TRENDING: UK To Help Assist Iraq's Accession To WTO.

[Luigi1]

The Ministry Of Commerce Discusses Developments Regarding Iraq's Accession To The WTO With The British Embassy+

Director General of the Department of Foreign Economic Relations at the Ministry of Trade, Riyadh Al-Hashemi, discussed with the Head of the Commercial Section at the British Embassy in Baghdad the latest developments in Iraq's accession to the WTO & ways to enhance partnership & cooperation between Iraq & the UK.

 

Al-Hashemi reviewed the most prominent developments and achievements made by the Ministry in coordination with the relevant Iraqi ministries and authorities to complete the requirements for accession to the WTO.

Al-Hashemi stressed the Iraqi government's keenness to benefit from the forms of support provided by the UK in this field, especially with regard to the technical & technological aspects, as it has an impact on enhancing Iraq's opportunities to join, improving the investment climate & developing the business environment.

The two sides also discussed ways to expedite the completion of the necessary procedures for the entry into force of the Partnership and Cooperation Agreement between Iraq & the UK.

For her part, the Head of the Commercial Section at the British Embassy renewed her country's support for Iraq's accession to the organization, noting the UK's readiness to provide the required support through cooperation & partnership programs & contribute to the development of institutional competencies.

At the end of the meeting, the two sides praised the level of coordination and joint cooperation & stressed the importance of continuing communication to achieve progress on issues of common interest & contribute to developing economic & trade relations between the two countries.

 

Iraq Regains Part Of Its Market Share With A Measured Increase In Production.
August 5, 2025  Baghdad - Qusay Munther  The Ministry of Oil confirmed that it has not dealt with any suspicious tanker within Iraqi territorial waters, while noting that the Kurdistan Region has not yet committed to delivering any of its oil production in accordance with the agreement concluded with Baghdad.

 

 “Iraqi ports are secure and are managed in close coordination with security and operating agencies,” said Ali Nizar Faiq, director general of the Iraqi Oil Marketing Company (SOMO).

 

He added that “the leaked document in circulation is real, but it is a normal routine procedure aimed at controlling oil tanker loading schedules.” He pointed out that “the document was directed exclusively to the relevant security agencies, in a high-level format, to ensure tight control over export operations.”

 

Faiq explained that “any suspicious tanker will be located by the competent authorities.” He pointed out that “the four tankers mentioned in the document have been monitored & may be loaded with industrial materials unrelated to oil.”

 

He stressed that “there are no current or future dealings with companies or entities subject to sanctions, and measures are being taken to remove any suspicious tanker from Iraqi territorial waters.”

 

He went on to say that “Iraqi daily oil exports range between 3.35 million and 3.4 million barrels, 78 percent to 80 percent of which go to Asian markets, as they are developing markets with high consumption.”

 

“The increase decided by OPEC for Iraq through oil production is a well-studied increase, as the market conditions were studied in terms of production, demand & the extent of balance in the global oil market between supply & demand,” Faiq said.

 

“The increase only comes after ensuring that the market can bear it through OPEC experts and the countries allied with it,” he explained, explaining that “the increase came from the voluntarily reduced quantities, not from the original reduced quantities, according to the agreement between these countries.”

 

He added that “this increase serves these countries and restores their market share somewhat, including Iraq in the global markets, except that…” Prices are also rising, supported by existing demand during the 3rd quarter of this year.

 

Oil prices were unchanged after falling for three days, due to growing concerns about oversupply after OPEC+ agreed to another large production increase in September, but the possibility of further disruption to Russian supplies supported the market.

 

Brent crude futures settled at $68.76 per barrel, while US West Texas Intermediate crude fell two cents, or 0.03 percent, to $66.27 per barrel. Both crudes fell more than 1 percent in the previous session, reaching their lowest levels in a week at settlement.

 

 Meanwhile, the Southern Electricity Transmission Company confirmed that the operation of a new power transmission line will strengthen the power system in Dhi Qar and Muthanna governorates.

 

The Director General of the Southern Electricity Transmission Company, Hazem Lafta, said in a statement yesterday that “the operation of the Dhi Qar-Muthanna 400 kV combined power transmission line with a capacity of 2,000 megawatts, with 237 towers & a length of 90 kilometers, came based on the directives of PM Mohammed Shia Al-Sudani & the Minister of Electricity, Ziyad Ali Fadel,” stressing that “this line will contribute to strengthening the energy system and improving the performance level of the national grid in the provinces of Dhi Qar & Muthanna.”

He pointed out that "the work was completed in record time by the national staff of the Ministry of Electricity & the supporting & contracting parties." 

 

The Dollar Price Stabilized In Local Markets As The Stock Exchange Closed.

The Dollar ER stabilized in the markets of Baghdad and Erbil governorates, with the closing of the stock exchange on Tuesday evening.

 

The Dollar prices maintained their stability in the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where the exchange rate recorded 139,950 dinars per 100 Dollars, the same prices recorded this morning.

 

The selling prices in exchange offices in the local markets in Baghdad reached 141,000 dinars for every 100 Dollars, while the purchase price reached 139,000 Dinars.

