Iraq will not get acceptance into WTO

[Hamels]

Parliamentary Finance: Iraq will not get the membership of the World Trade under the current legislation

10/23/2011 13:05Economyno comments

MP Abdul-Hussein al-Yasiri

"Portal Iraq," Baghdad - confirmed the Finance Committee in the Iraqi Council of Representatives, Sunday, that the legislative obstacles standing in front of Iraq's entry to the WTO.

Said committee member Abdul-Hussein al-Yasiri that "does not turn Iraq into a free market economy is because of legislation that the House of Representatives to speed up the shift without receiving a permanent membership in the WTO."

He added that "the financial and economic committees and legal work to a study with the Ministry of Commerce for the development of economic legislation in order to join the World Trade Organization." He pointed out that "accession to the WTO will not be easy in the event of continued economic legislation on its current form and has not had the extensive amendments . " The Ministry of the Federal Trade Iraq to accelerate access to permanent membership of the WTO would disrupt the Iraqi economy unless Maaúma economic legislation Iraqi lumen controls to accede to the WTO. The team was Iraq's accession to the WTO was established on 13 December / December in 2004, and submitted a memorandum to obtain membership of the Organization on 16 September / September 2005, was the adoption of Iraq observers in the January 24, 2007, and began meetings the first round of the Working Group in 2007, followed by a second round of meetings in 2008, then the third round of the end of 2009.

Iraq seeks to obtain permanent membership in the WTO rather than an observer as is the case at this time.

The WTO was founded in 1995 and includes 147 countries world as permanent members.

The organization aims to create a world economic preserves the rights of the consumer and the product through the system of international laws by employing the full resources of the state and prevent the sale of goods with non-universal impulse.

http://www.albawwaba.net/economic/55097

[Danan]

Can someone with more brains than I, tell me what this means?

[GinaG]

It means that Iraq needs to get their butt in gear so their country can trade with other countries. They are letting them know this now, so when the next meeting comes they better have their shut together. That is what I got out of it anyway.

[Dinar Buddy]

No RV if they able to enter the WTO.

Let's prepare for another full year.

[GinaG]

So if Iraq is accepted into WTO they do not have to RV? Not sure, can somebody explain this to me?

[fastarnie]

I could be wrong, and they say nothing of currency in the article, but I believe they need to do something with the currency to become a free market economy. The problem lies in the governments hands, so we wait.

[jakedog]

People,,, Iraq is all ready trading with other countries and getting what they want,,, What Iraq is using for money is called OIL !!!!!!!! All countries need oil and i believe Iraq needs no RV and if they did dont you think they would have done this a long time ago ?? Iraq is doing just fine with what they have which is plenty of,,,, OIL !!!

[zigmeister]

I don't think Iraq need be a member to RV their currency.

[Alex38]

I would believe they would have to RV first....

[uncirculd]

Nope they don't.

• Under a fixed exchange rate system, devaluation and revaluation are official changes in the value of a country's currency relative to other currencies. Under a floating exchange rate system, market forces generate changes in the value of the currency, known as currency depreciation or appreciation.

• In a fixed exchange rate system, both devaluation and revaluation can be conducted by policymakers, usually motivated by market pressures.

• The charter of the International Monetary Fund (IMF) directs policymakers to avoid "manipulating exchange rates...to gain an unfair competitive advantage over other members."

Under a fixed exchange rate system, only a decision by a country's government or monetary authority can alter the official value of the currency. Governments do, occasionally, take such measures, often in response to unusual market pressures. Devaluation, the deliberate downward adjustment in the official exchange rate, reduces the currency's value; in contrast, a revaluation is an upward change in the currency's value.

For example, suppose a government has set 10 units of its currency equal to one dollar. To devalue, it might announce that from now on 20 of its currency units will be equal to one dollar. This would make its currency half as expensive to Americans, and the U.S. dollar twice as expensive in the devaluing country. To revalue, the government might change the rate from 10 units to one dollar to five units to one dollar; this would make the currency twice as expensive to Americans, and the dollar half as costly at home.

Although the countries that joined IMF are there to keep from the manipulation for one. But it is not so with the China Renminbi. By them not revaluing their currency, some other country may do the same thing and get market advantage. It is really not good. I wish they would. I would buy it in a NY minute.

[MrDinarman]

duh

[Dalite]

Additional info:

Other Conventional Fixed Peg Arrangements

The country (formally or de facto) pegs its currency at a fixed rate to another currency or a basket of currencies, where the basket is formed from the currencies of major trading or financial partners and weights reflect the geographical distribution of trade, services, or capital flows.

The currency composites can also be standardized, as in the case of the SDR. There is no commitment to keep the parity irrevocably. The exchange rate may fluctuate within narrow margins of less than ±1 percent around a central rate-or the maximum and minimum value of the exchange rate may remain within a narrow margin of 2 percent-for at least three months.

The monetary authority stands ready to maintain the fixed parity through direct intervention (i.e., via sale/purchase of foreign exchange in the market) or indirect intervention (e.g., via aggressive use of interest rate policy, imposition of foreign exchange regulations, exercise of moral suasion that constrains foreign exchange activity, or through intervention by other public institutions).

Flexibility of monetary policy, though limited, is greater than in the case of exchange arrangements with no separate legal tender and currency boards because traditional central banking functions are still possible, and the monetary authority can adjust the level of the exchange rate, although relatively infrequently.

Classification of Exchange Rate Arrangements and Monetary Policy Frameworks

Iraq is hard pegged to the USD. The info above is from the IMF. It does not show having been updated since 2004, so treat it as a guideline that is in place until, or unless suoerceeded.

[Okie Lab Guy]

Can someone with more brains than I, tell me what this means?

I'll break it down to match you're avatar. say jessica rabbit is Iraq, and other men will be all of the countries in the WTO. Her breasts will be the trade goods

as is stands jessica can play with her own breasts, and have a guy play with them from time to time, but what she really wants/needs is for all of the men to play with them all of the time!

GO RV!!!!!!

[Slimdiggity]

I'll break it down to match you're avatar. say jessica rabbit is Iraq, and other men will be all of the countries in the WTO. Her breasts will be the trade goods

as is stands jessica can play with her own breasts, and have a guy play with them from time to time, but what she really wants/needs is for all of the men to play with them all of the time!

GO RV!!!!!!

LMAO!!

[rocketman2010]

I NEED A BEER justsan