U.S. and Iraq Sign Over $60 Billion in Deals at Washington Summit

U.S. and Iraqi companies signed agreements and memorandums of understanding worth more than $60 billion at the U.S. Chamber of Commerce's U.S.-Iraq Business Summit in Washington, D.C., the Chamber announced on Tuesday.

The deal signings marked Iraqi Prime Minister Ali Al-Zaidi's first visit to Washington and drew senior Trump administration officials and executives from some of America's largest energy, technology, and financial firms. The total comprises more than 50 individual agreements and MOUs with the Iraqi government.

What companies signed on?

Counterparties include Abbott, bp, Chevron, ConocoPhillips, Commercis, Excelerate Energy, GE Vernova, Google, HKN Energy, JPMorgan Chase Bank, KBR, PepsiCo, Shell, Starlink, and Vantive. Sectors span oil and gas development, power generation, digital infrastructure, healthcare, and consumer goods.

What did the Prime Minister say?

Al-Zaidi framed the visit as a turning point for Iraq's economic image. "Iraq today is not seen as yesterday's Iraq," he said. "In the past, Iraq was seen by some as a country of lost opportunities — today, it has become a country of great opportunities. We have finished with the era of wars. Now, we are in the era of construction."

He pressed investors to act quickly. "The fastest people are going to be successful because these opportunities are available today, but they might not be available tomorrow," Al-Zaidi said. "We are trying to transform the resources of Iraq into jobs and into prosperity. We are using an open-door policy. Everybody who has a project can come and talk to us — we will not make it difficult for anyone."

Who else attended the summit?

U.S. Energy Secretary Christopher Wright and U.S. Ambassador to Turkey and Special Presidential Envoy to Syria and Iraq Tom Barrack joined the proceedings. U.S. Chamber of Commerce President and CEO Suzanne Clark and Chairman Ross Perot Jr. hosted the gathering.

What did U.S. officials signal?

Ambassador Barrack tied the deals to a broader U.S. strategy. "We're so elated to be able to support the Prime Minister and his team on every level," Barrack said. "Thank you for supporting him in the way that we really can win — which is commerce and prosperity." He added: "If you look throughout history, the only thing successfully and successively that has worked is enterprise. Industry leads the way. Diplomacy, even nation states, follow behind."

Energy Secretary Wright called the day a strategic pivot. "Today is a milestone," Wright said. "Today is a pivot in a very significant relationship between one of the oldest and proudest and most important nations informing our world — the nation of Iraq — and the United States of America. Everywhere we can replace commerce over conflict, we can drive prosperity and freedom for the citizens of the region, and grow jobs and opportunities for Americans. Words alone don't do that. Only businesses do that — by risking capital, by investing, bringing technology and people to Iraq to drive this improvement and deepen this strategic partnership." Wright concluded: "Business and strategic partnership is the road to peace and prosperity."

How is the U.S. government financing the deals?

The Export-Import Bank of the United States issued a Letter of Interest covering up to $1.5 billion in U.S. goods and services for Halfaya Gas Company's Bin Umar Development Project in Iraq. The facility positions American exporters against rising global demand for energy, EXIM said, while supporting U.S. jobs.

What is the U.S. Chamber's role?

Chamber President and CEO Clark tied the deal pipeline directly to her organization's mandate. "This summit and its goal of a stronger bilateral commercial relationship are essential to the U.S. Chamber's mission," Clark said. "Today's signing and announcement of more than $60 billion in agreements, partnerships, and memoranda of understanding are tangible demonstrations of confidence and shared ambition. These signings signal where the future of the U.S.-Iraq bilateral relationship is headed — toward deeper commercial ties, greater economic cooperation, and stronger partnerships with value for both our countries."

She tied the announcements to follow-through. "The true measure of success will be these projects completed, investments made, jobs created, and the human outcomes that emerge from these commitments," Clark said. "We are proud to call Iraq and its private sector our allies, our friends, our business partners."

Chairman Perot framed the relationship geographically and politically. "Iraq occupies a strategic position at the heart of the Middle East," Perot said. "It is a vital crossroads and source of regional and global energy security. There is so much promise and potential ahead for the United States and Iraq. Strong commercial relationships create the foundation for deeper ties between countries. With the Trump administration, our bilateral relationship has entered a new chapter, moving from a focus on security cooperation to a greater emphasis on economic and energy investments and partnerships." Perot told the Prime Minister: "It's clear you're willing to take decisive steps to transform your country's economic future."

What happens next?

The U.S. Chamber's U.S.-Iraq Business Council, which organized the summit, announced a new business delegation to Iraq in the coming months in response to Al-Zaidi's visit. The follow-on trip will test whether the announced framework converts into signed contracts, executed projects, and the jobs Clark named as the ultimate benchmark for a $60 billion pipeline.