Sunday, July 21, 2024
Iraqi Participation In UNCTAD Meetings On World Trade, 22 JULY
Economy | 07/20/2024 Baghdad - Mawazine News The Ministry of Trade announced today, Saturday, its participation in the technical meetings of the United Nations Conference on Trade and Development (UNCTAD) in Istanbul, regarding the accession of Arab countries to the World Trade Organization.
The ministry stated in a statement that it "participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization."
The Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the thirteenth ministerial conference of the World Trade Organization, the process of Arab countries' accession to the organization, and how Iraq can benefit from these experiences in its process of joining.
The statement added, "The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed."
Al-Hashemi stressed, according to the statement: “Iraq’s participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward, and in an accelerated manner, towards achieving full accession to the World Trade Organization, as the exchange of knowledge and experiences gained from these meetings will have a significant positive impact on improving Iraq’s negotiating capabilities and achieving its economic goals.”
The statement indicated: “This participation is part of the ongoing efforts made by the Ministry of Trade to strengthen Iraq’s international economic relations and take advantage of available opportunities to enhance economic and commercial development in the country.” https://www.mawazin.net/Details.aspx?jimare=251576
RV UPDATE BY PIMPY, 22 JULY
Pimpy
"Removing Zeros from the Iraqi currency: Talk Returns and Possibility of Implementation" What is nominal value Pimpy? The nominal value of currency is its current price or face value as printed on the currency by the issuing authority. It's the number written on the bank note... This is a re-denomination when they delete the zeros...Once this is done and a new currency is printed, the old one is removed. If the old ones remain out there for a while they will carry the same value as the new currency, not the old currency.
Pimpy
Yes, an article came out again about deletion of the zeros... " Removing Zeros from the Iraqi currency: Talk Returns and Possibility of Implementation" I keep telling everybody when they do the deletion of the zeros this is how it's going to work. You got a 25,000 dinar. Right now at the current rate you have .00076. It equals $19. The nominal, which is the [three zero] currency, they will remove the three zeros [25]...and it will take the three zeros off [the rate - .76]...That would be 25 dinar times .76 gives you $19.
Pimpy
I keep telling people, the WTO will talk about the Iraqi exchange rate but not in the sense that they're forcing or telling Iraq they have to change their exchange rate. That's not what they do. They just talk about trade and any hurdles that are between them and trade members. They can point something out, they can make recommendations, but it's not up the WTO when it comes to the exchange rate...I know people are telling you it's going to be on July 18th they're going to change the exchange rate. No they're not.
Trade Participates In UNCTAD Meetings On Arab Countries' Accession To The World Trade Organization, 22 JULY
Baghdad / NINA / The Ministry of Trade announced today, Saturday, its participation in the technical meetings of the United Nations Conference on Trade and Development (UNCTAD) in Istanbul, regarding the accession of Arab countries to the World Trade Organization.
The ministry stated, in a statement, that it participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization.
The Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the Thirteenth Ministerial Conference of the World Trade Organization, the process of Arab countries' accession to the organization, and how Iraq can benefit from these experiences in its path to joining.
The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed.
Al-Hashemi stressed: “Iraq’s participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward, and in an accelerated manner, towards achieving full accession to the World Trade Organization, as the knowledge exchange and experiences gained from these meetings will have a significant positive impact on improving Iraq’s negotiating capabilities and achieving its economic goals.”
The statement indicated: “This participation is part of the ongoing efforts made by the Ministry of Trade to strengthen Iraq’s international economic relations and take advantage of available opportunities to enhance economic and commercial development in the country.” https://ninanews.com/Website/News/Details?key=1142395
RV UPDATE BY BUCKEEYETREE, 22 JULY
Buckeyetree
Trump's lawyer, Alina Habba, whose parents were immigrants from Iraq. She was one of the last speakers on the 4th day of the RNC before Trump spoke...
