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Iraqi Participation In UNCTAD Meetings On World Trade, 22 JULY

 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

RV UPDATE BY PIMPY, 22 JULY

Pimpy  

"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.  

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

Iraqi Contacts: 'Things Have Wrapped Up'!🚩IQD & VND Same Basket!🤔Dinar R...

Trade Participates In UNCTAD Meetings On Arab Countries' Accession To The World Trade Organization, 22 JULY

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

RV UPDATE BY BUCKEEYETREE, 22 JULY

  Buckeyetree 

 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.

---

KTFA:

RE: Wed. Night CC:  https://youtu.be/arJ5wta8aHk

Buckeyetree:  

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.

https://dinarevaluation.blogspot.com/2024/07/analysis-of-iraq-reports-by.html

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