Wednesday Evening Iraq Economy News Highlights 1-18-23
Confirmation Of Completion Of WTO Accession Requirements
Economical 01/17/2023 Baghdad: Haider Fleeh Al-Rubaie The economist, Bassem Jamil Antoine, urged the need to complete the requirements for Iraq’s transformation into an authentic member of the World Trade Organization, and prior to its official accession, by working on fundamental economic reforms that would enable the country to compete commercially with imported goods, stressing the need to make a jump in the various sectors of production. , industrial, agricultural and tourism sectors, as well as the creation of a customs system capable of providing a full cover of protection for the local product.
The economic calls aimed at achieving a “trade balance” coincided with the Ministry of Commerce’s announcement of a plan to complete the requirements for joining the World Trade Organization, stressing that this year will witness the completion of technical files in terms of goods, services and intellectual property, in addition to holding official meetings at the organization’s headquarters in Geneva.
The (WTO) is an intergovernmental organization that “regulates and facilitates” international trade between nations. It officially began its operations on December 1, 1995 in accordance with the Marrakesh Agreement. It is the largest international economic organization in the world.
According to Wikipedia, it includes 164 member states and represents It accounts for more than 98% of world trade and global commercial GDP, and works to facilitate global trade in goods, services, and intellectual property between participating countries by providing a framework for negotiating trade agreements that usually aim to reduce or eliminate tariffs, supply quotas, and other trade barriers.
In order to achieve the highest economic results for Iraq as a result of its accession to the (WTO), Antoine believes during his interview with “Al-Sabah” that “Iraq cannot be isolated from the rest of the countries of the world, and it must establish economic and trade relations with various countries,
but it must take into account the internal interests in That matter is above all,” stressing that “Iraq’s entry into the World Trade Organization now, and its transformation from an observer member to an authentic member, I do not see it as a step that could benefit the country.”
Antoine attributed the necessity of “postponing” the accession process at the present time to a number of reasons, putting at the forefront of those reasons the decline of the various production sectors in Iraq, whether industry, agriculture or tourism, stressing that it is proceeding slowly and is not developing sufficiently, so the factors of loss are from Joining will be present according to these economic measures.
The expert, Antoine, also drew attention to Iraq’s actual need for a solid customs system commensurate with the internal production sector, in order to provide protection and achieve balance, pointing out that the combined data show that the benefits of joining the global organization cannot achieve commercial or economic results that serve Iraq, and I see the need for it to remain Iraq is an observer member to gain more experience as well as work to strengthen the productive sectors, especially industrial and agricultural, to be able to compete in the event of entry into the trade organization, otherwise the local production will not be able to compete and this will lead to an increase in unemployment and poverty due to the cessation of industrial and agricultural facilities that will not To be able to compete with the importer.
The Ministry of Commerce has detailed its plan to complete the requirements for Iraq’s accession to the World Trade Organization.
The media center in the ministry stated to the Iraqi News Agency (INA), that “the committee concerned with Iraq’s accession to the World Trade Organization, headed by the Minister of Commerce and membership of representatives of ministries and agencies as well as representatives of the private sector, is working to complete the requirements for Iraq’s accession to the organization.”
He explained that “the ministry’s plan during the current year includes completing technical accession files in terms of goods, services and intellectual property, in addition to harmonizing legislation and laws with the agreements of the multilateral organization.”
He pointed out that “the plan includes holding official meetings in the organization in Geneva, and that there be high coordination with the member states that carry economic weight in the organization to mobilize support and speed up accession procedures and make Iraq an active member and partner in making economic decisions and drawing trade policies that enhance Iraq’s integration into the International Economy”. https://alsabaah.iq/70059-.html
Government Movement To Complete The Requirements For Iraq’s Accession To The World Trade Organization
Money and business Economy News – Baghdad On Wednesday, the Ministry of Commerce detailed its plan to complete the requirements for Iraq’s accession to the World Trade Organization.
The media center in the ministry stated to the official news agency, “The committee concerned with Iraq’s accession to the World Trade Organization, headed by the Minister of Commerce and membership of representatives of ministries and agencies as well as representatives from the private sector, is working to complete the requirements for Iraq’s accession to the organization.”
