Riyadh, Safar 02, 1439, October 22, 2017, SPA -- The Kingdom of Saudi Arabia and the Republic of Iraq have issued a joint statement as follows: Under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Iraqi Prime Minister Dr. Haider Al-Abadi, in the presence of US Secretary of State Rex Tillerson, a minute of establishment of the Saudi-Iraqi Coordinating Council has been signed today. The two sides held their first meeting, which aims at consultation and coordination on issues of common interest, and enhancing cooperation between the two sides in various fields. The members of the Council thanked the leaders of the two countries for their generous patronage and support for the promotion of relations to serve the aspirations of the governments and peoples of both countries. The two sides stressed the ties of religion, neighborliness, brotherhood and common destiny between the two countries. The Council also commended the achievements made by the Iraqi Government in liberating areas that had been defiled by terrorism and the extension of state authority over Iraqi territory. The two sides expressed their satisfaction with the direction of the oil market to recover as a result of the agreement of the OPEC countries with ten countries from outside the Organization, stressing the importance of full commitment by all countries participating in this agreement to balance the prices. The two sides will work closely to take the necessary measures after the end of the current agreement. The Council was briefed on the results of the Kingdom's participation in the Baghdad International Fair, which contributed to strengthening of economic and trade relations. The Saudi side also noted the Iraqi level of hospitality and treatment to the Saudi delegation. The two sides stressed the need to work together to reduce the obstacles and facilitate the entry of exports between the two countries. They also agreed to develop the partnership between the private sector in the two countries and to allow businessmen to identify trade and investment opportunities. The two sides encourage the exchange of technical and scientific expertise and scientific research between the two countries. -- More 21:10 LOCAL TIME 18:10 GMT www.spa.gov.sa/w518261