Iraq is the center of Europe and Asia. Baghdad nears international trade agreement

[6ly410]

Iraq is the center of Europe and Asia. Baghdad nears international trade agreement

economy

 

27-Feb-2023

Iraq is the center of Europe and Asia. Baghdad nears international trade agreement (ultrasawt.com)

Following talks in Geneva, Switzerland, last week, Iraq completed the requirements to join the TIR Agreement, in an economic move that could turn the country into a vital trade hub.

The agreement guarantees a role for Iraq as a "strategic trade partner" and the creation of more effective commercial transport corridors in the regional and global environment by facilitating international road passage for operators and agencies transporting goods subject to customs seals, according to the Ministry of Transport.

The international road transport system contributes to ensuring mechanisms for paying commercial duties and speeding up procedures at the Iraqi borders

The Secretary-General of the International Road Transport Union, Umberto Di Preto, said in the first statement, after discussions with Iraqi officials, on the sidelines of the United Nations meetings of the International Trade Council in Geneva, Switzerland, last week, that "Iraq's accession to the TIR Convention represents a strong signal from Iraq to the world that it is now really open for business."

Iraq is the only country in the region that has not yet joined the TIR system. The system significantly speeds up border crossing times, secures trade and ensures the payment of customs duties and taxes through a robust safeguard mechanism, the IFRC stresses.

"The system will increase Iraq's role as a transit hub between Europe and Asia, ensuring the efficient and safe flow of goods," the Secretary-General said.

He explains that the regime "pushed to facilitate and promote trade for neighboring countries," noting that there is "no reason why the same should not be the case with Iraq, especially given the country's strategic location."

Speaking about the system, the Ministry of Transport said in a previous statement that it will contribute to "the development of the land transport sector in a sustainable and integrated manner," as part of previous attempts by Iraq to activate the agreement approved by parliament in 2016, to enable the entry of thousands of cargo shipments into the country.

Ministry officials stress that the fees of the international system for the transport of goods will be "economically beneficial" as well as important to "reduce the administrative burden borne by Iraqi customs, transport companies, logistics, and reduce waiting times at the border."

[markb57]

so, would an internationally traded currency be required for this????

[DanP]

5 minutes ago, markb57 said:

so, would an internationally traded currency be required for this????

One would think.  

[Danishere4news2]

2 minutes ago, DanP said:

One would think.  

I agree

[screwball]

agree it would be required...it could also lead to them exchange dinar for euro etc..could this mean WTO entry as well???or is this system used for WTO???

Posted 2 hours ago

Iraq is the center of Europe and Asia. Baghdad nears international trade agreement

economy

 

27-Feb-2023

Iraq is the center of Europe and Asia. Baghdad nears international trade agreement (ultrasawt.com)

Following talks in Geneva, Switzerland, last week, Iraq completed the requirements to join the TIR Agreement, in an economic move that could turn the country into a vital trade hub.

The agreement guarantees a role for Iraq as a "strategic trade partner" and the creation of more effective commercial transport corridors in the regional and global environment by facilitating international road passage for operators and agencies transporting goods subject to customs seals, according to the Ministry of Transport.

The international road transport system contributes to ensuring mechanisms for paying commercial duties and speeding up procedures at the Iraqi borders

The Secretary-General of the International Road Transport Union, Umberto Di Preto, said in the first statement, after discussions with Iraqi officials, on the sidelines of the United Nations meetings of the International Trade Council in Geneva, Switzerland, last week, that "Iraq's accession to the TIR Convention represents a strong signal from Iraq to the world that it is now really open for business."

Iraq is the only country in the region that has not yet joined the TIR system. The system significantly speeds up border crossing times, secures trade and ensures the payment of customs duties and taxes through a robust safeguard mechanism

[screwball]

https://taxation-customs.ec.europa.eu/customs-4/customs-procedures-import-and-export-0/what-customs-transit/tir-transports-internationaux-routiers-international-road-transport_en