Minister Of Trade: Iraq's Accession To The World Trade Organization Will Contribute To Stimulating Economic Growth

 Minister of Commerce Athir Al-Ghariri   Money  and business  Economy News – Baghdad  Minister of Trade Athir Dawood Salman Al-Ghurairi confirmed on Thursday that Iraq’s accession to the World Trade Organization will contribute to stimulating economic growth, during his speech at the third negotiating meeting with the World Trade Organization in the Swiss city of Geneva.

The Ministry of Trade said in a statement, seen by "Economy News", that "the Minister of Trade and the head of the team concerned with Iraq's accession to the World Trade Organization headed the Iraqi side in the third negotiating meeting with the World Trade Organization, in the presence of the Deputy Director-General of the Organization, Zhang Xing Chen, the head of the working group for Iraq's accession, members of the team and representatives of the WTO countries at the organization's headquarters in Geneva."

The minister pointed out - according to the statement - during a speech he gave at the meeting to "the importance of Iraq being part of the rules-based multilateral trading system," stressing that "we are pleased with the holding of the third meeting of the working group after sixteen years since the last meeting of the working group, which represents a fundamental step for us, government and people, on our way to joining, in addition to being a means through which we seek to achieve development and diversification of our national economy and our integration with the global economy."

The minister pointed out that "the government of Iraq is committed to its economic reform program by strengthening trade policy, improving the business environment and creating favorable conditions for foreign investment," indicating that "joining the World Trade Organization will contribute significantly to enhancing transparency, encouraging competition and stimulating sustainable economic growth for Iraq."

He continued, "The new Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, and within its government program, has set a clear vision for the future of economic liberalization in Iraq, which includes setting timetables to achieve the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which stipulate supporting local and foreign investments and unifying customs policies at all borders and other measures to facilitate trade and investment and create investment opportunities."

The minister explained that "the government has also given special importance to aligning its trade policy and regulatory legislation with international capabilities, rules and standards and strengthening institutional capabilities to effectively meet the requirements of the World Trade Organization."191 views  2024/07/18 - https://economy-news.net/content.php?id=45361

"RV UPDATE" BY MNT GOAT, 20 JULY

 MNT GOAT

There is one VERY important article in today’s news I want to share with everyone which I believe explains a lot of why we have not yet seen the RV. It also tells the past story of Iraq. This current Al-Sudani administration is now moving Iraq ahead, yes out of this past rut. We as investors have witnessed the difference from past administrations. WOW!  It is a hard road for Iraq but their greed and corruption go them to their bad place. Now they have a hole to dig out and are doing it. No there is no such thing as every day / any day RV over the weekends. There is work to be done. 

• “the Central Bank’s third strategy has drawn up a road map and programs with clear goals and initiatives for a period of three years2024, 2025, 2026  in a special, complex, and risk-filled economic and financial situation.”

• The Commander-in-Chief of the Armed Forces explained that the goal of preserving the security and sovereignty of Iraq over its land, airspace, and waters is a main axis within the goals of the government program in the field of defense and confronting security challenges

• The beginning of the twenty-first century can be marked by the development of advanced digital technologies, a revolution in the information field, and the acceleration of the processes of economic globalization. Mnt Goat: this explains where Iraq is moving ahead.

• It is noteworthy that the Parliamentary Investment Committee justified its effort to amend some investment laws in order to attract foreign investments and capital.Mnt Goat: We were also told this was needed by the WTO in the accession process. “To comply with WTO rules, Iraq must align its trade policies with international standards.

• Iraq has confirmed that it has fulfilled the requirements for joining the World Trade Organization (WTO) after implementing economic reforms and improving the business environment. Mnt Goat: So, we are told this meeting on 7/18 may be the final “working session” to rap up the paperwork and once again review that all requirements are met. It did not mean they were going to make the announcement then followed or preceded by an RV. Get it? Jut more intel guru talk… lol..lol..lol.. ☹ No evidence or proof of what they say. All pure speculation!

