Iraq confirms the quest to join the World Trade Organization

[DirtyMartian]

http://bit.ly/g2WT2q

The Iraqi Government on Sunday, seeking to join the WTO and ensure the protection of Iraqi funds abroad, with stressed the importance of working to build Iraqi economy is diverse and the application of economic policies advanced by encouraging investment, facilitate and regulate the trade and the rationalization of the state budget and approval of oil and gas law.

A statement issued by the Office of the Deputy Prime Minister Ruz Nuri Shaways received , a copy of it, “The Coordination Committee of Iraq – the U.S. private economy, energy, held on Sunday, a meeting to further activate the genuine strategic partnership to build the Iraqi economy is diverse and the application of economic policies new, advanced way to ensure Iraq’s economic integration with the global economy and the market. “

The statement added that “the meeting comes within the strategic framework agreement between Iraq and the United States (SOFA), to encourage investment and private sector contribution in the development process through administrative reforms and enactment of new laws and provide facilities for investors.”

The Shaways in the statement to “Iraq’s desire to enhance cooperation and trade relations and economic interdependence in various fields with the United States,” stressing “the government’s seriousness in promoting investment and private sector contribution in the development process through administrative reforms and enactment of new laws and to provide facilities for investors.”

The statement continued that “the heads and representatives of joint working groups of Iraq and the United States discussed the current areas and reviewed the latest developments in the field of discourses and their previous meetings,” noting that “the working groups the main made up of public financial management, trade, investment, oil and energy sector development private sector. “

He pointed out that “the meeting explored the how to facilitate the movement of businessmen and investors and how to develop and support banking systems in Iraq to enable it to offer advanced banking services, also discussed the issue of support sector industries for small and medium-sized enterprises in support of the economy and through the provision of new jobs,” adding that “discussions included arrangements for the successor to the Development Fund for Iraq (DFI), the appropriate procedures to ensure the protection of Iraqi funds after the lifting of global trade, as well as to study some of the things common economic. “

The statement stressed in relation to commercial matters on the importance of “work hard for Iraq’s accession to the WTO and work to implement the Law on customs tariff Headquarters in a timely manner to achieve a balance between the protection of the product and taking into account the conditions to encourage investment, facilitate and regulate trade, as well as the rationalization of the state budget and protect the funds of race and finding an alternative to the Development Fund for Iraq and rebuilding the infrastructure of government and private banks, development and effective participation in international activities, including counter money laundering. “

The statement added, “as well as the adoption of oil and gas law and the distribution of imports, and the rebuilding of the infrastructure of the oil industry and the modernization and development, increase production and take into account the appropriate timing between the production of fuels and complete power plants contracted and insurance needs of the citizen and the state of energy and fuel.”

The meeting was the first meeting of the Coordinating Committee of the economy, joint energy after the formation of the new Iraqi government, with the Iraqi Government readiness for continued cooperation unconditionally with the United States of America within the framework of strategic agreement and coordination at various levels of economic, financial and service sectors.

The talk about Iraq’s accession to the WTO and the protection of its funds abroad is different from what exists on the ground, a link such as the decisions of independent bodies including the World Bank and the central Iraqi government rather than directly from the House of Representatives and not the government’s focus on supporting the private sector.

Despite the wide openness to the world that experienced a change in Iraq since 2003 after decades of isolation, but the external economic relations are still experiencing stumbled clear for several reasons, foremost of which is economic recession.

The mention of observers to that accession to the WTO represents a major objective of many of the local economies because of the advantages achieved by this accession of integration into the global economy, and provide great opportunities for investment, as well as finding markets for their products, but that this process is linked to the size and nature of the weapons competitive owned by the national economy, to enter the global market partner and a competitor, which is not available for the Iraqi economy at this juncture.

[roger01]

Unfortunately...I hate to say this, because I really need this to happen but I think that this means no RV until they are permitted to join the WTO. Their currency wont be recognized until their markets are ready to compete and can sustain the market place with their products. I fully believe that this is the reason for the holdup. Their marketplaces are not ready to compete around the globe and the only real product they currently have is oil and natural gas. It is not enough to sustain the country against the mass influx of imports. Their exports aren't there yet!

Edited February 13, 2011 by roger01

[salespro]

My understanding was they had to RV BEFORE they could join???

[roger01]

Personnally I think they should just RV and let the imports come and gradually build up their export services until they can compete and then tax the imports to a level where local produced goods are competetive.

[mariejose]

I BELIEVE SOMEONE POSTED THAT THEY RESEARCHED AND FOUND OTHER COUNTRIES THAT BELONGED TO THE WTO WITH CURRENCIES WORSE OFF THAN IRAQ.

[roger01]

I'm not saying they can't RV before but I would think it would happen just before they join the WTO. This is saying they aren't ready yet, which makes me think its not going to happen yet.

Im sure that the currency worth, isn't the issue for access to the WTO. Maybe they will want them to RV before coming into negotiations but look at other countries with similar rates. Maybe the other countries dont have a big product like oil...but the state of their marketplace isnt probably as un developed or as unstable as Iraqs. Like agriculture, sanitation, and electricity!

[Geo58]

They have to R v first, cause right now their currency isn't worth anything. And from my understanding we should R v real soon or maybe by the 21st.

[roger01]

God... I hope your right!

I have a question, why by the 21st?

[Darin]

I BELIEVE SOMEONE POSTED THAT THEY RESEARCHED AND FOUND OTHER COUNTRIES THAT BELONGED TO THE WTO WITH CURRENCIES WORSE OFF THAN IRAQ.

Were those countries with a currency worse off than Iraq's have a tradeable currency? A RV may not be necessary, but one would assume an internationally known traded currency would..

Just my .02

[Sparkwizard]

Unfortunately...I hate to say this, because I really need this to happen but I think that this means no RV until they are permitted to join the WTO. Their currency wont be recognized until their markets are ready to compete and can sustain the market place with their products. I fully believe that this is the reason for the holdup. Their marketplaces are not ready to compete around the globe and the only real product they currently have is oil and natural gas. It is not enough to sustain the country against the mass influx of imports. Their exports aren't there yet!

I agree. +1