Iraq and Jordan agreed on trading oil and other goods during a meeting held between the two Prime Ministers Adel Abdul Mahdi and his Jordanian counterpart Omar Razzaz on February 2, Reuters reported.

Iraq plans to reduce the price of oil traded to Jordan, in return for getting preferential tariffs on goods that Iraq receives from Jordan through Aqaba port, according to the Iraqi Prime Minister.

Under the deal, Iraq is going to sell 10,000 barrels per day (b/d) of oil from its Kirkuk oilfields to Jordan at a special price, that was not announced yet, and Iraqi goods imported through Aqaba port will have preferential tariffs.

Moreover, Iraq plans to reduce its dependence on oil exports, which represents 95% of the country’s revenues, according to Abdul Mahdi.