Economy | 07/20/2024 Baghdad - Mawazine News The Ministry of Trade announced today, Saturday, its participation in the technical meetings of the United Nations Conference on Trade and Development (UNCTAD) in Istanbul, regarding the accession of Arab countries to the World Trade Organization.
The ministry stated in a statement 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."
The 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 thirteenth ministerial conference of the World Trade Organization, the process of Arab countries' accession to the organization, and how Iraq can benefit from these experiences in its process of joining.
The statement added, "The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed."
Al-Hashemi stressed, according to the statement: “Iraq’s participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward, and in an accelerated manner, 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: “This participation is part of the ongoing efforts made by the Ministry of Trade to strengthen Iraq’s international economic relations and take advantage of available opportunities to enhance economic and commercial development in the country.” https://www.mawazin.net/Details.aspx?jimare=251576
"Removing Zeros from the Iraqi currency: Talk Returns and Possibility of Implementation" What is nominal value Pimpy? The nominal value of currency is its current price or face value as printed on the currency by the issuing authority. It's the number written on the bank note...This is a re-denomination when they delete the zeros...Once this is done and a new currency is printed, the old one is removed. If the old ones remain out there for a while they will carry the same value as the new currency, not the old currency.
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.
Baghdad / NINA / The Ministry of Trade announced today, Saturday, its participation in the technical meetings of the United Nations Conference on Trade and Development (UNCTAD) in Istanbul, regarding the accession of Arab countries to the World Trade Organization.
The ministry stated, in a statement, 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.
The 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 Thirteenth Ministerial Conference of the World Trade Organization, the process of Arab countries' accession to the organization, and how Iraq can benefit from these experiences in its path to joining.
The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed.
Al-Hashemi stressed: “Iraq’s participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward, and in an accelerated manner, towards achieving full accession to the World Trade Organization, as the knowledge exchange 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: “This participation is part of the ongoing efforts made by the Ministry of Trade to strengthen Iraq’s international economic relations and take advantage of available opportunities to enhance economic and commercial development in the country.” https://ninanews.com/Website/News/Details?key=1142395
Trump's lawyer, Alina Habba, whose parents were immigrants from Iraq. She was one of the last speakers on the 4th day of the RNC before Trump spoke...
I did a web search and in fact her parents were Chaldean Catholic Christians from Iraq who fled to the USA in the 1980s...IMO, the partnership between Iraq and USA will be greater and more dynamic with Sudani and DJT at the helm of their respective countries if DJT was to become #47 in November 2024 election.
I appreciated the thought from the UB2B of who now controls the oil, and it is not Iran any longer!! That was a great UB2B.
The report that the IQD shows up on some of the major hotels as currency to use to purchase hotel stays as one guest shared in interview on UB2B was great news.
That could be a sign of international recognition. (I am hoping that the Private Bankers in the USA are on the same page in great expectation if the world now knows. No more "it's a scam.")
Also, if I remember correctly, Eddie shared in a recent report that he and other Iraqis felt like they had a fancy car in Iraq, but it had no engine. I might use that metaphor in another similar application. Those new high tech ATM machines are like that fancy car in Iraq, but they do not have the engine to run them yet. Those ATMs are waiting for the new rate and lower notes! The Iraqis and ATMs may not have to wait much longer. IMO!! We hope and pray.
Finally, if I understood correctly from recent articles and reports that the dinar will only be sold at the airport starting on the 14th. Also, that Sudani recently had a meeting with the Exchangers who were about to go on strike, and they suddenly changed their tune and reversed their plans, hopefully happily. Sudani is a mover and shaker in a good way. There could be something maybe significant about the 14th just before WTO on the 18th. IMO!!
IMO, not just soccer, those big screens around the country in Iraq may soon serve a dual purpose. For us, it seems past time.
Many banks here and abroad seem to be on the brink of collapse due to large debt.
