It will be influential.” Iraq completes its preparations to join the World Trade Organization

[6ly410]

[Longtimelurker]

5 hours ago, Bama Girl said:

It’s been my belief they must have an international traded currency to be a full member of the WTO. But, I don’t study Iraq as much as I have in the past so may be in error. 

Yes, you are correct. 

[Longtimelurker]

I suspect they will announce their international status, rate and ascension to wto at same time. Sounds like a "big announcement" to me

[screwball]

5 hours ago, Bama Girl said:

It’s been my belief they must have an international traded currency to be a full member of the WTO. But, I don’t study Iraq as much as I have in the past so may be in error. 

I believe so…must be freely tradeabke and no MCP…

[6ly410]

Cmon Iraq..time is now change the rate 

[screwball]

1 minute ago, 6ly410 said:

Cmon Iraq..time is now change the rate 

🎯⏰💣

[RJG]

Official: The issue of Iraq’s accession to the World Trade Organization is coming soon

EconomyIraqWTOPursuitJoin

2024-03-05 02:37

Share

Font

Shafaq News/ Undersecretary of the Minister of Commerce, Sattar Al-Jabri, considered on Tuesday that the issue of Iraq’s accession to the World Trade Organization was imminent, while he stressed that the current federal government would achieve self-sufficiency and not depend on the importer.

This came during his hosting of a discussion session on the sidelines of the seventh session of the activities of the third day of the Al-Rafidain Forum 2024 - Baghdad, under the title “Humanizing the Global Economy.”

Al-Jabri said during the hosting that the governmental curriculum developed by the Iraqi government is based on a strategy to keep pace with the development taking place in the global economy, as the government signed bilateral international memorandums of understanding in the field of trade and economics.

He stressed that "Iraq is seeking to enter the World Trade Organization, and the issue is coming soon."

The Iraqi government official spoke about the issue of import and export, saying: There is no trade balance between exported and imported materials, as the monetary mass was going to other countries, and this is what the current government seeks to address by relying on self-sufficiency.

 

At the beginning of 2024, the Kingdom of Saudi Arabia announced its support for Iraq’s accession to the World Trade Organization, especially after the political obstacles that prevented it were removed.

https://www.shafaq.com/ar/اقتصـاد/مس-ول-موضوع-انضمام-العراق-الى-منظمة-التجارة-العالمية-بات-قريبا

 

 

 

[6ly410]

3 hours ago, RJG said:

considered on Tuesday that the issue of Iraq’s accession to the World Trade Organization was imminent

 

[6ly410]

[6ly410]

Iraq confirms it has completed the requirements to join WTO

WTO membership promotes transparency and predictability in trade relations

---

Published:  March 05, 2024 08:35Gulf News Report

Follow us 

    

---

Iraq confirms it has completed the requirements to join WTO | Corporate-news – Gulf News

Shwan Ibrahim TahaImage Credit: Supplied

Iraq has confirmed that it has fulfilled the requirements for joining the World Trade Organization (WTO) after implementing economic reforms and improving the business environment. Iraq submitted its request to join the WTO back in 2004. The Iraqi Minister of Trade, Atheer Al-Ghurairi, affirmed that Iraq has met the necessary conditions for WTO membership following the completion of economic reforms and the enhancement of the investment climate.

The Iraqi Trade Minister made these remarks during his participation in the 13th Ministerial Conference of the WTO held in the UAE capital, Abu Dhabi.

 

Shwan Ibrahim Taha, an expert in Iraq’s finance and investment affairs, stated, “Iraq's business sector needs significant reforms and changes to boost its private sector, which still lags behind despite the opportunities and resources available in the country.”

“To comply with WTO rules, Iraq must align its trade policies with international standards. This process not only enhances the efficiency of domestic industries but also attracts foreign investments. Investors have more confidence in transparent and consistent regulatory environments, something Iraq's SMEs desperately need.”

WTO membership promotes transparency and predictability in trade relations. The organization provides a rules-based system that ensures fair competition. By adhering to established trade norms, countries can resolve disputes through the WTO's dispute settlement mechanism, ensuring a level playing field for all members.

[6ly410]

Iraq confirms completion of requirements to join World Trade Organisation

https://thearabweekly.com/iraq-confirms-completion-requirements-join-world-trade-organisation

WTO membership opens up markets by reducing trade barriers, enjoying lower tariffs and fewer restrictions, leading to increased export opportunities.