• The European Union announced, on Wednesday, that the Iraqi government has achieved progress in international investment, while noting that it sets an example of cooperation with international legal standards. Mnt Goat: Come’on folks can the news get any better?

• Prime Minister Muhammad Shiaa Al-Sudani confirmed that Iraq has become a safe and attractive environment for capital from international companies. Mnt Goat: Are they just saying this based on what the EU just said? 

• Iraq has officially signed the “The Singapore Agreement” on Mediation, and that this is an important step in developing and resolving commercial disputes in Iraq. Mnt Goat: It represents an international category that aims to facilitate international trade and promote mediation as an alternative and effective method for settling commercial disputes.

• the approval of next September as the date to stop dealing with the paper system and work electronically at (all) customs (points). “the Prime Minister chaired a meeting to follow up on the implementation of networking between border crossings, and to complete the implementation of the Customs Automation System (ASYCUDA). Mnt Goat: more accountability and much more revenue to be turned over to the Federal govt. WOW! Remember what they said. This revenue could rival the oil revenues if it is managed properly. The WTO also requires this. This also helps to bring Iraq out of a “rentier” economy, which they need to do.

• In implementation of the provisions of Article 2/77 of the law above, which stipulates that the government shall submit financial schedules related to expenditures, public revenues, and the planned deficit for the fiscal years 2024 and 2025, in order to provide a flexible space that allows for the implementation of the general budget. Mnt Goat: Done! And published in the Gazette. Yes, no RV rate in the budget or in the rollout schedules just as I have been saying all along. Just more stupid intel guru talk ☹. Surprise, Surprise! Are you stupid TNT fans listening? 

• The advisor to the Iraqi Prime Minister disagreed with what four economic experts said regarding the “stability” of the US dollar exchange rate against the Iraqi dinar, stressing that “the stability of the dollar is real and solid and not imaginary as some believe.”

• foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds $100 billion, which is the highest in the history of Iraq in the development of its international reserves.

• economic researcher, Ali Abdul-Kazem, explained as for the stabilization process, when the dollar reaches the official price, then it can be said that the dollar price has stabilized between the parallel and official.” 

• economic expert Al-Halou explained to Shafaq News Agency, “rather, the correct stability is as it was before, when it was 1120 in the Central Bank and 1121 abroad”.Mnt Goat – this is better than 1166 under Dr Shabibi even…just saying…  😊 Can they reach this? Is this their goal?)

• Muhammad Saleh, explained today, Friday, that the state has adopted a policy of providing sovereign guarantees for loans obtained by the private sector to finance an important package of private industrial projects. Mnt Goat: In other words these govt backed sovereign funds provide security for these loans for these “private” projects not funded by the Iraqi budget.

• Iraq has been seeking for two years to end the phenomenon of dealing in the dollar in the local market, while economic experts point out the success of the Central Bank of Iraq’s measures in achieving “relative” success in controlling the hard currency. Mnt Goat – Did you read it? It says “Central Bank of Iraq’s measures in achieving “relative” success in controlling the hard currency.” So please do not ask me if the parallel market is under control. It is but it is not yet where it needs to be. It needs to match the Offical CBI rate. I keep telling everyone this. This is their goal! 😊

• The financial advisor to the Prime Minister, Salehwhile pointing out two basic starting points for the development of the investment environment in the country. 1.the first is Iraq’s completion of its integration steps in providing safe and appropriate environments to attract foreign investment in Iraq; 2.the geographical location of Iraq, which connects European countries by land with Asian countries by sea, encouraged the launch of the Development Road project.

• Clemta, the comprehensive platform for entrepreneurs operating in the United States and spread globally, announced the most important updates aimed at enhancing the user experience and expanding its international reach. The Certified Admissions Agent program recognized by the Internal Revenue Service is now available in Arabic, and is intended for entrepreneurs in the Middle East and North Africa (MENA) region.

