 it was awarded a contract for the development of Ahmed Wassit Province, which invested $3 billion trillion.　　The contract was signed in 1997, but the current Government of Iraq has amended it.　　Sinopec and BP also signed a contract to develop a large oil field in Rumaila, southern Iraq, where crude oil reserves reached 17.7 billion barrels, with contracts lasting for 20 years. According to the Ministry of Commerce website