Iraq confirms it has completed the requirements to join the World Trade Organisation, 5 MARCH

Iraq confirms it has completed the requirements to join the World Trade Organisation

Iraq has confirmed that it has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment. Iraq submitted a request to join in 2004. The Iraqi Minister of Trade, Atheer Al-Ghurairi, affirmed that Iraq fulfilled the conditions necessary to become a member of (WTO) following the completion of economic reforms and the enhancement of the investment climate.

The remarks of the Iraqi Trade Minister took place 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 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”

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.

Furthermore, the WTO promotes development by addressing the concerns of developing nations. Special and differential treatment provisions recognize 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 the World Trade Organization (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, enjoy lower tariffs and fewer restrictions, leading to increased export opportunities.

https://www.zawya.com/en/press-release/companies-news/iraq-confirms-it-has-completed-the-requirements-to-join-the-world-trade-organisation-mt07lwye