IMO, the reinstatement of the IQD may bring liquidity and less debt to some of the banks, a banking stimulus. Good leadership and good reforms in Iraq will bring blessings from a once war torn country. Industrial cities, hospitals, railroad, ATMs, vast resources, miracles. Thanks to Dr. Shabibi, Sudani, and Alak. Most of all, Praise God.
Money and business Economy News - Follow-up Iraq announced the resumption of negotiations to join the World Trade Organization for the first time since 2008, a step that may benefit the Iraqi economy but will take a long time.
Al-Monitor reported in a report translated by "Al-Eqtisad News" that "the Iraqi negotiating teams began "preparatory meetings" at the headquarters of the World Trade Organization in Geneva, and the Iraqi delegation included officials from ministries in the federal government and the Kurdistan Regional Government, while another meeting will be held at an unspecified date to review Iraq's accession to the World Trade Organization."
The World Trade Organization is an intergovernmental organization that aims to promote international trade. It provides a platform for governments to negotiate trade rules and disputes among themselves. Member states make key decisions. The WTO has 164 members who say they are responsible for 98% of world trade.
Iraq first applied to join the WTO in 2004, the year after the U.S. invasion that toppled dictator Saddam Hussein. A “working group” was then set up, but there has been little progress since then. The group last met formally in 2008. An informal meeting was held in 2017, according to the WTO’s website.
The process has gained significant momentum recently. In January, a WTO delegation visited Baghdad “to mobilize political support for the resumption of Iraq’s WTO accession process.” The discussion focused on Iraq’s economic reforms and was led by Saqr bin Abdullah Al-Muqbil, Saudi Arabia’s ambassador to the WTO and chair of the Iraq Accession Working Group, the organization said in a statement at the time.
A basic requirement for WTO accession is consistent trade policies across the country, including tariff rates and customs procedures. Thus, differences in the tariff structure between the federal government and the Kurdistan Regional Government have been an obstacle to Iraq’s efforts to join the WTO.
The UN team for Iraq said in a statement that Iraq decided to unify the two customs systems in 2019, and the Federal Ministry of Finance finally approved the unified customs tariff framework in February of this year.
Joining the WTO could benefit Iraq. According to a report issued by the Council on Foreign Relations in April 2023, the WTO has been largely successful in expanding free trade.
The Council noted that the dollar value of international trade has quadrupled since the establishment of the World Trade Organization in 1995, and that average tariffs do not exceed 3%.
According to the Council on Foreign Relations, there are also negative aspects to the WTO.
The council noted in the report that "globalization and free trade have their drawbacks. These include the potential for economic inequality and job loss."
The WTO has been particularly criticized for its application of rules toward China.
“The WTO is also struggling to perform its third function – enforcing the rules – particularly with China. Since joining the WTO in 2001, China has violated global trade rules by providing extensive subsidies to its domestic industries and stealing technology and other intellectual property. China has faced few, if any, consequences for its actions,” the council said.
China has a growing presence in Iraq, and there have been significant Chinese investments in Iraqi oil and infrastructure in recent years.
The WTO says it has helped facilitate poverty alleviation in developing economies by promoting trade.
In September 2023, WTO Director-General Ngozi Okonjo-Iweala told the Center for Strategic and International Studies: “Over the past generation, market-oriented reforms in places like Eastern Europe, India, and China, together with the open global economy anchored in the GATT/WTO system, have boosted growth and trade and helped lift more than a billion people out of extreme poverty.”
GATT stands for General Agreement on Tariffs and Trade, the predecessor to the World Trade Organization.
Iraq's trade is dominated by oil. Crude oil accounted for 90% of Iraq's $123 billion in exports in 2022. Iraq imported $67.1 billion that year, with the main imports being refined petroleum, broadcasting equipment, and cars.
These figures gave Iraq a trade surplus of more than $50 billion in 2022, according to the Observatory of Economic Complexity.
Iraq may have a long wait before joining the WTO. East Timor joined in February after seven years of negotiations. Comoros joined at the same time — a process that took 17 years, Arabian Gulf Business Insight reported at the time.Views 63 07/20/2024 - https://economy-news.net/content.php?id=45390