I did a web search and in fact her parents were Chaldean Catholic Christians from Iraq who fled to the USA in the 1980s...IMO, the partnership between Iraq and USA will be greater and more dynamic with Sudani and DJT at the helm of their respective countries if DJT was to become #47 in November 2024 election.
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KTFA:
RE: Wed. Night CC: https://youtu.be/arJ5wta8aHk
Buckeyetree:
I appreciated the thought from the UB2B of who now controls the oil, and it is not Iran any longer!! That was a great UB2B.
The report that the IQD shows up on some of the major hotels as currency to use to purchase hotel stays as one guest shared in interview on UB2B was great news. That could be a sign of international recognition. (I am hoping that the Private Bankers in the USA are on the same page in great expectation if the world now knows. No more "it's a scam.")
Also, if I remember correctly, Eddie shared in a recent report that he and other Iraqis felt like they had a fancy car in Iraq, but it had no engine. I might use that metaphor in another similar application. Those new high tech ATM machines are like that fancy car in Iraq, but they do not have the engine to run them yet. Those ATMs are waiting for the new rate and lower notes! The Iraqis and ATMs may not have to wait much longer. IMO!! We hope and pray.
Finally, if I understood correctly from recent articles and reports that the dinar will only be sold at the airport starting on the 14th. Also, that Sudani recently had a meeting with the Exchangers who were about to go on strike, and they suddenly changed their tune and reversed their plans, hopefully happily. Sudani is a mover and shaker in a good way. There could be something maybe significant about the 14th just before WTO on the 18th. IMO!!
IMO, not just soccer, those big screens around the country in Iraq may soon serve a dual purpose. For us, it seems past time.
Many banks here and abroad seem to be on the brink of collapse due to large debt.
IMO, the reinstatement of the IQD may bring liquidity and less debt to some of the banks, a banking stimulus. Good leadership and good reforms in Iraq will bring blessings from a once war torn country. Industrial cities, hospitals, railroad, ATMs, vast resources, miracles. Thanks to Dr. Shabibi, Sudani, and Alak. Most of all, Praise God.
https://dinarevaluation.blogspot.com/2024/07/analysis-of-iraq-reports-by.html
What Is The Benefit Of Iraq Joining The World Trade Organization? Al-Monitor Sheds Light On The "Secrets", 21 JULY
Money and business Economy News - Follow-up Iraq announced the resumption of negotiations to join the World Trade Organization for the first time since 2008, a step that may benefit the Iraqi economy but will take a long time.
Al-Monitor reported in a report translated by "Al-Eqtisad News" that "the Iraqi negotiating teams began "preparatory meetings" at the headquarters of the World Trade Organization in Geneva, and the Iraqi delegation included officials from ministries in the federal government and the Kurdistan Regional Government, while another meeting will be held at an unspecified date to review Iraq's accession to the World Trade Organization."
The World Trade Organization is an intergovernmental organization that aims to promote international trade. It provides a platform for governments to negotiate trade rules and disputes among themselves. Member states make key decisions. The WTO has 164 members who say they are responsible for 98% of world trade.
Iraq first applied to join the WTO in 2004, the year after the U.S. invasion that toppled dictator Saddam Hussein. A “working group” was then set up, but there has been little progress since then. The group last met formally in 2008. An informal meeting was held in 2017, according to the WTO’s website.
The process has gained significant momentum recently. In January, a WTO delegation visited Baghdad “to mobilize political support for the resumption of Iraq’s WTO accession process.” The discussion focused on Iraq’s economic reforms and was led by Saqr bin Abdullah Al-Muqbil, Saudi Arabia’s ambassador to the WTO and chair of the Iraq Accession Working Group, the organization said in a statement at the time.
A basic requirement for WTO accession is consistent trade policies across the country, including tariff rates and customs procedures. Thus, differences in the tariff structure between the federal government and the Kurdistan Regional Government have been an obstacle to Iraq’s efforts to join the WTO.
