New Iraqi customs agreement opens door to huge trade growth, 23 OCT

New Iraqi customs agreement opens door to huge trade growth

Having acceded to the TIR Convention, Iraq is now poised to enhance its position in regional trade following the signature of a significant customs agreement.

The Republic of Iraq has achieved a key milestone with the signing of the Guarantee Agreement between the General Authority of Customs and the TIR national association. This agreement will pave the way for the implementation of the United Nations TIR transit system in Iraq.

The TIR system cuts border waiting times significantly by enabling goods to be shipped from a country of origin to a country of destination in sealed load compartments that are controlled by customs via a multilateral, mutually recognised system.

In essence, TIR allows trucks to cross borders efficiently – and securely – without having to queue for hours and days on end.

TIR also provides a financial guarantee, managed by IRU, for the payment of customs duties and taxes.

Iraq’s accession to the TIR Convention anchors its strategic role as a transit hub and supports the country’s economic vision to expand its non-oil sectors.

Globally recognised for its 75 years of high security standards and efficiency, the TIR system has been rapidly expanding in the Middle East. From Oman and the United Arab Emirates to Saudi Arabia, and most recently in Qatar, TIR is already reducing border-crossing times by up to 92% and costs by 50% while boosting trade in the region.

https://www.iru.org/news-resources/newsroom/new-iraqi-customs-agreement-opens-door-huge-trade-growth

TIDBITS FROM MNT GOAT, 23 OCT

 Mnt Goat   

Article:  "IRAQ INCREASES RESERVES AT IMF BY 50%"  

Quotes:  "A meeting of the Iraqi Cabinet this evening approved an increase in Iraq’s quota at the International Monetary Fund (IMF) by 831.9 million Special Drawing Rights (SDR), equivalent to 1.45 trillion Iraqi dinars [$1.1 billion] based on the exchange rate as of October 8, 2024.";

  "SDRs represent a weighted basket of major international currencies, and can be held as part of a country’s foreign exchange reserves.  Adding SDRs to a country’s international reserves makes it more resilient financially. "

  Iraq could not be granted SDRs unless it was member of the IMF. 

 Did they move to Article 8 already?

 That is the question we seek. I believe they have with this sizable SDR...

Dinar Revaluation Update: Whales in Zurich & BRICS Summit BY MIKE BARA @DINARREVALUATION

 

https://youtube.com/shorts/yEzdX036g7I?si=cNWsfhO_t7hn-3cf

billion dinars profits of the commercial region bank until the third quarter, 23 OCT

 Economy News – Baghdad

The Commercial Region Bank has achieved a profit of 30 billion dinars since the beginning of the year until the end of the third quarter.

According to the financial statements, assets decreased by 5% and reached 994.6 billion dinars after being 1.05 trillion dinars

Deposits also decreased by 20% and reached 458.6 billion dinars from 571.6 billion.

The bank’s revenues amounted to 66.3 billion dinars, achieving 30 billion dinars as a growth of 13% compared to the same period last year.

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https://economy-news.net/content.php?id=49004

TIDBIT FROM SANDY INGRAM, 22 OCT

 Sandy Ingram 

 [Reference Guru Sandy's WTO post from 3-22-2024 below] 

 What is the WTO and why does it matter? 

 The World Trade Organization is an international group that helps countries trade with each other fairly and efficiently. 

 Joining the World Trade Organization will help Iraq grow its economy by making it easier to buy and sell good with other countries.

FIREFLY: " THEY STRONGLY TALK ABOUT THE CURRENCY FLOTATION AND THE STOP OF THE CURRENCY AUCTIONS"

 

https://youtube.com/shorts/_Ao3AZQSlqs?si=_7i8TAmHcPCNTg8q

Al-Sudani: Investment opportunities exceeded $100 billion and industrial cities were established in Baghdad, 22 OCT

 Al-Sudani: Investment opportunities exceeded $100 billion and industrial cities were established in Baghdad

Prime Minister Mohammed Shia Al-Sudani held a meeting today, Monday, with the Chairman of the Egyptian Al-Suwaidi Group of Companies, Ahmed Al-Suwaidi, and a group of directors of Egyptian industrial and commercial companies, in the presence of a number of advisors to the Prime Minister.

 During the meeting, Al-Sudani pointed out the expansion of economic cooperation between Iraq and Egypt, especially in partnerships with the Egyptian private sector, stressing that the investment opportunities offered in Iraq, which were received from Arab and foreign companies, exceeded 100 billion dollars, and they reveal the breadth of economic growth at all levels and fields.

The Prime Minister discussed with the Egyptian delegation the study of the economic and financial model of the group in work, and cooperation in the sectors of industry, education, energy, and infrastructure. It also included discussing investment opportunities and partnership in the sector of maximizing petroleum resources, localizing the electrical transformer industry, smart meters that are linked to the electrical grid, and the carbon iron and steel industry.

It was agreed to study the establishment of industrial cities in Baghdad, as the group presented a map of projects that will be studied by the Advisory Board and sectoral bodies.   link