Official: The issue of Iraq’s accession to the World Trade Organization is coming soon - 3/05/2024

[horsesoldier]

11 minutes ago, Half Crazy Runner said:

That’s what my dad said about being in the army! 😆

Gave my daughters the hurry up wait growing up. They'd squint their eyes at me: wouldn't say anything, just squint hard and stare.

Damned hilarious 

[3n1]

6 hours ago, JonnyV said:

 

Vietnam is a member and they trade with a low exchange rate. 

 

Afghanistan is a member and the Taliban is in full control of that country

10 hours ago, JonnyV said:

 

Not doubting you but is that accurate?   They need to have a true international tradable currency to be in the WTO?  

 

im with you jonnyv , i have researched pages and pages of wto requirements and have not read where a international tradeable currency is a requirement im still searching but sure would like to see it in print if anyone could point me to it , there is plenty of stuff about being a full member but nothing like iraq has with the iqd only in use inside its borders and not outside iraq .... cheers

[Bama Girl]

11 hours ago, 3n1 said:

have researched pages and pages of wto requirements and have not read where a international tradeable currency is a requirement im still searching but sure would like to see it in print if anyone could point me to it

I’ve researched this topic some as well. I can’t find the phrase “international traded currency”, but I did find this info:

https://www.wto.org/english/news_e/news12_e/s4_martin_sciences_po_e.pdf
I believe this info points to a WTO member’s currency must be “exchangeable” with the country with whom they are trading. Thoughts anyone?? Perhaps I’m reading more into the info than is actually there?? 

[3n1]

2 hours ago, Bama Girl said:

I’ve researched this topic some as well. I can’t find the phrase “international traded currency”, but I did find this info:

https://www.wto.org/english/news_e/news12_e/s4_martin_sciences_po_e.pdf
I believe this info points to a WTO member’s currency must be “exchangeable” with the country with whom they are trading. Thoughts anyone?? Perhaps I’m reading more into the info than is actually there?? 

 

thanks BG welp thats something , i beleive the iqd cannot be used outside iraq they have been using USD till now , but in true iraqi fashion bet they have a work around to circumvent that little snafu hindrance .. heres hoping for a change  

[DoD]

4 hours ago, Bama Girl said:

I’ve researched this topic some as well. I can’t find the phrase “international traded currency”, but I did find this info:

https://www.wto.org/english/news_e/news12_e/s4_martin_sciences_po_e.pdf
I believe this info points to a WTO member’s currency must be “exchangeable” with the country with whom they are trading. Thoughts anyone?? Perhaps I’m reading more into the info than is actually there?? 

 

This could help with your question Bama Girl, a little long but should put to rest your question...

 

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HANDBOOK ON ACCESSION TO THE WTO: CHAPTER 5

Substance of Accession Negotiations

Click the + to open an item.

5.2 Rules

 

Economic policies 

 

The main aim of this section of the Working Party Report, and the following part dealing with the framework for making and enforcing policies affecting trade in goods and services, is to provide Members with an understanding of the context within which the applicant’s WTO obligations on specific trade policy measures will operate. Certain information requested is relevant to specific WTO provisions. Discussion in the Working Parties has focussed on the following subjects: monetary and fiscal policies; foreign exchange and payments, including balance of payments measures; investment regime; State ownership and privatization; pricing policies and competition policy.

 

Monetary and fiscal policies

 

Experience indicates that information submitted by applicants on monetary policy and fiscal policy should include the objectives pursued, the responsible agencies and the policy instruments used. Summaries of fiscal policies should indicate if any tax reforms have been undertaken and any changes planned. Applicants should also indicate whether they have achieved their objectives in this area and give an account of the present situation.

The aspects of taxation covered by the rules of GATT 1994 are the subject of the sections on the application of internal taxes to imports and exports. There are no provisions in GATS on taxation.

Discussion of this item in Working Parties has usually been brief and there are no Protocol commitments in this section of their Reports.

 

Foreign exchange and payments

 

Applicants need to describe how their exchange rate is determined, whether their currency is convertible, whether foreign exchange is freely available for trade and payments purposes, whether any regulations exist relating to the retention of foreign currencies, or repatriation or surrender requirements. Applicants should also describe their balance of payments situation.

