Iraq on the Cusp of WTO Membership: Banking Reforms Power the Next Big Step, 21 FEB

 Iraq on the Cusp of WTO Membership: Banking Reforms Power the Next Big Step

Iraq is rapidly positioning itself for World Trade Organization (WTO) membership, driven by landmark reforms led by the Central Bank of Iraq (CBI).

 In a pivotal move, the CBI has transitioned external transfers from a specialized electronic platform to direct operations through international correspondent banks—signaling a bold alignment with global best practices.

 By introducing new permissible currencies, including the Jordanian dinar and Saudi riyal, and allowing euro-based trade with Turkey, the CBI underscores Iraq’s ambition to modernize its financial institutions and expand trade ties across regions.

These reforms reflect the CBI’s larger mission: diversifying Iraq’s trade financing, strengthening foreign exchange operations, and enhancing compliance to meet international standards. Major consulting firms like EY and Oliver Wyman have endorsed these strides, boosting confidence among foreign investors and international bodies.

 Just as significant, top-tier correspondent banks such as JPMorgan Chase, Bank of America, Citibank, and HSBC stand ready to facilitate Iraq’s deeper integration into the global financial network—an important component that the WTO strongly values in assessing a candidate country’s readiness for membership.

For Iraq, these developments mark a turning point toward greater stability and prosperity. By reducing reliance on the U.S. dollar and aligning its banking system with rigorous global standards, the country is paving the way for the wider acceptance of the Iraqi dinar on the international stage.

 As the final WTO accession talks approach, Iraq’s ongoing dedication to transparency, robust financial infrastructure, and strengthened anti-money laundering measures showcases its commitment to fair trade practices. This momentum toward WTO membership bodes well for Iraq’s economic outlook, heralding a future of sustained growth, broader global engagement, and enhanced credibility in international markets.