The Iraqi Chamber of Commerce was honored with the award for the best performing national committees worldwide

  The Iraqi Chamber of Commerce was honored with the award for the best performing national committees worldwide.

The International Chamber of Commerce honored the Iraqi Chamber of Commerce with the award for the best performing national committees worldwide.

The Federation of Iraqi Chambers of Commerce stated in a statement received by the Iraqi News Agency (INA), that "in a qualitative achievement, the International Chamber of Commerce honored the Iraqi Chamber of Commerce with an award given to the best performing national committees worldwide," 

Indicating that "this honor came as a result of the efficient and effective implementation of the annual plan for the years 2024-2025, which reflects Iraq's commitment to strengthening its international position on the global trade map."

He added, "On the sidelines of the annual week, the first anniversary of Iraq's official accession to the International Chamber of Commerce was celebrated, marking an important step towards building strategic partnerships and enhancing the business environment in Iraq.

The International Chamber of Commerce was founded in 1919 in Paris, and Iraq obtained full membership in 2024.

It is noteworthy that the Federation of Iraqi Chambers of Commerce - the Iraqi National Committee of the International Chamber of Commerce (ICC Iraq) participated in the annual International Chamber of Commerce (ICC Week) in Paris, from June 17 to 20, 2025, which brought together more than 60 countries from various national committees around the world. The annual week included several activities:

1- World Trade Policy Conference.

2- World Day of National Committees Strategies.

3- Specialized workshops on arbitration topics and the agri-food initiative.

4- The annual meeting of the International Chamber of Commerce World Council.

5- Workshop on the International Entrepreneurship Center.

6- Regional meeting for West Asia and North Africa.

It is noteworthy that the Ministry of Foreign Affairs - represented by the Iraqi Embassy in Paris and the Ministry of Trade - Department of Foreign Economic Relations supported Iraq's accession to the International Chamber of Commerce and continues to follow up on the activities of the Iraqi National Committee's program for the International Chamber of Commerce.  link

MARKZ: "Many government offices are upgrading along with the FedNow system."

 MarkZ   

[via PDK] 

 ...why are so many government agencies closing from July 11 through the 14th?  Example...VA.gov is closed for maintenance the 11th through the 14th. 

 It is interesting that many government organizations and offices are upgrading at the same time they are upgrading the Fednow system? 

 Fednow is a tool…it can be used for fiat or asset backed currency. And we will need a safer way to move money after this big event.  

Mnt Goat: What’s Really Delaying the Dinar’s True Revaluation? @DINARREVALUATION

 

TRUMP’S TAX HITS IRAQ’S ECONOMY HARD… 3 URGENTLY NEEDED COURSES OF ACTION

TRUMP’S TAX HITS IRAQ’S ECONOMY HARD… 3 URGENTLY NEEDED COURSES OF ACTION

  

International Economics Professor Nawar Al-Saadi explained on Wednesday that the tariffs imposed by US President Donald Trump on Iraq will have a compounding impact on the domestic economy. While he expected this move to be the beginning of a restructuring of the trade relationship between Washington and Baghdad, he called for swift action in three directions following this decision.

Al-Saadi told Shafaq News Agency, “The impact of this decision on the Iraqi domestic economy will be complex. On the one hand, the few Iraqi exporters who export their products to the US market will be harmed, even if the total quantities are limited. However, the most dangerous message here is that Iraq does not yet have a diverse or strong export base that allows it to negotiate or maneuver.”

He explained that “local production that can compete in foreign markets is still minimal, and Iraqi exports still rely on oil for more than 90% of the country’s exports. This means that any restrictions on non-oil exports, even if they are imposed by one party, reveal the weakness of the entire economic structure.”

On the international level, Al-Saadi pointed out that “the decision affects Iraq’s reputation in international markets, as the imposition of such fees is not only for purely commercial reasons, but is usually linked to political considerations or US assessments of Iraq’s commitment to trade standards, its regional role, or even its position on US sanctions against parties such as Iran or Russia.”

He added, “In other words, this step could be the beginning of a broader tightening or redrawing of the trade relationship between Washington and Baghdad within a broader political framework. Hence, the repercussions of the decision could extend to Iraq’s relations with other partners, both in the West and in the region.”

Accordingly, Al-Saadi believes that “Iraq needs to take swift action in three directions: first, through a direct diplomatic channel with Washington, to clarify the negative impacts of the decision and work to either exempt certain goods, reduce the percentage, or postpone implementation.”

The second approach, according to Al-Saadi, is “through diversifying trade partnerships and expanding the export base to alternative markets, such as China, India, Turkey, and even the Gulf states.” He explained that “this step requires reforming industrial policies and direct support for local products to qualify for export.”