• Prime Minister Muhammad Shiaa Al-Sudani confirmed that the world realized the importance of Iraq’s stability for international and regional security, during his reception of the delegation of the European Foundation for Dialogue and Development. Mnt Goat: Get’r Done!

• Saif Al-Halafi, a specialist in financial and banking affairs, identified three reasons for the return of the rise in dollar exchange rates in local markets, while placing the Iraqi Stock Exchange as an essential part of resolving this rise. Mnt Goat  – opps!!! There’s a Pillars of Financial Reform…. 😊 they keep talking about. Get it yet?

• Al-Sharmani said in an interview with the Maalouma Agency that the Central Bank’s policy is still faltering in controlling the dollar exchange rate. He added, “Specification and lack of control over the currency selling window is one of the most important reasons that creates a gap that leads to a rise in the dollar exchange rate in the markets.”

• Oil and Gas Law: July 9, After 18 years, he announced the formation of a committee to draft the law and present it to the government and the House of Representatives. Mnt Goat: The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country’s oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject. There is no other way to settle the dispute.

• Yesterday, the Central Bank of Iraq announced that it had submitted the “Draft E-Commerce System” paper to the Council of Ministers for review and approval to proceed with work on it. Mnt Goat: The committee members stressed the need to establish controls for granting licenses to those wishing to practice e-commerce in a way that preserves the rights of all parties.

• the dollar’s flight does not threaten the dinar.. Al-Sudani’s advisor dispels fears: the dollar system is a thing of the past

• The World Gold Council announced today, Monday, that Iraq has advanced one place in the list of countries with the largest reserves of the precious metal in the world. According to the table, Iraq gold holdings changed, reaching 1,457 tons from 142 tons, which represents more than 10% of its other reserves. Mnt Goat: yes, more GOLD to back the dinar. 

• “The fixed exchange rate system in Iraq is based on an international reserves base that is the highest in the history of Iraq and its monetary policy, as foreign currency covers more than 100% of the total currency currently issued.”
• Rafidain Bank announced today, Wednesday, the implementation of the comprehensive banking system in Diyala.  “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings”

• for the first time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier. Mnt Goat: is there some magic number they are trying to reach that they have not yet told us? Is this part of the Obama plan to revive the economy?

• the “ Jarida ” platform learned that a company will soon be working to audit remittances for foreign currencies other than the dollar, in addition to restricting the sale of cash dollars exclusively through airports, Mnt Goat: the exchange rate situation is improving and stabilizing, especially after choosing a company to audit transfers for foreign currencies

• Iraq stops dealing with the Chinese yuan…and the currency basket is an alternative

• Ernst & Young for auditing and financial consulting, “the signing of the contract with the company specialized in structuring and developing work in the banking sector.” Mnt Goat: This is part of the 3rd phase of the strategy of financial reforms that must take place. See White Paper.

• The Central Bank of Iraq announced, today, Wednesday, granting exchange companies of the “AB” category the ability to register internal and external remittance activities through the FITR platform. Mnt Goat: if you can’t beat them, then control them by regulations and audits. 

• Hussein pointed out that “the stability of the Iraqi dinar exchange rate against the US dollar represents a fundamental pillar for achieving economic, social and political stability in Iraq, which is what the government seeks to achieve,” calling on the relevant American institutions to review it and build on it. Mnt Goat: WOW! what a statement!

• “the government’s policy seeks to achieve Iraqi energy independence through associated gas investment projects. Mnt Goat: They have always had a plan but the money to do it was always stolen and so they never did many of these projects. Can they finally fund again these projects and do them this time?

• Iraq moves to break dollar restrictions on 32 banks in crucial talks with Washington this week. Mnt Goat: I do not still fully understand the reasoning for such restrictions when you want to help Iraq. But this is only hurting Iraq and not letting them conduct the currency reform their way according to their plan.

• The economic expert, Dhia Al-Mohsen, called for canceling the currency selling window, pointing out that some beneficial political blocs were behind the continuation of this window to achieve financial gains. Mnt Goat: Yes, by still operating under these currency auctions this too adds to the problems with the dollar. They have become more of a hindrance rather than helping Iraq. 