The UN team for Iraq said in a statement that Iraq decided to unify the two customs systems in 2019, and the Federal Ministry of Finance finally approved the unified customs tariff framework in February of this year.
Joining the WTO could benefit Iraq. According to a report issued by the Council on Foreign Relations in April 2023, the WTO has been largely successful in expanding free trade.
The Council noted that the dollar value of international trade has quadrupled since the establishment of the World Trade Organization in 1995, and that average tariffs do not exceed 3%.
According to the Council on Foreign Relations, there are also negative aspects to the WTO.
The council noted in the report that "globalization and free trade have their drawbacks. These include the potential for economic inequality and job loss."
The WTO has been particularly criticized for its application of rules toward China.
“The WTO is also struggling to perform its third function – enforcing the rules – particularly with China. Since joining the WTO in 2001, China has violated global trade rules by providing extensive subsidies to its domestic industries and stealing technology and other intellectual property. China has faced few, if any, consequences for its actions,” the council said.
China has a growing presence in Iraq, and there have been significant Chinese investments in Iraqi oil and infrastructure in recent years.
The WTO says it has helped facilitate poverty alleviation in developing economies by promoting trade.
In September 2023, WTO Director-General Ngozi Okonjo-Iweala told the Center for Strategic and International Studies: “Over the past generation, market-oriented reforms in places like Eastern Europe, India, and China, together with the open global economy anchored in the GATT/WTO system, have boosted growth and trade and helped lift more than a billion people out of extreme poverty.”
GATT stands for General Agreement on Tariffs and Trade, the predecessor to the World Trade Organization.
Iraq's trade is dominated by oil. Crude oil accounted for 90% of Iraq's $123 billion in exports in 2022. Iraq imported $67.1 billion that year, with the main imports being refined petroleum, broadcasting equipment, and cars.
These figures gave Iraq a trade surplus of more than $50 billion in 2022, according to the Observatory of Economic Complexity.
Iraq may have a long wait before joining the WTO. East Timor joined in February after seven years of negotiations. Comoros joined at the same time — a process that took 17 years, Arabian Gulf Business Insight reported at the time.Views 63 07/20/2024 - https://economy-news.net/content.php?id=45390
RV UPDATE BY WOLVERINE, 21 JULY
WOLVERINE
- Fri. 19 July 2024 Wolverine: New Dinar Rate published Sun. night. Tier4b notification Mon. 22 July. The Pretorious Group has started in Brazil. Pentecostal Group is quiet. Private contractors are still getting paid. NESARA and GESARA are now entered. The New Iraqi dinar Exchange rates will FINALLY be published directly on the Forex screens on Sunday evening 21 July 2024.
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WOLVERINE
- Wed. 17 July 2024 Wolverine
- “Bond Holders are getting paid. Private Contractors are getting paid. Reno said it has started. I was told it was released to the Pentecostal Group. Absolutely it is our week, but it is a process and Tier4b may not have it until next week.”
Sun. 14 July 2024 Wolverine
“It has started. This report came through today (Sun. 14 July): “Zurich, London, Toronto and Reno now confirm activation ends today (Sun. 14 July), with payments held on Monday (15 July). Most platforms will send notification over the weekend and start payments on Tues. (16 July). Reno actually started payments (to Whales) yesterday (Sat. 13 July). Ok. Have a beautiful day.”
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Q & A WITH MR RODRIGUEZ
MS. RODRIGUEZ: We wait for the green light. I wish I could go now to the bank to trigger the light, to redeem, but when you look at this globally, there is a time that it is meant to happen. But the war came with Russia, then things were delayed - the time has to be properly prepared. Anytime soon - it can happen, tomorrow or tonight, remember we must never lose our hope and to have faith. All this is for only the Chosen Ones, as you were chosen for this. If they know you are a bad person you cannot receive this blessing.