Tuesday 05/03/2024

The World Trade Organisation (WTO) headquarters in Geneva. (AFP)

ABU DHABI –

Iraqi Minister of Trade Atheer al-Ghurairi said that Iraq had fulfilled the conditions necessary to become a member of the World Trade Organisation following the completion of economic reforms and the enhancement of its investment climate.

Iraq submitted a request to join in 2004.

The Iraqi minister was speaking during the WTO’s 13th Ministerial Conference held in the Emirati capital, Abu Dhabi.

Shwan Ibrahim Taha, an expert in Iraq’s finance and investments affairs, said: “Iraq business needs to make substantial reforms and changes to boost its private sector that still lags behind giving the opportunities and resources available in the country.”

“To comply with WTO rules, Iraq has to align their trade policies with international standards. This process not only enhances the efficiency of domestic industries but also attracts foreign investments, as investors are more confident in transparent and consistent regulatory environments, something Iraq SME’s disparately needs,” Taha added.

WTO membership promotes transparency and predictability in trade relations. The organisation provides a rules-based system that ensures fair competition. By adhering to established trade norms, countries can resolve disputes through the WTO’s dispute settlement mechanism, ensuring a level playing field for all members.

Furthermore, the WTO promotes development by addressing the concerns of developing nations. Special and differential treatment provisions recognise the developmental needs of these countries, allowing them more time and flexibility to comply with WTO agreements. This inclusivity aims to bridge the economic gap between developed and developing nations.

Joining WTO offers a multitude of benefits for member countries, fostering economic growth, stability and global integration.

WTO membership opens up markets by reducing trade barriers, enjoying lower tariffs and fewer restrictions, leading to increased export opportunities.

[screwball]

10 hours ago, 6ly410 said:

 

rate change imminent? or soon

[Bama Girl]

I suggest we wait for the WTO to announce the entry of Iraq into a full membership of WTO before we pop the cork. I recall many times in the past when different Iraqi individuals made statements which sounded wonderful but nothing came to fruition. Just my thought. 

[screwball]

1 hour ago, Bama Girl said:

I suggest we wait for the WTO to announce the entry of Iraq into a full membership of WTO before we pop the cork. I recall many times in the past when different Iraqi individuals made statements which sounded wonderful but nothing came to fruition. Just my thought. 

fair call

[3n1]

3 hours ago, Bama Girl said:

I suggest we wait for the WTO to announce the entry of Iraq into a full membership of WTO before we pop the cork. I recall many times in the past when different Iraqi individuals made statements which sounded wonderful but nothing came to fruition. Just my thought. 

 

my concerns rest in the fact that china is a WTO full member and manipulate their currency keeping it low and undervalued to gain an advantage in trade and the IMF,World Bank and WTO rules have little strength or teeth to challenge them to have their currency in its actual exchange rate place ... just thinking out loud is all , so ready to stop thinking about iraq .

[screwball]

1 hour ago, 3n1 said:

IMF,World Bank and WTO

Yep…justified thinking….the wto is all about controlling currency and manipulating exchange rates in trade….so what does this mean for Iraq…I don’t know, but I like 3.22, “keep your dinar” and the word “lofty” is all I care about!

Edited March 6 by screwball

[screwball]

The end result is 1:1 or greater how we get there I don’t care!

[NoviceInvestor]

5 hours ago, screwball said:

rate change imminent? or soon

At the end of Ramadan - Perhaps?🤔

[keylime]

3 hours ago, NoviceInvestor said:

At the end of Ramadan - Perhaps?🤔

yes. the little 3 day holiday Eid Al Fitr they celebrate right after Ramadan would be a perfect RV gift for their citizens....and us....:)

[Longtimelurker]

5 hours ago, NoviceInvestor said:

At the end of Ramadan - Perhaps?🤔

Definitely possible 

[Half Crazy Runner]

7 hours ago, 3n1 said:

so ready to stop thinking about iraq .

Me too @3n1!!  I’m going to need to take up new hobby with all my free time not having to follow these people! 

[cutter73]

1 hour ago, Half Crazy Runner said:

Me too @3n1!!  I’m going to need to take up new hobby with all my free time not having to follow these people! 

 

 

I have hobbies but ammos is expensive these days!!! 🤣  Even added another pew pew to my collection.

[6ly410]

3.22 USD - imo

[6ly410]

ASYCUDA - ready to go - need a rate - WTO entry imminent - need a rate - budget implementation- need a rate 

[6ly410]

nothing more to add - waiting on the announcement