We must also not lose sight of the political ramifications from the U.S. and the UN on the impact it has on allowing Iraq to move ahead. Does Iraq truly now have back its “full” sovereignty? Yes, they are digging themselves out from the two wars and heavy sanctions and doing it slowly with a well thought out strategy. So far it all seems to be working.

Please just be patient! I will get into the details in my Newsletter today on each of these subject areas and explain why each of them could be a “WOW!” news items in itself. So, relax it's coming! 😊

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

Iraqi Dinar✅Breaking News: The Iraqi Dinar’s Revaluation Is Closer Than ...

Trade: The Third Negotiating Meeting Of Iraq With The World Trade Organization Is Held At Its Headquarters In Geneva

 Economic Number of readings: 239  Baghdad / NINA / The Ministry of Trade announced today, Thursday, that the third negotiating meeting of Iraq with the World Trade Organization will be held at the organization's headquarters in Geneva.

The ministry's statement stated that "the Minister of Trade, head of the team concerned with Iraq's accession to the World Trade Organization, chaired the Iraqi side in the third negotiating meeting, in the presence of the Deputy Director-General of the Organization, Zhang Xing Chen, head of the working group for Iraq's accession, and the gentlemen and members of the team and representatives of the WTO countries."

Minister Al-Ghariri pointed out during a speech he delivered at the meeting, the importance of Iraq being part of the rules-based multilateral trading system.

The minister stressed that we are pleased with the holding of the third meeting of the working group after sixteen years since the last meeting of the working group, which represents a fundamental step for us, government and people, on our way to joining, in addition to being a means through which we seek to achieve the development and diversification of our national economy and our integration with the global economy.

The minister pointed out that the Iraqi government is committed to its economic reform program by strengthening trade policy, improving the business environment, and creating favorable conditions for foreign investment, and that joining the World Trade Organization will contribute significantly to enhancing transparency, encouraging competition, and stimulating sustainable economic growth for Iraq.

He stressed that the new Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, and within its government program, has set a clear vision for the future of economic liberalization in Iraq, which included setting timetables to achieve the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which stipulated supporting local and foreign investments and unifying customs policies at all borders and other measures to facilitate trade and investment and create investment opportunities.

The minister stressed that the government also attached special importance to aligning its trade policy and regulatory legislation with international capabilities, rules and standards and strengthening institutional capabilities to effectively meet the requirements of the World Trade Organization. /End8 https://ninanews.com/Website/News/Details?key=1142112

RV UPDATE BY PAULETTE, 20 JULY

 Paulette

  Article: "Iraq faces some challenges in its path to joining the World Trade Organization"  It is clear based on this article that Iraq will not be voted today to be full members of the WTO...Iraq has a lot of work ahead of them.  To me, the WTO is totally irrelevant to what we seek.  Apples and oranges.  I hope we see the FULL RI process well before full accession to the WTO.

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Paulette 

 Question: "Iraq is supposed to join the WTO this 18th of July, is that correct?"  

 the 18th is the next meeting of the Steering Committee...the Full Assembly would have to vote to allow Iraq full accession...they are not scheduled to meet until early 2026...It would be extremely uncommon for a Steering Committee to only meet with a country 2 times after the initial meeting.  4 to 7 is the usual... this only the second meeting of the Steering Committee for Iraq.

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Paulette 

 Community Reminder ["He pointed out that the new currency entry does not mean the destruction of ancient coins, but will continue to trade for about ten years, pointing out that this period will enable the central bank to withdraw the old currency in accordance with the dynamics and mechanics in order to preserve liquidity In the market" This 2016 article says.They will coexist with 10 years.] 

 Exactly! And, this was further clarified that active trading in the Market Place will be upwards of two years while through the banks it would be at least 10...This is what I believe will be told to the citizens when they bring out the Fils and lower notes...IMSO, it won't be a week or 90 days or even 180...Nor will they be cancelling the 3-Zero series for at least 10 years...They are currently following the Dr S plan to a "T"...

