The Iraqi Ministry of Industry and Mineral Resources announced on Sunday that it has signed a Memorandum of Understanding for industrial cooperation with its Lebanese counterpart.

This development follows talks between Iraq's Industry Minister Manhal Al-Khabbaz and his Lebanese counterpart George Boujikian, according to a statement by the Iraqi Ministry.

The Ministry said the MoU details how cooperation between the two countries will take place, without providing more clarification.

The statement also reported that Al-Khabbaz stressed Baghdad's commitment to stand beside Lebanon's government and its people in order to help the country in overcoming the crisis and the difficulties it is facing.

Lebanon has been facing a severe economic crisis over the past two years, leading to a scarcity in basic goods, especially fuel for electricity, while the Central Bank's foreign currency reserves have sunk to unprecedented lows.

Al-Khabbaz also added that Lebanon has made great strides in a number of industries, especially in the pharmaceutical sphere, which Iraq can use in an exchange of successful expertise between the two countries, in addition to other fields.

The Lebanese Minister of Industries had arrived in Baghdad yesterday in an official visit in order to develop industrial bilateral ties

Iraq and Lebanon have an outstanding agreement for the establishment of a free trade zone since 2002, which includes the cancellation of all taxes and customs fees on Lebanese-made and Iraqi-made products.

Lebanon has been importing close to 60,000 tons of Iraqi fuel since August, with the first shipment unloaded in September. This is meant to provide Lebanon with nearly 4 hours of electricity every day for one year.