WHAT HAPPEN WHEN A COUNTRY APPLIES TO JOIN THE WTO BY GOLDILOCKS, 13 OCT

 GOLDILOCKS

When a country applies to join the World Trade Organization (WTO), it must describe how its exchange rate is determined. 

Applicants must also provide information on:

* Whether their currency is convertible

* Whether foreign exchange is freely available for trade and payments

* Any regulations related to retaining foreign currencies

* Repatriation or surrender requirements

* Their balance of payments situation 

 

The WTO promotes fair trade by setting global trade rules and enforcing them through its dispute settlement system. However, the WTO defers to the International Monetary Fund (IMF) for assessing exchange rates. 

The IMF has adopted standards for assessing exchange rates, but it has not officially used those standards to assess specific countries. Iraq will be determining their rate themselves.

 

The WTO's goal is free trade, which it achieves by binding its members to international commitments. These commitments include:

* Access to the goods and services markets

* Use of economic policy instruments that affect trade

* State support of agriculture 

As you can see, Iraq will be reaching its final stages of inclusion into the International markets in the first or second quarter of next year. 

© Goldilocks

https://www.wto.org/english/thewto_e/acc_e/cbt_course_e/c5s2p2_e.htm