Iraq Nears World Trade Organization Membership, Pledges Self-Sufficiency Shift, 9 MARCH

Iraq Nears World Trade Organization Membership, Pledges Self-Sufficiency Shift

During a panel discussion at the seventh session of Al-Rafidain Conference 2024 in Baghdad, Deputy Minister of Trade Sattar Al-Jabiri highlighted Iraq's imminent accession to the World Trade Organization (WTO) and the federal government's commitment to fostering self-sufficiency and minimizing import reliance. This development marks a significant pivot in Iraq's approach to international trade and economic strategy, aiming to balance the scales of trade and promote local production.

Strategic Shift Towards Global Integration

Al-Jabiri underscored the Iraqi government's strategic shift towards aligning with the global economic landscape, emphasizing cooperation and bilateral memorandums of understanding in trade and economics. Recent studies have pointed out the challenges Iraq faces in its trade dynamics, including heavy reliance on oil exports and the need for a diversified, balanced trade portfolio. By seeking WTO membership, Iraq aims to open new avenues for international trade, enhance its economic stability, and integrate more deeply into the global economy.

Addressing Trade Imbalance and Promoting Self-Sufficiency

The discussion also shed light on the current state of Iraq's trade imbalance, where imports substantially outweigh exports, draining the country's financial resources. Al-Jabiri's statements reflect a concerted effort to address these issues head-on by promoting local industries and reducing dependency on imported goods. This move is not only expected to help achieve a trade balance but also to stimulate local economies and create job opportunities, aligning with the government's broader economic revitalization goals.

International Support and Future Outlook

Significantly, the Kingdom of Saudi Arabia recently announced its support for Iraq's bid to join the WTO, a move that could pave the way for smoother accession given the political landscape. This support is crucial for Iraq as it navigates the complex process of WTO membership, requiring the meeting of specific trade, legal, and economic criteria. As Iraq moves closer to this milestone, the focus on developing a robust, self-reliant economy becomes ever more pertinent, promising a future where Iraq not only participates in the global economy but thrives within it.

As Iraq stands on the cusp of joining the World Trade Organization, the path ahead offers both challenges and opportunities. This strategic pivot towards global economic integration, balanced trade, and self-sufficiency reflects a broader vision for Iraq's future. It underscores a commitment to overcoming past economic hurdles and redefining its role on the international stage. As developments unfold, the implications for Iraq's economy, its people, and its global trade partnerships will be closely watched, marking a new chapter in the nation's economic evolution.

https://bnnbreaking.com/world/iraq-nears-world-trade-organization-membership-pledges-self-sufficiency-shift