Al-Sudani chairs a meeting to discuss the economic and trade implications of the US decision to increase customs tariffs
Baghdad /NINA/ -Prime Minister, Mohammed Shia al-Sudani chaired a meeting on Saturday to discuss the economic and commercial impact of the US government's decision to increase customs tariffs on imports of goods from around the world. The meeting also discussed the repercussions of this move on the global economy as a whole, crude oil prices, and the extent of the impact on the Iraqi economy.
A statement from his media office stated that the meeting reviewed digital data issued by the Ministry of Trade, which reveals that the percentage of the increase in US customs tariffs on Iraqi goods was based on the difference in the trade balance between the two countries, and not because of the customs duties imposed by Iraq on US goods.
The statement added: "Through the Ministry of Trade data, it became clear that the majority of Iraq's imports of US goods are made through the markets of other countries, as a result of certain policies followed by US companies in their commercial dealings with Iraq."
It continued: "In light of this information, and in order to ensure the best path for developing the Iraqi economy, Prime Minister Mohammed Shia al-Sudani directed that the necessary measures be taken, in accordance with the supreme interests of the Iraqi economy; As follows:
1. Work to develop mutual trade relations by opening outlets for distributors and American commercial agencies, activating Iraqi commercial agencies, and engaging in direct trade between sectors operating in the United States.
2. Work to develop banking services between the banking and financial sectors in Iraq and the United States, ensuring mutual economic interests.
3. Direct the negotiating team with the American side to review the foundations of the trade relationship with the United States, with the aim of improving it and ensuring balanced economic and trade relations that safeguard mutual interests and foster a positive partnership.
4. The Ministries of Foreign Affairs, Finance, and Trade, along with relevant stakeholders, will undertake to open a dialogue with the American sector counterpart, ensuring the strengthening of trade relations, monitoring financial markets and economic expertise, and submitting weekly reports to the Prime Minister's Office./ End
A statement from his media office stated that the meeting reviewed digital data issued by the Ministry of Trade, which reveals that the percentage of the increase in US customs tariffs on Iraqi goods was based on the difference in the trade balance between the two countries, and not because of the customs duties imposed by Iraq on US goods.
The statement added: "Through the Ministry of Trade data, it became clear that the majority of Iraq's imports of US goods are made through the markets of other countries, as a result of certain policies followed by US companies in their commercial dealings with Iraq."
It continued: "In light of this information, and in order to ensure the best path for developing the Iraqi economy, Prime Minister Mohammed Shia al-Sudani directed that the necessary measures be taken, in accordance with the supreme interests of the Iraqi economy; As follows:
1. Work to develop mutual trade relations by opening outlets for distributors and American commercial agencies, activating Iraqi commercial agencies, and engaging in direct trade between sectors operating in the United States.
2. Work to develop banking services between the banking and financial sectors in Iraq and the United States, ensuring mutual economic interests.
3. Direct the negotiating team with the American side to review the foundations of the trade relationship with the United States, with the aim of improving it and ensuring balanced economic and trade relations that safeguard mutual interests and foster a positive partnership.
4. The Ministries of Foreign Affairs, Finance, and Trade, along with relevant stakeholders, will undertake to open a dialogue with the American sector counterpart, ensuring the strengthening of trade relations, monitoring financial markets and economic expertise, and submitting weekly reports to the Prime Minister's Office./ End
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