ERBIL, Kurdistan Region of Iraq – Iraqi Prime Minister Ali al-Zaidi oversaw the signing of 48 memoranda of understanding (MoU) between Iraqi government bodies, private companies, and their US counterparts, his office said on Saturday.

The agreements were signed during a high-level US-Iraq business summit hosted by the US Chamber of Commerce in Washington, as a part of Zaidi’s ongoing visit to the US. 

According to the chamber, the agreements are worth more than $60 billion.

Chamber President and CEO Suzanne P. Clark said the signings signal that US-Iraq relations are moving toward “deeper commercial ties, greater economic cooperation, and stronger partnerships that create value for both our countries.”

The agreements included partnerships between Iraqi ministries and companies and US firms including ExxonMobil, KBR, GE Vernova, Shell, and Halliburton, as well as an agreement to introduce Starlink services in Iraq.

MoUs were also signed with several US companies “regarding the construction of oil pipelines to Baniyas on the Mediterranean Sea.”

Iraq and Syria on Friday signed an agreement pledging to rehabilitate the Kirkuk-Baniyas oil pipeline, offering Baghdad an opportunity to diversify its export pathways and reduce reliance on the volatile Strait of Hormuz.

Iraq's oil exports have suffered greatly as a result of the impact of the US-Israeli war on Iran on the Strait of Hormuz, the restriction of which has prompted Washington to similarly diversify its oil sourcing.

In a meeting with US Special Envoy for Iraq Tom Barrack on Friday, the envoy asserted that Zaidi’s regional economic vision will render the Strait of Hormuz "an afterthought in two years" and pave the way for energy security in the Middle East.

Other deals were signed with a myriad of US companies in the sectors of agriculture, technology, electronics, commerce and industry.

Zaidi arrived in the US on Monday for a week-long visit that saw him meet US President Donald Trump in the White House, in addition to conducting talks with myriad US companies in a bid to bolster Iraq's economy with foreign direct investment.

Since assuming power after a drawn-out selection process by Iraq's ruling Coordination Framework, Zaidi has earned kudos in Washington for his efforts to restrict weapons to the state, a sweeping anti-corruption drive, and an openness to cooperation in the energy sector.

In an interview with Sky News aired on June 27, Zaidi said that he has directed Iraq's oil, electricity, and communications ministries “to give priority” to American companies in the fields of energy, communications, and technology.