An economist warns of the Washington scenario.. What is the Federal Reserve’s relationship?
Information/Private.. Economist Nasser Al-Kinani warned today, Thursday, of a plan to seize Iraqi oil money from the US Federal Bank, while revealing details of a conspiracy against the Iraqi economy.
Al-Kanani said in an interview with the Maalouma Agency, “The sanctions imposed on Iraqi banks contributed to a liquidity crisis for the dollar in the local markets,” noting that “there are fears of stopping the export of money from selling oil to the country.”
He continued, “The Federal Reserve’s sanctions on Iraqi banks are intended to benefit the rest of the Arab banks that partner with Washington,” pointing out that “the dominance of the United States of America over the Iraqi economy still continues until now.”
Al-Kanani added, “The United States of America has issued sanctions against 26 banks so far,” considering that “the process of stopping these banks is unjustified and there are no reasons to take measures against them.”
He stated, “There is a conspiracy against the economy through the Arab banks that were opened in the previous period being linked to the US Treasury and not the Central Bank.”
A member of the House of Representatives, Thaer al-Jubouri, had accused, in an interview with the Maalouma Agency, “the United States of America of dominating Iraq’s funds through the Federal World Bank,” while he stressed that Washington is creating pretexts in order to control many files.
ARAB PERSPECTIVES ON WTO ACCESSIONS AND THE MULTILATERAL TRADING SYSTEM
Abu Dhabi National Exhibition Centre, Hall 10, Room B - In-Person
23 FEB 2024 24 FEB 2024
The 12th China Round Table (CRT-12) will take place on 24-25 February 2024 in Abu Dhabi, United Arab Emirates (UAE), on the margins of the 13th WTO Ministerial Conference (MC13). This is the first Round Table organized in the Arab region. The focus of this Round Table will be Arab Perspectives on WTO Accessions and the Multilateral Trading System.
The Arab region is one of the most under-represented in the WTO. Of the 22 members of the Arab League, only 13 are WTO Members and nine are observers of different types. Out of the 13 Members, the Hashemite Kingdom of Jordan, the Sultanate of Oman, the Kingdom of Saudi Arabia and Yemen joined the WTO through the accession process pursuant to Article XII of the Agreement Establishing the WTO (the Marrakesh Agreement) between 2000 and 2014.
Today, Algeria, Comoros, Iraq, Lebanese Republic, Libya, Somalia, Sudan and the Syrian Arab Republic are in the process of Article XII accession , while Palestine has had an ad hoc observer status in the WTO Ministerial Conferences since 2005
The eight Arab acceding governments have been pursuing accession, on average, for approximately 20 years, with some of the accession processes being inactive for a long time. Together with Timor‑Leste, Comoros is a candidate to join the WTO at MC13.
WTO Director-General Ngozi Okonjo-Iweala highlighted during the 2nd High-Level Regional Dialogue on WTO Accessions for the Arab Region: "With several Arab acceding governments expected to step up engagement at the WTO this year, especially in the case of Comoros, we should step up our joint efforts to support them.
One potentially useful point of action could be to put together a study detailing the accession and post-accession experiences of Article XII members from the region.
This could serve as a guide for Arab countries working to revive their accession negotiations and would yield insights for how best the international community could support Arab accessions or Arab countries' participation in the WTO more generally." Commenting on the Trade for Peace programme, the Director-General noted that "The Trade for Peace agenda has brought to light how reforms associated with the WTO accession process can help Arab countries build resilience and foster prosperity, peace and stability."
OPENING
Opening Ceremony 09:30-10:00
Abu Dhabi
Moderator
Ms. Maika Oshikawa
Director, Accessions Division, World Trade Organization
Opening remarks
H.E. Mr. Juma Al Kait
Assistant Undersecretary for International Trade Affairs, Ministry of Economy, United Arab Emirates
Opening remarks
H.E. Ambassador LI Chenggang
Permanent Representative, Permanent Mission of the People's Republic of China to the World Trade Organization
Opening remarks
Mr. ZHANG Xiangchen
Deputy Director-General, World Trade Organization
SESSION 1: Best Practices in WTO Accessions for Arab Region: Lessons from Past and On-going accessions in the region 10:30-12:30
Abu Dhabi
"Best Practices in WTO Accessions for Arab Countries: Lessons from Past and On-going Accessions" is a joint study with the collaboration of four partner organizations (WTO, the Arab Monetary Fund, the Islamic Development Bank and the Islamic Center for Development of Trade). The study aims at providing factual accounts of past and on-going Arab accessions, as well as the post-accession performance of Article XII Arab Members, including their participation in the WTO. This session will present the main findings and r
ecommendations of the Joint Arab Study for WTO Accessions. This will be followed by an open discussion among participants.