The white hats know about the trolls in the room. All the cabal elite and corrupt people, you will be eliminated if you are not part of the Chosen One. We are going to begin a new one thousand years starting this year of 2024 Jan. The old one thousand years is gone. This is the new generation we are facing now. All the corrupt, all the evil, the dark side, they will not succeed. So many are already gone. President Trump is one of the chosen to lead the country to lead the USA. My job is global, those with me are Russia and China, and we will all work together for the best of humanity. All happening now is for all humankind. We are the chosen. I want to congratulate all of you!
WOLVERINE: Are Medbeds real?
MS. RODRIGUEZ: The Medbeds were given to us, and the cabal hid it because it will kill the pharmaceutical business. Who does not want this opportunity? Pharmaceutical and medical do not like this. When the new cure appears for the people they will disappear The medbeds are funded by the Rodriquez Trust as well is Nesara and Gesara . This is an incredible invention that is real. It is already happening in South America now, and other quiet places in the country. It is 100% real. It will be coming. The minute the RV comes out the Medbeds come out.
WOLVERINE: I spoke with the medbeds rep in Colombia, and he said the beds are ready. As soon as the RV is ready they will be ready, but they need more beds, because at this time ther are only 2000 in the country, and they need enough for 30 million people in the country.
MS. RODRIGUEZ: I am infinite money. No ending type of money. I hold this infinite money to fund all the globe - the money is never ending. When it comes to money for humanity for all cures for the sick, and to help the poor, it will all happen.
WOLVERINE: Thank you, Elizabeth. Thank you for all this information.
MS. RODRIGUEZ: The Chosen Ones are chosen to go to Redemption. You are all chosen to go to the redemption center.
A NOTE FROM CARPATHIA: Today, We have received the most encouraging news from our Wolverine and important information from our most honored Guest, Elizabeth Rodriguez Ruiz.
We are now on the cusp of our dreams, dreams that we have prayed for with all our hearts for a very long time Not one time have we thought of giving up, and soon my dear friends, we will stand in the arena of Victory, where God will lead each of us on our destined path into a New World where hope and faith rule the day. All the good things we have waited for are just around the corner. Be proud for never giving up on yourselves and your dreams.
Love to you All, Carpathia
https://dinarevaluation.blogspot.com/2024/07/q-with-mr-rodriguez-from-carpathia-13.html
Why Were Iraq And Most Arab Countries Not Affected By The Technical Glitch That Hit The World? , 21 July
Baghdad Today - Follow-up A global technological outage has caused many sectors around the world to stop working, most notably airports and financial banks, today, Friday, (July 19, 2024), but the matter was different in Iraq and most Arab countries, as well as China and Russia .
In Iraq, the Civil Aviation Authority rushed this morning to clarify that “the country’s airports were not affected by the technical glitch in the global computing systems,” while the Cyber Security Center at the National Security Advisory confirmed today that “Iraqi government institutions were not affected by the global electronic glitch .”
Kuwait, Lebanon, Morocco and Egypt announced that their countries were not affected by the global technical failure because they do not use Microsoft in their operations; they were not affected by the outage .
Questions were raised about the reason for the systems stopping in some countries while they did not stop in other countries, especially Iraq and other Arab countries, but by knowing the reason for the technical failure, the reason for that can be reached .
The Microsoft outage was linked to a new update from CrowdStrike, a cybersecurity software company, and caused disruptions across a range of sectors, with stock exchanges, airlines and banks the most affected .
Accordingly, and according to tracking data from technology companies, the outage only affected computers that use the CrowdStrike cybersecurity system on Microsoft systems, which means that computers running on Microsoft's system, and not using the CrowdStrike cybersecurity system, were not affected by the global glitch . LINK
Weekend News with MarkZ. 07/20/2024
IRAQ BOOTS ON THE GROUND REPORT BY FIREFLY, 21 JULY
[Iraq boots-on-the-ground report]
FIREFLY:We're hearing this man on Chanel one on the TV he's saying to us citizens, he's saying joining the WTO will eventually lead to the rising of the dinar value up. It's all about global trade...In order to compete we will need a real effective exchange rate to produce anything in the global trading market.
