[via PDK] “Iraq’s Prime Minister Mohammad Shia Al Sudani chaired a meeting of the high committee for tax reform”
So when they reviewed it they found there was a 22 % growth in tax revenues. This means the economic reforms they are working on are working . This one is really big news.
The chatter out of Iraq stays fantastic …we keep hearing stories about lower denominations in the streets but, people who are physically there say no - not yet…but that they are physically prepared for them
...There has been a grinding juggernaut of progress in Iraq. Things do continue to move.
The silence in the news is eerie…It definitely feels like the calm before the storm...I’m still praying August is our month. Most of what I am being told right now is to expect it anywhere from last Monday until September 4th- somewhere in there to see us actually with appointments…we will see...I think the quiet is purposeful.
Iraq's Trade Exchange Development Path in 2024: A Qualitative Shift in Global Trade
In the realm of international trade, Iraq has embarked on a transformative path that aims to redefine its global economic relationships and strengthen its trade exchange mechanisms. As of August 30, 2024, the country's strategic moves are underpinned by a commitment to modernization, transparency, and enhanced cooperation with international partners.
Digital Customs: A Game-Changer for Trade
A pivotal step in Iraq's trade development has been the adoption of digital customs processes through the ASYCUDAWorld software, which has been rolled out since 2023 with support from the United Nations Conference on Trade and Development (UNCTAD). This advanced digital platform has streamlined customs clearance, reduced fraud, and facilitated smoother cross-border transactions. The implementation of ASYCUDAWorld has been particularly significant at Baghdad International Airport, where customs revenue surged by over 215% between January and May 2024, compared to the same period in 2023. Import transactions at this airport also witnessed a 120% increase in the first quarter of 2024, compared to the same quarter of 2023, marking a decade-high.
Enhancing Economic Stability and Diversification
The digital customs initiative is one facet of a broader strategy to stabilize and diversify Iraq's economy. The country has long been reliant on oil, which accounts for nearly all of its state revenue.
Recognizing the volatility of oil markets, Iraq is taking steps to strengthen other sectors and enhance its export capacity, particularly in agriculture. Despite challenges, including political dynamics that hinder economic diversification and financial sector modernization, efforts are underway to boost the private sector and attract foreign direct investments.
Bilateral Cooperation and International Engagement
Iraq's trade development strategy also emphasizes enhanced bilateral cooperation with key partners. The Iraqi Parliament's Finance Committee has highlighted the importance of strengthening ties with countries like Germany, focusing on areas such as the energy sector and financial systems to achieve sustainable development. Political and security stability in Iraq has made it a more attractive destination for investment, with major international companies entering the market as a testament to this improved climate.
Toward a Qualitative Shift
The development path Iraq is following is expected to achieve a qualitative shift in its trade exchange with the world. By shortening transaction times and providing enhanced security through digital customs, Iraq aims to streamline its trade processes and improve its global economic standing. The participation of European countries, including Germany, in Iraq's development path is a positive sign that the country's efforts are garnering international support and recognition.
In summary, Iraq's embrace of digital customs, efforts to diversify its economy, and focus on international cooperation are setting the stage for a transformative period in its global trade relationships. As of August 30, 2024, the country is poised to achieve a significant qualitative shift in its trade exchange mechanisms, enhancing its role in the international economic landscape.
There is an interesting article titled “PARLIAMENTARY FINANCE: THE PATH OF DEVELOPMENT WILL ACHIEVE A SHIFT IN THE COURSE OF TRADE EXCHANGE BETWEEN IRAQ AND THE WORLD”.
The Parliamentary Economic Committee member Yasser announced today, Thursday, the existence of a project to amend about 10 economic laws, explaining that the goal is to enhance trade, facilitate customs and tax procedures,
support the public and private sectors, and develop a real map for economic reform. Remember the article from the WTO telling us this is the last issue they need resolve?
In know, I know this news was from nearly 6 months ago, but now they are now getting it done.
Yes, Speedy Gonzales they are not…. lol..lol..lol. 😊
How do you value a country? What's it based off of? Their resources, right?
You got to do a collective analysis. You have to value it. There's been people as far back as 2003/2004 that worked on a feasibility study on the country of Iraq. One of those people was in Central Coast California.
I know that for a fact because I wrote a letter to the gentleman that wrote the feasibility study...We've been watching it ebb and flow ever since...I didn't get involved until about 2010...
The IMF...198 page document that showed $3.22, I went, wow, that's what they potentially could reinstate at? I'm like wow. Okay, now it's time for me to pay attention. That's why I'm here.
The Development Road Project is going forward whether you like it or not.
Iraq is going International, they just haven't yet. They're not on the Forex but are they going to be there? I think they're going to be there...quite soon.
Article: "Al-Mashhadani announces the approval of the majority of deputies to his nomination for the post of Speaker of Parliament"
Now it is waiting for a vote. Let’s see how long that takes...
I do believe the optics of having all three presidents in place when they fully open the doors to the world with their real effective exchange rate, will or would be well accepted globally. Investors would likely see it as security and stability.
FRANK26: "SUDANI CALLS HIS PEOPLE BACK TO IRAQ."..............F26
Al-Sudani confirms the government's pride in the sons of Iraq wherever they are in the countries of the world
8/28/2024
Prime Minister Mohammed Shia Al-Sudani stressed the government's pride in the sons of Iraq wherever they are in the countries of the world.
A statement by his media office stated that Al-Sudani met, today, Wednesday, at his residence in the capital Tunis, with a number of members of the Iraqi community, on the sidelines of his official visit to the Tunisian Republic. "
Al-Sudani stated, in a speech during the meeting, according to the statement, the government's pride in the sons of Iraq wherever they are in the countries of the world, and in what they possess of competencies, ties and experience, which can enhance the Iraqi economy and enrich Iraqi institutions in all sectors."
He pointed out the importance of enhancing the image of Iraq abroad, as well as the community's contribution to strengthening ties between Iraq and Tunisia, and facilitating the development of available opportunities for productive economic partnerships, which can support the economies of the two countries.
The Prime Minister also touched on the commonalities between the two countries, especially in public positions, and the convergence of views on fateful issues, and everything that enhances stability in the Arab and Islamic worlds.