While foreign exchange questions are within the jurisdiction of the IMF and trade policy questions within the competence of the WTO,¹²⁸ foreign exchange questions and trade policy questions are interrelated. Of most direct relevance to the WTO is whether foreign exchange is freely available in payment for current account transactions, as exporters need to know how they will be paid. The WTO therefore recognizes this interrelationship. The GATT 1994 provides that Members must not, by exchange action, frustrate the intent of its provisions and that they must either be members of the Fund or enter into a special exchange agreement with the WTO.¹²⁹ GATS provides that Members must allow international transfers and payments for current transactions relating to specific commitments entered into under that agreement.¹³⁰

Working Parties have been careful to respect the competence of the IMF. While Members have demonstrated an interest in obtaining adequate information on all matters dealt with in this section, they have laid stress on issues of direct relevance to international trade. They have, for instance, focussed on knowing whether applicants are members of the IMF and whether they have accepted Article VIII of its Articles of Agreement which provides that “no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions”. They have been particularly concerned that foreign exchange controls may be used to regulate the level and composition of trade in goods and services.

[screwball]

2 hours ago, DoD said:

Applicants need to describe how their exchange rate is determined, whether their currency is convertible, whether foreign exchange is freely available for trade and payments purposes, whether any regulations exist relating to the retention of foreign currencies, or repatriation or surrender requirements. Applicants should also describe their balance of payments situation.

As I said it was under gatt…….and as per IMF “freely tradeable” and without restrictions….

[3n1]

3 hours ago, screwball said:

As I said it was under gatt…….and as per IMF “freely tradeable” and without restrictions….

 

well all righty then , im not a economist , dont set on the IMF board not connected to any high ups at the world bank dont even know the names of my local bank people but im sure the iqd is not freely tradeable outside iraqs borders without restrictions..... heres hoping , thanks SB & DoD

[DoD]

On 3/7/2024 at 6:12 PM, 3n1 said:

 

well all righty then , im not a economist , dont set on the IMF board not connected to any high ups at the world bank dont even know the names of my local bank people but im sure the iqd is not freely tradeable outside iraqs borders without restrictions..... heres hoping , thanks SB & DoD

Right there with ya 3n1…I know we have some gurus on here but it doesn’t take a rocket scientist to know that. I will put on my guru hat for a second and make a prediction based on facts not hopium. The Chair of the Working Party of the WTO will be back in Iraq in July for a third visit. The article said middle of 2024 so I’ll say July (Fact). Iraq’s politicians have said everything is done but we know that’s not true.
This part is my speculation. I’m figuring the WTO won’t be wasting their time returning to Iraq in six months for nothing. If the intent for their return is to announce the full membership into the WTO, that means Iraq would have an international recognized currency. In my opinion that would mean some type of RV. The time frame would have to be May-June because Ramadan is in April. 
Adam thinks the HCL is a player in this mix, if true and the Iraqs are really serious that would give them plenty of time to pass it.

An RV of anything after Ramadan would work for me….

[Longtimelurker]

2 minutes ago, DoD said:

Right there with ya 3n1…I know we have some gurus on here but it doesn’t take a rocket scientist to know that. I will put on my guru hat for a second and make a prediction based on facts not hopium. The Chair of the Working Party of the WTO will be back in Iraq in July for a third visit. The article said middle of 2024 so I’ll say July (Fact). Iraq’s politicians have said everything is done but we know that’s not true.
This part is my speculation. I’m figuring the WTO won’t be wasting their time returning to Iraq in six months for nothing. If the intent for their return is to announce the full membership into the WTO, that means Iraq would have an international recognized currency. In my opinion that would mean some type of RV. The time frame would have to be May-June because Ramadan is in April. 
Adam thinks the HCL is a player in this mix, if true and the Iraqs are really serious that would give them plenty of time to pass it.

An RV of anything after Ramadan would work for me….

I know we have a difference of opinion on what's happening politically but thought I should mention that the Q followers were shown pictures of someone standing on top of Mt Rushmore on July 4th (of some year) so we're expecting something big to take place around that time frame eventually. Not sure if it applies here but thought I should mention..

[3n1]

49 minutes ago, DoD said:

An RV of anything after Ramadan would work for me….

 

You know it ....... all the best