FRANK: He's right...It's amazing they are talking to you about the real effective exchange rate...because that is the end result of the float...God willing it comes out at $3.22 as an RI.
Members welcome Iraq’s return to WTO accession talks after 16 years
18 JULY 2024
ACCESSIONS
At the third meeting of the Working Party on the Accession of Iraq on 18 July, WTO members welcomed the formal resumption of the country’s accession process after a 16-year hiatus, commending Iraq for its renewed political commitment and engagement in the accession process.
Iraq reaffirmed its pledge to join the WTO, highlighting significant economic and legislative reforms.
Mr. Atheer Dawood Salman Al Ghrairi, Iraq's Minister of Trade, led a high-level delegation from Baghdad at the third meeting of the Working Party. Ambassador Saqr Almoqbel of the Kingdom of Saudi Arabia, who chaired the Working Party for the first time since his appointment last year, welcomed Iraq's return to Geneva after many years, highlighting the significance of the formal resumption of Iraq's accession process. “The Minister's presence here, the first since 2008, sends a clear signal that Iraq's accession process is now back on track,” he remarked. The Working Party held its second meeting in April 2008 and an informal meeting in November 2017.
The Chair acknowledged “the tremendous efforts by everyone, of course, starting with Iraq, but also members and partners, as well as former Chair Ambassador Omar Hilale of Morocco, to make today's meeting a reality”. He also referred to his visit to Baghdad in January 2024, where he met with senior Iraqi government officials, including President Abdul Latif Rashid.
Minister Al Ghrairi noted the importance of the meeting, which “represents a distinctive step for the Government and the people of Iraq towards becoming a full-fledged member of the WTO, a target we seek to achieve as a means to enhance our national economic strategy and integration in the global economy”. He further stated that despite ongoing security, political, and regional challenges, “the Government of Iraq remains steadfast in its commitment to pursue a reform agenda in terms of enhancing trade policies, boosting the business environment, and creating favourable conditions for foreign investment.”
Minister Al Ghrairi highlighted the special importance attached by the Government to aligning its trade policies and regulatory frameworks with international rules and standards and strengthening institutional capacities to meet WTO requirements. “The National Committee on Iraq's Accession has intensified efforts and made substantial progress in fulfilling the accession requirements,” he said. Ahead of the third Working Party meeting, Iraq submitted key negotiating documents, including its initial market access offers on goods and services.
WTO Deputy Director-General Xiangchen Zhang stressed the significance of this meeting not only for Iraq but also for the Arab region, which still has a large number of accessions under way. “As the largest region outside the multilateral trading system, this moment signifies a renewed opportunity for progress and collaboration towards accession for Iraq and hopefully other Arab nations aspiring to join the WTO, enhancing regional and global trade dynamics.” He also emphasized the importance of technical assistance and capacity building in the region, especially for Iraq in view of its status as a post-conflict country.
Members highlighted the significance of Iraq's accession for the multilateral trading system. Many Arab members emphasized that Iraq's accession would contribute to regional integration efforts in support of peace and security. Other participants in the meeting included observer governments and international organizations.
Iraq provided an update on its initial contacts with members regarding bilateral market access negotiations, noting that initial offers on goods and services were submitted in early May. The Iraqi delegation expressed readiness to further engage with WTO members.
The Working Party discussed various aspects of Iraq's foreign trade regime based on its revised Memorandum of the Foreign Trade Regime (MFTR) and other supporting documentation. Iraq provided a report on legislative developments, highlighting its latest efforts to conform with WTO-related rules.
Next steps
The Chair invited Iraq and WTO members to intensify bilateral negotiations on market access, building on the recent contacts.