Prime Minister Muhammad Shiaa Al-Sudani stressed the importance of moving to a bilateral relationship with Washington governed by the Strategic Framework Agreement, stressing the importance of the partnership between Iraq and the United States. The office of Prime Minister Muhammad Shia Al-Sudani said, received by Mawazine News, that “he received a member of the Foreign Relations Committee in the US Congress, Senator Christopher Coons. Al-
Sudani explained” the importance of the partnership between Iraq and the United States, stressing the transition to a bilateral relationship governed by the strategic framework agreement between the two countries, after… Completing the tasks of the international coalition, according to a specific timetable.
He stressed “the necessity of stopping the war in Gaza and ending the genocidal war committed by the occupation forces, especially with the advent of the holy month of Ramadan.”
For his part, Senator Coons confirmed that his tour in the region and his meeting with the Prime Minister came at the request of President Joe Biden, noting that The depth of the partnership between the United States of America and Iraq, and the necessity of expanding it to include economic, cultural, and health aspects, in addition to the security aspects that take place in accordance with the meetings of the Supreme Military Committee. He also stressed the necessity of achieving stability and peace in the Middle East and a ceasefire in Gaza and the Palestinian territories.
Member: Do we need the stock market to collapse to get the RV?
MZ: No, The RV is not dependent on the collapse of the stock market. But, many of us believe the collapse of the stock market will force the RV.
MZ: One of the articles I like the most from Iraq: “ITC hosts Iraq National trade forum” With support from Iraq’s national Trade center and the government , and a joint agency of the UN and the World Trade Organization. The entire goal of this is to foster International trade, and import and export opportunities in business on the international stage.
MZ: “Iraq sees significant increase in port traffic” Millions of dollars were made and exceeding 74.9 Billion in Iraqi dinar just in January.This is a massive boost ot Iraqi trade.
Deepening Ties: Iraqi Prime Minister and Lukoil Founder Plot Future of Oil Field Development
In the heart of Baghdad, a meeting that could decisively influence the future of Iraq's energy sector unfolded. Iraqi Prime Minister Mohammed Shiaa Al-Sudani and Vagit Alekperov, the esteemed chairman of the Russian Union of Manufacturers and Businessmen and founder of Lukoil, convened to chart a course for Russian involvement in Iraq. This assembly wasn't just about oil—it was a testament to an evolving partnership, set against the backdrop of previous engagements, including Al-Sudani's notable visit to Moscow last year.
Unlocking Potential: The West Qurna II and Eridu Fields
The crux of their discussion centered on the West Qurna II and Eridu (Block 10) oil fields, jewels in Iraq's vast energy crown currently under Lukoil's operation. These fields are not just sources of black gold; they represent potential pathways to prosperity for Iraq, offering the promise of employment, development, and an enhanced energy infrastructure. Al-Sudani and Alekperov delved into strategies to surmount operational challenges that have, until now, restrained their full potential.
Expanding Horizons: Beyond Extraction
But the dialogue extended beyond the immediate horizons of oil extraction. The leaders explored Lukoil's role in integrated energy projects and its participation in upcoming licensing rounds. This discussion marks a significant pivot towards diversifying Iraq's energy sector, signaling a future where sustainable practices and renewable energies might play a pivotal role. Lukoil's involvement could catalyze a shift towards more holistic energy solutions, marrying the immediacy of oil with the foresight of integrated energy projects.
Challenges and Opportunities: A Balanced Perspective
Yet, the path forward is strewn with challenges. Operational hurdles, geopolitical tensions, and the global push towards renewable energy sources pose significant obstacles. However, within these challenges lie opportunities—opportunities for technological innovation, for economic diversification, and for strengthening the bilateral ties between Iraq and Russia. The dialogue between Al-Sudani and Alekperov underscores a mutual commitment to navigating these complexities together, leveraging their unique strengths for mutual benefit.
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In the realm of global energy politics, meetings like these are more than mere discussions; they are the bedrock upon which future collaborations are built. As Iraq and Lukoil move forward, the world watches, keen to see how this partnership evolves in the face of shifting energy paradigms. The outcomes of this collaboration could very well redefine the energy landscape of the Middle East and beyond, marking a new chapter in the annals of international energy cooperation.