 

In Erbil, the Dollar prices also recorded stability, as the selling price reached 139,850 Dinars, the purchase price 139,750 dinars per 100 Dollars. 

 

Gold Rises, Supported By A Weaker Dollar & Lower UST Yields.

Gold prices rose for the fourth consecutive session on Tuesday, supported by a weaker Dollar & lower UST yields, as weaker-than-expected US jobs data reinforced bets on an interest rate cut in September.

Spot gold rose 0.1 percent to $3,375.89 per ounce, while US gold futures also rose 0.1 percent to $3,430.40.   The Dollar index hit a near one-week low, making gold more accessible to holders of other currencies & the yield on the benchmark 10-year UST note fell to a one-month low.

 

Among other precious metals, spot silver rose 0.1 percent to $37.44 an ounce, platinum gained 0.1 percent to $1,330.31 & palladium rose 0.2 percent to $1,204.25 . 

 

Due To Increased Supply, Global Oil Prices Stabilize.

Oil prices were little changed on Tuesday after three days of declines due to mounting concerns about oversupply after OPEC+ agreed to another large production increase in September, but the possibility of further disruption to Russian supplies supported the market.

 

Brent crude futures were steady at $68.76 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 2 cents, or 0.03%, to $66.27 a barrel. Both contracts fell more than 1% in the previous session & settled at their lowest levels in a week.

[Luigi1]

Here's another article related to the above...NOTE:  It would appear BRICS have no intentions of coming up with a US trade deal...they prefer the tariffs as the way they are & are ready to fight Trump..

 

 

BRICS Turns Crisis Into Opportunity: India Reconsiders U.S. Alliance as China Opens Trade Lifelines.

ARTICLE: With Washington escalating tariffs & pressure, India, SA & Brazil deepen BRICS economic cooperation amid U.S. hostility.

 

As tensions between India and the US escalate, BRICS is quietly reshaping global trade dynamics, offering member nations economic alternatives that blunt the impact of Western tariffs.  In the wake of President Donald Trump’s 25% to 50% tariff threats on Indian ., S.A. & Brazilian exports, member states are rapidly reassessing their foreign policy orientations — & China is stepping in to fill the void.

 

This realignment has become particularly visible as India faces one of the sharpest diplomatic downturns with Washington in decades, while Brazil gains new Chinese market access to counteract U.S. economic penalties.

 

Trump’s Tariff Ultimatum Triggers Diplomatic Rethink in India.

Trump’s trade offensive against India, launched via Truth Social on August 1st, directly tied high tariffs to India's continued imports of Russian oil & its perceived unwillingness to align with Western sanctions.

 

The President's Rhetoric Was Scathing:

Trump “India, Russia can take their dead economies down together, for all I care.”

 

In a particularly antagonistic swipe, Trump even floated an oil collaboration with Pakistan, hinting that Islamabad might one day supply India — a move many analysts read as calculated provocation.

[Luigi1]

Here's some articles of Dinarian iterests...could Iraq go on the terrorists watchlist?

 

 

Walkingstick:   Back On Sanctions?

ARTICLE:   We were assured by the GOI & by the PM that the draft law they are trying to pass, Iran, it will not become a law.  

My sources tell me there is a lot of pressure, a lot of pressure. 

More than one scenario was presented to Iraq.  

In a nutshell, they would be taken back to the days of a military blockade. 

They would  be  stripped of any int'l standings, IMF, WB, WTO, all of them would strip them & classified as a state sponsoring terrorism.

Pimpy:    FOREX.

ARTICLE:  Handle Forex Is A Cryptocurrency.

It's primary purpose is to enable users to create & exchange FX tokens which are collateral backed stable coins.

It's not a platform.

No the Iraqi people are not swapping their Dinars for a digital currency that they use on that platform.

[Luigi1]

NOTE:  Where's BRICS?

 

TRENDING:   Deal - No Deal.    Where's BRICS?

ARTICLE:  Trump raises tariffs on India, Canada, Brazil S.A. & others over stalled trade deals

Nations that have not yet secured a deal, or at least outlined terms, face import duties ranging from 10% to 40%.

 

As President Donald Trump's sweeping tariff rates come into effect this week, there are a handful of countries that have yet to agree to a trade deal.

 

In the days leading up to the August deadline, Trump unveiled a wave of major trade agreements with key U.S. partners, including Japan, the United Kingdom, the European Union & South Korea. 

[BETTYBOOP]

God help oraq if starmers government is involved.

[hspotman]

While MANY people feel that in order for Iraq to join the WTO as full member status, they need to rv to a greater value.....do they really need to?  I asked Gemini if Iraq needs to increase their currencies value significantly in order to join the WTO, it's answer was-

 

Iraq,which currently holds observer status in the WTO, has been working to met the requirements for full membership. While currency valuation can be a factor in trade, there is no direct evidence to suggest that Iraq must significantly increase the value of its currency to join the WTO.

 

So it may be a big let down to us if,and/or when they get full membership, that they don't rv.

Edited August 7 by hspotman