Iraq participates in UNCTAD technical meetings.. What is its relationship to international trade?

 7/20/2024  Baghdad

The Ministry of Commerce announced today, Saturday, its participation in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul.

The ministry stated, in a statement received by "Al-Eqtisad News", that it "participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization."

Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries joining the organization, and how Iraq can benefit from these experiences in its process of joining. The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed."

Al-Hashemi stressed that "Iraq's participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward quickly towards achieving full accession to the World Trade Organization, as the exchange of knowledge and experiences gained from these meetings will have a significant positive impact on improving Iraq's negotiating capabilities and achieving its economic goals."

The statement indicated that "this participation is part of the ongoing efforts made by the Ministry of Trade to enhance Iraq's international economic relations, and to take advantage of the available opportunities to enhance economic and commercial development in the country." LINK

RV UPDATE BY PIMPY, 21 JULY

 Pimpy 

 Yes, an article came out again about deletion of the zeros... "Removing Zeros from the Iraqi currency: Talk Returns and Possibility of Implementation"  I keep telling everybody when they do the deletion of the zeros this is how it's going to work.  You got a 25,000 dinar.  Right now at the current rate you have .00076.  It equals $19.  The nominal, which is the [three zero] currency, they will remove the three zeros [25]...and it will take the three zeros off [the rate - .76]...That would be 25 dinar times .76 gives you $19.

 Pimpy  

I keep telling people,  the WTO will talk about the Iraqi exchange rate but not in the sense that they're forcing or telling Iraq they have to change their exchange rate.  That's not what they do.  They just talk about trade and any hurdles that are between them and trade members.  They can point something out, they can make recommendations, but it's not up the WTO when it comes to the exchange rate...I know people are telling you it's going to be on July 18th they're going to change the exchange rate.  No they're not.

 It's not the job of the World Trade Organization to handle Iraq's currency exchange rate.  That's not what they're there for.   It's called the World Trade Organization not the World Exchange Rate Organization.  

https://dinarevaluation.blogspot.com/2024/07/rv-update-by-pimpy-19-july.html

🔥 Iraqi Dinar 🔥 RATE CHANGE 🔥 Today IQD Value to Dollar RV News Guru Upd...

Inclusion of commercial centers and private stores in the electronic payment system in Iraq

 7/20/2024  Baghdad

The government media team announced, today, Saturday, ongoing directives and government follow-ups to include all shopping centers, pharmacies, medical clinics, shops and private stores in the electronic payment system.

The team's spokesman, Haider Majeed, said, "The official institutions continue to implement the decisions of the Council of Ministers and the directives of Prime Minister Mohammed Shia al-Sudani regarding the digital transformation process in the electronic payment file, which is one of the most important priorities of the government program."

He added, "The electronic payment process began in 10 government fuel stations in the capital, Baghdad, distributed between Karkh and Rusafa, and then the work expanded to all fuel filling stations in the governorates of Iraq, after which it included all private fuel filling stations."

Regarding official institutions, Majeed confirmed that “most of the institutions that provide services and have direct contact with citizens operate with the electronic payment system, starting with the Directorate of Passports, Nationality and Civil Status, followed by the Ministry of Health institutions, public clinics, and then the rest of the operating institutions in succession.”

He pointed out that "there are ongoing directives from the government and follow-ups between the Central Bank of Iraq, the Ministry of Finance, and the rest of the official institutions, to include private stores, pharmacies, medical clinics, shops, and markets in malls in the electronic payment file," stressing that "work is continuing in this regard."   LINK

RV UPDATE BY CLARE, 21 JULY

Clare  

 Article:  "Removing Zeros from the Iraqi Currency: Talk Returns and Possibility of Implementation"  

Quote: "if the currency is the “dinar” and its value is equal to 1,000 dinars, after removing three zeros, its value will become one new dinar...According to experts, the actual value of the money people own does not change after deleting the zeros, but this step contributes to simplifying the buying and selling processes for individuals and companies, and makes the financial amounts simpler and more understandable. Instead of dealing with huge numbers such as a trillion or a million (1,000,000 Iraqi dinars), 

they can be converted to just one thousand 1,000 dinars after deleting three zeros...The exchange rate will be transformed into one dinar for every one dollar, and this is what the late former governor of the Central Bank, Sinan Al-Shabibi, aspired to"

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