Iraq's Milestone Step Towards WTO Membership in 2024
In a significant stride for Iraq's economic landscape, the government, under the leadership of Prime Minister Mohammed Shia Al-Sudani, has announced the completion of the preparatory process for joining the World Trade Organization (WTO). This move marks a pivotal moment in Iraq's global economic integration, reflecting a series of crucial reforms and policy adjustments aimed at aligning the nation's economic framework with international standards.
Clear Vision for Economic Future
Iraq's government has outlined a comprehensive plan for its economic future, setting clear timelines for liberalization and focusing on sectors with high potential, such as agriculture, industry, and services. By prioritizing these sectors, Iraq aims to boost its trade capabilities and facilitate a smoother accession process to the WTO.
Legislative and Policy Reforms
Iraq has undertaken a series of legislative reforms, including the discussion of new laws aimed at overhauling its legal system to comply with WTO requirements. These reforms encompass coordinated trade policies across the country, including adjustments to tariff rates and customs procedures, signaling Iraq's commitment to aligning its practices with international trade norms.
Resumption of Negotiations
The Minister of Trade and head of the Iraqi team concerned with joining the WTO, Atheer Daoud Al-Ghurairi, revealed the resumption of negotiations, marking a significant advancement after a hiatus of over 16 years. Iraqi negotiating teams have initiated preparatory meetings at WTO headquarters in Geneva, indicating a high level of readiness and preparedness for the accession process.
Benefits of WTO Membership
Experts view Iraq's accession to the WTO as a major achievement, with potential benefits including an increase in Iraqi exports and a boost to economic growth. Membership is expected to open new markets for Iraqi goods and services, contributing to the diversification of the economy and reducing dependence on oil revenues.
Enhanced Competence in Negotiations
The Iraqi negotiating team has reached an unprecedented level of experience and competence in the field of negotiation, reflecting the development of their capabilities and the ability to handle complex issues related to WTO membership. This development signals a positive outlook for Iraq's future role in international trade.
Support from Saudi Arabia
The efforts of the Kingdom of Saudi Arabia have been acknowledged as crucial in Iraq's WTO accession process, with coordination and partnership playing a vital role in advancing Iraq's candidacy.
Iraq's journey towards WTO membership represents a strategic move to integrate more deeply into the global economy, enhance its trade capabilities, and foster economic growth. The completion of the preparatory process is a testament to the government's commitment to economic reform and international cooperation.
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