The third approach is “through building a clear national trade policy based on protecting Iraq’s economic interests, working to reduce dependence on any international party, and activating bilateral and regional trade agreements, especially since Iraq currently suffers from the absence of an effective trade policy that reflects its interests in foreign negotiations.”

The international economics professor concluded his remarks by saying, “This decision should be an opportunity for Iraq to review its economic reality and understand that an economy dependent on oil alone cannot withstand international transformations or political tensions for long, and that building a diversified, productive economy is not a luxury but an urgent necessity.”

Earlier today, US President Donald Trump announced the imposition of 30% tariffs on Iraq, Algeria, and Libya.

According to Reuters, Trump issued a series of letters regarding the imposition of tariffs on six countries, including Algeria, Brunei, Iraq, Libya, Moldova, and the Philippines.

The letters call for imposing tariffs of 30% on Algeria, 25% on Brunei, 30% on Iraq, 30% on Libya, 25% on Moldova, and 25% on the Philippines.

PIMPY: Group Exchanges for Better Dinar Rates? That’s a Myth

  Pimpy 

 There is no, 'let's get together in a group and we'll do our dinars together so we can get a different exchange rate.' 

 You cannot negotiate the exchange rate .

  The only people that have access to negotiating on an exchange rate...are banks.  You're not a bank. You're not a banker.  You can't go in there and negotiate a better exchange rate.  That's false.  

Ginger & Jon Dowling: Is a Shift Coming in May and Then Vietnam?#iraqidinar

 

TRUMP AND SUDANI DEVELOPMENTS: A MESSAGE AND SEVERE REBUKE EXPLAINING THE 30% TAX

TRUMP AND SUDANI DEVELOPMENTS: A MESSAGE AND SEVERE REBUKE EXPLAINING THE 30% TAX

After the White House announcement

US President Donald Trump sent an official letter to Iraqi Prime Minister Mohammed Shia al-Sudani on Wednesday, announcing the imposition of a 30% tariff on all Iraqi products exported to the United States, starting August 1. 

Trump explained in his letter that the decision came in response to what he described as Baghdad’s “unbalanced trade policies,” hinting at the possibility of raising the rate in the future if these policies continued. 

He expressed his country’s readiness to ease these restrictions if the Iraqi government took steps to open its markets more widely and remove trade barriers to American products, as part of what he described as “reciprocal steps towards trade balance.”

Text of the letter sent by Donald Trump to Prime Minister Mohammed Shia al-Sudani regarding the US raising of taxes on Iraqi exports.

he White House,
Washington,
July 9, 2025

To His Excellency
Mohammed Shia Al-Sudani,
Prime Minister of the Republic of Iraq,
Baghdad

Dear Mr. Prime Minister,

It is a great honor for me to send you this letter, which demonstrates the strength and commitment of our trade relationship and the fact that the United States has agreed to continue working with Iraq, despite a large trade deficit with your great country. However, we have decided to move forward with you, but only through more balanced and equitable trade.

Therefore, we invite you to participate in the exceptional economy of the United States, the largest market in the world by far. We have had years of discussions about our trade relationship with Iraq, and we have concluded that we must move away from these long-standing and very persistent policies, which have caused a trade deficit through Iraq’s tariffs, non-tariff policies, and trade barriers.

Our relationship to date has, unfortunately, been far from reciprocal. Effective August 1, 2025, we will impose a 30% tariff on all Iraqi products shipped to the United States, separate from any other sectoral tariffs. Transshipped goods to avoid the higher tariff will also be subject to this tariff.

Please understand that the 30% rate is far less than what is needed to close our trade deficit with your country. As you know, if Iraq or companies within your country decide to build or manufacture products in the United States itself, there will be no tariffs. We will then do everything we can to expedite approvals quickly, professionally, and orderly—in just weeks.

If, for any reason, you decide to raise your tariffs, any increase you make will be added to the 30% rate we impose. Please understand that these tariffs are necessary to correct years of unfair policies that have created an unsustainable trade deficit against the United States. This deficit poses a significant threat to our economy and, indeed, our national security!

We look forward to working with you as a trading partner for many years to come. If you are willing to open your currently closed markets to the United States and eliminate your tariffs, non-tariff policies, and trade barriers, we will consider—perhaps—amending this letter. These tariffs could be adjusted up or down, depending on our relationship with your country. You will never be disappointed with the United States of America!

Thank you for your interest in this matter!

With best wishes,
I remain, most sincerely,
Donald J. Trump,
President of the United States of America