The Chair invited members to submit specific questions in writing by 15 August. He also asked Iraq to provide replies to members' questions and to submit other requested accession documents. The Chair asked the WTO Secretariat to work with Iraq to revise its MFTR, which will serve as the basis for continuing the examination of Iraq's foreign trade regime at the next meeting of the Working Party.
In addition, the Chair asked Iraq to revise its Legislative Action Plan and submit copies of WTO-related legislation to provide an up-to-date picture of ongoing reforms.
The importance of technical assistance was emphasized, with several members and international organizations offering support. The Secretariat plans to organize a Round Table to discuss Iraq's technical assistance needs to further facilitate its accession process.
The Chair suggested that the fourth Working Party meeting could be scheduled for the first quarter of 2025, contingent on the progress of the outlined steps.
RV UPDATE BY NADER FROM MID EAST, 21 JULY
Nader From The Mid East
You heard them talking about corruption. They're going to clean it up but it's going to always be there. It's everywhere. It's in America. It's everywhere in the world. It's in Europe. It's here. Corruption is corruption, the biggest corrupt people you cannot clean them cuz they have powers...You can't do anything against them.
What's going on in Iraq is really really good. Last month you see me talking about this month, about July. I said from now to July 8th you'll get some good news and that's exactly what happened. You see every proof of possibility to revalue or reinstate. I think it's reinstatement more than revaluation.
Lots of things happening...I see good news coming up this week so stay tuned...What's happening now it's good. I can say we are very close.
Nader From The Mid East
Things have been moving a little bit from here to the 8th of July. I hope we have an answer cuz that's what they shooting for. I don't know if it's going to be good or bad...It's more good than bad but I don't want to say anything about that cuz if anything happen you're going to say, 'Hey, but you said this. You said that.'
SUMMARY OF RV UPDATES OF NADER FROM MID EAST, 21 JUNE
I know they working on the exchange rate from here to the 8th of July. We will have some good news I hope.
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Article: "Iraq Bulks Up Gold Reserves, Inch Up World Rankings" Quote: "Their holdings have grown to 145.7 tons, a bump of over 3 tons compared to 142.6 tons the previous month. This increase...is enough to nudge Iraq one spot higher in the WGC's global ranking, landing them 31st place out of 100 countries."
Last week...I said Iraq government start a new white paper, it's all about the currency. From here to the 8th of July we should have an answer. What they going to do - Are they going to change the exchange rate or not? That's what I said exactly. They're working on it. I know they created a white paper on that. The CBI... government of Iraq, the reserve and the IMF are all working on the same page on those white papers. I don't know if it's going to change or not...
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The UN agreement, 2003 when they invaded the country, now they said the last day is next year 2025. They been talking about the end of the war and this is one of them. That is very good news.
We talk about sovereignty, that's one of them. It's good for Iraq. It's going to make Iraq stronger and happier...Sudani what he's talking about the coalition gonna leave in 2025...it's official.
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'Nader you said it was going to happen in June.' No I didn't say in June happen.
I said June they're a possibility for them to work on the dinar because each time they worked on him it's between June and August...They created a new white paper. They're going to start working on the exchange rate and I think from here to the 8th of July. We'll see what's going to happen.
Iraq wanted to de-dollarize. They start de-dollarizing in January but it didn't work for them too much.
The government didn't expect that to happen even by telling them that the dinar are stronger...use the dinar instead of the dollar for the benefits of the country. They tried everything. Now, they said that plan didn't work so they come out to the new white paper...They realized they cannot do nothing without changing the exchange rate.
They're going to have to go down in the exchange rate for the de-dollarization...They're going to have to change their exchange rate...Between now and 8th of July we should have an answer...
what they going to do? Are they going to change the exchange rate...keep it the same...go up...go down?
I think they're going to have to go down on the exchange rate a lot for them to take off the dollar from the street.
https://dinarevaluation.blogspot.com/2024/06/rv-update-by-nader-from-mid-east-1-june.html
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