Iraq is preparing a plan to join the World Trade Organization in early 2021

[rvmydinar]

7 minutes ago, screwball said:

These are the countries that are not....

 

http://www.tradeready.ca/2016/topics/researchdevelopment/8-important-trading-nations-arent-wto-members/

 

Are they listed on the forex?

These are the eight countries that aren't wto member. So the other countries ( out of these eight countries ) were already joining the wto member eventhough they aren't listed on the forex, right? So the example like country of vietnam. Has Vietnam already joined to become the wto member? and is vietnam dong already listed on the forex and available in every bank around the world , like us dollar, australian dollar, canadian dollar,etc? Someone can get and buy us dollar very easily in every bank no matter if they are having a holiday in vietnam or australia or canada. Can someone get and buy vietnam dong very very easily in every bank of america or citibank or chase bank? 

[rvmydinar]

13 hours ago, danielchu said:

C. Foreign Exchange Policy 18. The government will maintain the peg with the U.S. dollar. The peg provides a key nominal anchor in a highly uncertain environment with policy capacity weakened by the conflict with ISIS. 19. The government will gradually remove remaining exchange restrictions and multiple currency practice (MCP) with a view to eliminating exchange rate distortions. Such a move towards acceptance of the obligations under Article VIII of the IMF’s Articles of Agreement will send a positive signal to the investment community that Iraq is committed to maintain an 1 See Country Report No. 15/235. Iraq: 2015 Article IV Consultation and Request for Purchase under the Rapid Financing Instrument. IRAQ 6 INTERNATIONAL MONETARY FUND exchange system that is free of restrictions and MCPs for current international transactions and thus facilitate creation of a favorable business climate. As a first step, the government will, by end-February 2016, amend the Investment Law, or issue clarifying implementing regulations, to remove the limitation on transfer of investment proceeds that gives rise to an exchange restriction, as recommended by a recent technical assistance mission of the IMF

 

https://www.imf.org/external/np/loi/2015/irq/122215.pdf

 

The WTO Agreements require that it consult the IMF when it deals with issues concerning monetary reserves, balance of payments, and foreign exchange arrangements. For example, these agreements allow countries to apply trade restrictions in the event of balance of payments difficulties. The WTO’s Balance of Payments Committee bases its assessments of restrictions in considerable part on the IMF’s determination of a member’s balance of payments situation.

 

https://www.imf.org/en/About/Factsheets/The-IMF-and-the-World-Trade-Organization#:~:text=The IMF and the WTO,for global trade and payments.

I like # 18 the government will maintain the peg with us dollar. The question is when? How long is the peg with us dollar going to happen? Don't tell me if this is talk only and never implement it. Rule is still the rule. If they can only make the rule and have never implement it at all, then it is useless and finally, the rule is the same like bs isn't it. But i hope not. Because this is iraq and iraq is always something to surprise us suddenly with a good news and bad news.

[Theseus]

On 11/28/2020 at 4:57 PM, screwball said:

Yep wto and imf requirement back from June imf 2017 report

Iraq had a recent SBA 2016 with the IMF and in the Iraq : 2019 Article IV Consultation and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Iraq (July 2019) a key recommendation was as follows:

 

 

Quote

Financial stability. Bolster supervision. Move
forward with plans to restructure the stateowned
banks. Strengthen the legal framework
of the Central Bank. Eliminate an exchange
restriction and an MCP.

 

But this is a standing policy with the IMF that no member in Art VIII is engaged in MCPs. Although in 2019, the IMF Board decided to review this policy but no word on their review has been released.

 

From the (2020) IMF Articles of Agreement Article VIII Section 3 paragraph 1

Quote

No member shall engage in, or permit any of its fiscal agencies referred to in Article V, Section 1 to engage in, any discriminatory currency arrangements or multiple currency practices, whether within or outside margins under Article IV or prescribed by or under Schedule C, except as authorized under this Agreement or approved by the Fund.

 

[Theseus]

... double post
 

Edited November 30, 2020 by Theseus