Wednesday, February 28, 2024
The World Trade Organization approves new rules to facilitate the exchange of services, 28 FEB
The World Trade Organization approves new rules to facilitate the exchange of services
2/27/2024
On Tuesday, the World Trade Organization approved new rules to facilitate the exchange of services between more than 70 of its member countries, despite initial objection from India and South Africa.
The European Union said in a statement that the agreement will contribute, by facilitating administrative mechanisms and technical rules, to reducing the costs of global trade in services by more than $119 billion every year, according to Agence France-Presse.
In turn, European Trade Commissioner Valdis Dombrovskis explained, during the thirteenth Ministerial Conference of the World Trade Organization held in Abu Dhabi, that “reaching this result and integrating it into the World Trade Organization was not an easy matter.”
He added, "We faced opposition from two members of the organization, but the 'spirit of compromise' removed the obstacles in the end," without naming the two countries.
For her part, the Director-General of the Nigerian organization, Ngozi Okonjo-Iweala, thanked “India and South Africa for finding a way forward.”
The value of global services exports is estimated at more than $6.5 trillion, representing 23% of total global trade, according to the European Union.
The new WTO agreement applies to the 71 member states that have signed it – representing 92% of global trade in services – but businesses from other member states can benefit from it too.
China, the United States, and the European Union are among the signatories to the agreement, while India and South Africa have not signed it.
Costa Rican Foreign Trade Minister Manuel Tover, whose country led the negotiations on the agreement, considered it an “important stage” for the member states of the organization.
"This is the first result achieved by the WTO in the field of services in more than 25 years. It is a real success story for this organization," he said. LINK
"RV UPDATE" BY SAMSON & PAULETTE, 28 FEB
Samson
Article 1: "The Minister of Commerce discusses with the Director of the International Trade Center the formula for joint action and support for Iraq to obtain membership in the WTO" Article 2: "For the first time in 20 years...
Iraq participates in the Ministerial Conference of the World Trade Organization"
Paulette
IMSO...now that the Federal Court ruled, the Oil and Gas Law is no longer needed.The court wrote the entire Oil and Gas Law in one decision.
All government employee salaries are paid through Baghdad and all oil and non oil revenues of Kurdistan go to the Federal government. Nothing more to say or agree to. "Binding and Compelling".
Tuesday, February 27, 2024
The Territory Commercial Bank announces financing Iraq's trade with India in rupees, 28 FEB
The Territory Commercial Bank announces financing Iraq's trade with India in rupees
2/27/2024 Baghdad
The Territory Commercial Bank announced financing trade between Iraq and India in the rupee currency.
The bank said in a press statement, “We announce the launch of a pioneering initiative to enhance trade exchange between Iraq and India, where trading partners can now conduct their financial transactions in the Indian rupee. This step aims to facilitate and accelerate commercial operations between the two countries by providing simplified and effective financial solutions.”
He added, "Within the framework of this initiative, the Territory Commercial Bank opened an account in Indian rupees with DBS Bank in New Delhi, which allows cross-border financial transactions to be carried out more easily and efficiently. This transformation aims to eliminate the challenges related to currency exchange and reduce transaction costs and the time required to complete them." “This will reflect positively on the efficiency of trade between Iraq and India.”
The bank indicated that we assure our customers that all transactions in the Indian rupee will be conducted in accordance with the laws and directives set by the Central Bank of Iraq, to ensure complete safety and transparency in all operations.
The bank called on companies operating in the field of trade between Iraq and India to benefit from this service, which provides them with the opportunity to improve efficiency and reduce costs. LINK
"RV UPDATE" BY CLARE, 28 FEB
CLARE
Article: "The Prime Minister of the Kurdistan Regional Government arrives in Washington on an official visit”
Article quote: "the prevailing proposal is to replace every thousand dinars of the current currency with one dinar of the new currency...
The deleting zeros can achieve many benefits, the most important of which is getting rid of high inflation pressures on the economy and restoring confidence in the national currency and the monetary system as a whole, facilitating accounting processes and cash exchange between citizens, and reducing the cost of managing and maintaining the monetary block by reducing its volume under circulation"
Article: "Biden's envoy arrives in Baghdad and meets Al-Sudani"
Article: " Al-Sudani is making an upcoming visit to Washington"
Quote "The two sides discussed the files that will be raised during the Prime Minister’s upcoming visit to Washington, and the cooperation mechanism within the strategic framework agreement between Iraq and the United States, and the committees formed in this regard,”
Article: "Al-Sudani is making an upcoming visit to Washington" Quote "The two sides discussed the files that will be raised during the Prime Minister’s upcoming visit to Washington, and the cooperation mechanism within the strategic framework agreement between Iraq and the United States, and the committees formed in this regard ,”
"ANALYSIS OF IRAQ NEWS"Al-Sudani’s Office: The Iraqi speech in Munich was frank about issues of sovereignty, security, and economic partnerships
2/17/2024
Director of the Media Office of the Prime Minister, Rabie Nader, confirmed today, Saturday, that the Iraqi speech in Munich was frank on issues of sovereignty, security, and serious economic partnerships.
Nader said, in a tweet on the {X} platform, that: “More than 22 meetings were held by the Prime Minister in Munich in just two days, and the Iraqi speech was frank on issues of sovereignty, security, and serious economic partnerships.”
He added, “There was great international understanding of Iraq’s desire to move the relationship with the international coalition countries from security to strategic partnerships in various fields, and the messages were clear that Iraq’s security is necessary for the security of the region and a stable Iraq is in everyone’s interest.”
Nard continued, “Iraq is a meeting point and refuses to be an arena for settling scores, and the international community must move quickly to stop the war on Gaza.” LINK
Clare: Al-Sudani discusses with members of the US Congress the end of the international coalition’s mission and the transition to bilateral relations
2/17/2024
Prime Minister Muhammad Shiaa Al-Sudani discussed, with members of the US Congress, today, Saturday, the end of the international coalition’s mission in Iraq.
Al-Sudani’s media office stated in a statement received by {Al-Furat News} that “Prime Minister Muhammad Shia’ al-Sudani received four members of the US Congress, namely: Mike Turner, McKeirl, Joe Wilson, and Gerry Connolly, on the sidelines of his Excellency’s participation in the 2024 Munich Security Conference.” .
The statement added, “During the meeting, bilateral relations between Iraq and the United States were discussed, and ways to enhance constructive cooperation, as well as a number of files and issues of common interest were reviewed.
The meeting also touched on the ongoing dialogue regarding ending the mission of the international coalition in Iraq, after the arrival of the security forces.” Iraq has reached an advanced stage of readiness and high performance, and the transition to broad bilateral relations between Iraq, the United States of America, and the rest of the coalition countries.”
The Prime Minister stressed, “the necessity of developing relations between the two countries at various levels and sectors, without limiting them to the security aspect only,” pointing to “the state of recovery that Iraq is going through, the reforms it is witnessing in various economic and financial sectors, and the progress of concluding integrated economic partnerships with countries in the region.” “And the world, which will contribute to promoting development and achieving stability for the country.”
For their part, members of the US Congress indicated their “interest in the success of the Iraqi government in several aspects,” stressing “the importance of Iraq and its role in enhancing security and stability in the region.” LINK
TNT TONY SUMMARY, 25 NOV
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