He explained, “The ministry’s plan during the current year includes completing technical accession files in terms of goods, services and intellectual property, in addition to harmonizing legislation and laws with the agreements of the multilateral organization.”
He pointed out that “the plan includes holding official meetings in the organization in Geneva, and that there be high coordination with the member states that carry economic weight in the organization to mobilize support and speed up accession procedures and make Iraq an active member and partner in making economic decisions and drawing trade policies that enhance Iraq’s integration into the International Economy”.
He pointed out that “the Minister of Trade confirmed – within the prepared plan – the preparation of the Iraqi negotiating team, which will engage in negotiating rounds with the member states of the organization by strengthening the negotiating capabilities of the members and benefiting from the experiences of the countries.” Views 27 Added 01/04/2023 – 3:56 PM Updated 01/04/2023 – 4:37 PM
Parliamentary Integrity: The Governor Of The Bank Refuses To Provide Us With The Currency Auction Bulletin, And We Will Take Action
2023-01-18 05:01 Shafaq News/ The Parliamentary Integrity Committee revealed, on Wednesday, that the Governor of the Central Bank of Iraq, Mustafa Ghaleb, refused to provide it with the daily sales bulletin of the currency auction.
Committee member, MP Hadi al-Salami told Shafaq News agency, that the Parliamentary Integrity Committee sent a letter to the Governor of the Central Bank, Mustafa Ghaleb, at the beginning of January regarding providing the committee with the daily sales bulletin of the currency sale auction, but the bank governor refused that.
He added that the Parliamentary Integrity Committee has the right to follow up the exchange rate of the dollar, considering that the governor of the Central Bank bears responsibility for the high exchange rate of the dollar.
Al-Salami explained that the Parliamentary Integrity Committee will take all administrative and legal measures against the governor of the Central Bank by not responding to a letter and not attending the Integrity Committee.
An official document signed by the Head of the Age in the Parliamentary Integrity Committee, Representative Nahida Al-Dulaimi, showed a request submitted to the Governor of the Central Bank of Iraq, in which it stated, “For oversight and audit matters, and in accordance with the provisions of Article 61 / Second of the Iraqi Constitution and Article 27 / Seventh of the law of the Iraqi Parliament in force, and Article 78 From the internal system of the House of Representatives law, please provide us with the publication of the daily sales of the currency sale auction, including the parties that were provided with the currency and the amount of the amounts on a daily basis, on the committee’s e-mail. LINK
Our Credit Is Going Up And Our Dinar Is Going Down
WED, 01-18-2023, PM 10:06 TAYSEER AL-ASADI Written by: Jawad Al-Attar
Since the new government assumed its work three months ago, and its main motto is a government of national service that aims to support and enable the simple segments of a free and decent life, but the sudden drop in the value of the Iraqi dinar against the dollar and the increase in the prices of food, medicine, and most services … complicated the situation and made the task difficult for the prime minister and his cabinet, which is still new!!!.
What is the solution to this serious challenge? Which may worsen or get out of control if effective measures are not taken to stop the deterioration of the living conditions of the marginalized classes.
The departure of the Iraqi dinar from the track of the rate set by the Central Bank less than two months ago from now came with an external action represented by the decisions of the US Treasury and the US Federal Bank, and whatever their strict procedures, right or wrong, the question remains: Why now?
Why was it not done ten years ago or in stages? Is the goal to overthrow the Sudanese project in supporting the poor because the rise in the dollar means increasing the burden on those with limited income and increasing poverty rates among all the people, or is the goal to eliminate corruption in the currency auction and this is the responsibility of the Iraqis and there are constitutional institutions specialized in this matter.
All arguments and pretexts for the timing of applying transparency measures to the foreign currency auction according to the terms of the US Federal Reserve fall if we know that the most affected are the poor Iraqi people first; Secondly, the new government; Thirdly, the stability we hope for; After laboring for more than a year before the formation of the Sudanese government. Do these measures deserve the adventurous spirit of their implementation now? A question for politicians, decision-makers, and even the Americans.