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It is great to see more articles regarding the "Float"...I strongly believe this is the early stages of the last push by the CBI to educate the Citizens prior to implementing the "Delete the Zeros" project...Patience all...this is slowly coming together.

If you go back and read articles after 7/1/23 you will see that Iraq is still under US/(UK) guardianship (receivership) ...There were calls then for the UN to lift this guardianship but [4/10/2024 Article "Our agency publishes the text of the request of the Prime Minister, Muhammad Shiaa Al-Sudani, to the Secretary-General of the United Nations, Antonio Guterres, to permanently end the work of the United Nations mission in Iraq."] may now be the first "Official" call that I have seen...The corrupt in the US do not want this to change.....The good news is that IMSO, their days are numbered...

 Iraq's WTO Accession Package will likely not be submitted for adoption until MC14 which will be held in early 2026... It clearly was not submitted for adoption at MC13...I anticipate that by then we really won't care.

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 Community Comment: "Iraq on May 9 ascends to FULL membership in the WTO"   I hope you are correct regarding the WTO.  However, the documentable facts and articles regarding this issue would say otherwise.  Don't misunderstand, the documentable facts and articles are EXTREMELY positive.  Iraq, under Sudani appears to be serious about becoming WTO members, opening the country to International trade, moving from a Rentier Economy to a Market Economy and finally implementing the Delete the Zeros Project.  Everyone should be excited even if it takes months more to accomplish...FOR READ MORE: https://dinarevaluation.blogspot.com/2024/05/rv-update-by-paulette-14-may.html

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Iraqi Dinar🔥Vietnamese Dong Rv Will Happen At Same The Same Time : Iraqi...

Government advisor reveals Iraq's gold reserves have risen to 150 tons... and the reason for its high price

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Thursday, that Iraq’s gold reserves have risen to 150 tons, while noting the reason for its high price.

Saleh told {Euphrates News} that: "Gold is one of the most important safe investment havens in the world, which is resorted to by the investment portfolios of central banks and various investors through international financial markets, including the Central Bank of Iraq, which currently holds less than 150 tons of cash gold within Iraq's international reserves, relying on a standard rule for optimal diversification of the investment portfolio of Iraq's international reserves."

He added, "It is a rule adopted globally by multilateral international financial organizations such as the International Monetary Fund, the World Bank and others, within the principle of ensuring the liquidity of investment portfolios and protecting them from various financial and economic risks and various fluctuations affecting the value of financial assets, by resorting to safe and optimal diversification of investment portfolios."

Saleh pointed out that "there is an inverse correlation between gold and oil on the one hand and the value of the dollar on the other hand. Whenever the value of the US currency declines or investment returns in the US currency decline, such as the returns on dollar-denominated bonds or interest on dollar deposits, investors go towards the safe haven, which is gold, which is stable in value and guaranteed purchasing power." 

"Gold is a rare asset whose (asset cycle) is long and stable, mostly without serious fluctuations, which encourages this stability by investing in the market value of gold and within the standard limits required by investment portfolios in terms of growth and stability in the value of its components in a balanced manner without incurring {unrealized} losses, as they are called in accounting,"

Saleh continued, "noting that countries can issue gold-backed bonds (gold bonds) in order to borrow from the financial market, as the gold guarantee is one of the basic attractive and desirable guarantees in global financial markets."

He continuedby saying, "We cannot fail to mention that 17% of the world's gold is currently stored in the vaults of central banks in countries, and that 77% of the world's gold wealth has been extracted," noting that "50% of that wealth has been manufactured for various purposes, such as woven goods, industrial or craft materials, and other jewelry."

Saleh concluded by saying, “The value of gold in the world is currently estimated at about 15 trillion dollars, which represents a percentage of the annual global gross product of about 14% only, while the quantities of gold discovered from the depths of the earth {currently in circulation and stored} are estimated at about 187 thousand tons distributed in various parts of the world.”

Raghad   LINK