U.S. and Iraqi Firms Sign Over $60 Billion in Deals in Washington

U.S. and Iraqi companies, together with both governments, signed more than 50 agreements and memoranda of understanding worth over $60 billion in a single day in Washington, D.C.

The deals closed on July 17 at the U.S.-Iraq Business Summit, hosted by the U.S. Chamber of Commerce during Prime Minister Ali Al-Zaidi's inaugural visit to the U.S. capital. The summit convened senior U.S. and Iraqi government officials and business leaders with a stated focus on advancing private sector-led growth in Iraq.

Prime Minister Al-Zaidi framed the moment in urgent terms. "The fastest people are going to be successful because these opportunities are available today, but they might not be available tomorrow," he 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."

U.S. Chamber President and CEO Suzanne P. Clark put the headline figure in strategic context. "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," Clark said. "They signal where the future of the U.S.-Iraq bilateral relationship is headed—toward deeper commercial ties, greater economic cooperation, and stronger partnerships that create value for both our countries."

A relationship recast from security to commerce

U.S. business and government leaders described a relationship that has fundamentally shifted under the current administration. "There is so much promise and potential ahead for the United States and Iraq," said Ross Perot Jr., Chairman of the Board of the U.S. Chamber. "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."

The summit drew cabinet-level participation. U.S. Secretary of Energy Christopher Wright argued that commercial engagement, not rhetoric, will define the partnership's trajectory. "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," Wright said. "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."

The Secretary was direct about the stakes: "Business and strategic partnership is the road to peace and prosperity."

Breadth beyond oil

The corporate roster at the summit signals where American capital sees the openings. Executives attended from Abbott, bp, Chevron, ConocoPhillips, Commercis, Excelerate Energy, ExxonMobil, GE Vernova, Google, HKN Energy, JPMorgan Chase Bank, KBR, PepsiCo, Shell, Starlink, and Vantive.

Energy majors dominate that list. But the presence of a healthcare company like Abbott, a snack-and-beverage group like PepsiCo, a bank like JPMorgan Chase, and a satellite internet provider like Starlink points to a wider bet: Iraq is actively working to diversify its economy beyond energy, and U.S. firms see openings in education, healthcare, trade, and infrastructure alongside the traditional hydrocarbons business.

One executive tied the corporate interest to a broader mission. "It's about prosperity," said Roger Martella, Chief Corporate Officer of GE Vernova and Chairman of the U.S.-Iraq Business Council. "We're here because we see this historic opportunity to lift the people of Iraq into the full opportunity to live a prosperous life."

What comes next

The U.S.-Iraq Business Council, which leads commercial and investment relationship-building between the two countries, serves as the entry point for U.S. businesses weighing the Iraqi market. During the summit, Council President Steve Lutes announced it will organize and lead a business delegation to Baghdad to build on the momentum of the Prime Minister's visit.

The Chamber's calendar extends beyond Iraq. In November, it will host the B20 USA Summit, bringing together leaders from the world's largest economies to drive policies that advance global growth.

For American companies, the immediate question is execution: whether the $60 billion in signatures converts into deployed capital, and whether the promised open door in Baghdad holds as the window the Prime Minister himself described begins to close.