KTFA

Clare:  Government movement to complete the requirements for Iraq’s accession to the World Trade Organization

1/04/2023

Baghdad – Conscious – Nassar Al-Haj

Today, 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 Iraqi News Agency (INA), thatthe 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 thatthe 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 global economy.

He pointed out thatthe 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.”   LINK

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Mustangroper:  Is Vietnam a member of WTO??

Paulette:   IMO……Yes……So????  Many try to compare Vietnam and Iraq when evaluating the currency.  Most of these comparisons are flawed:

“…….Vietnam has a very low rate and their economy is one of the fastest growing……”

This is a totally irrelevant comparison.  The rate is not the issue.  The issue is IMF Article 8 Compliance.  This allows Freedom of Movement of capital in and out of the country. Vietnam has been officially acknowledged to be Article 8 compliant, Iraq has not.

Additionally, the CBI has clearly stated their intent to implement the “Delete the Zeros” project.  Vietnam has not made any such claims.

Bottom line, comparing Iraq and Vietnam due to their low currency value is like comparing Apples to Oranges….

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Henig:  Al-Sudani calls, through Shafaq News, for “international cooperation” to recover the looted Iraqi funds

2023-01-03

The Prime Minister, Muhammad Shia’a Al-Sudani stressed, on Tuesday, the need for international cooperation with Iraq to recover the money looted through corruption files over the past years.

Al-Sudani answered a question by Shafaq News agency reporter, during the weekly press conference, about the file of recovering smuggled funds, most notably the “theft of the century” money, and whether there is coordination with the International Monetary Fund, the US Federal Bank, the Paris Club and the International Police, This is a very important aspect, the recovery of Iraqi funds It needs follow-up, international relations and communication, and Iraq is a member of many international agreements in this regard.

He added, “Today, the National Assessment Report for the Risks of Money Laundering and Terrorist Financing for the Republic of Iraq was presented, and this report was presented by the head of the concerned authority, and it was discussed, and part of it, the recovery of corruption funds, and the Council of Ministers approved the decision.”

Al-Sudani affirmed, “There are obligations on the member states of the agreements, and Iraq is serious about activating these agreements in terms of the commitment of the international institutions and the state committed to these agreements, its commitment to hand over the wanted persons and the stolen money, and we believe that this is the right legal context to restore the confidence of the Iraqi people in the government’s measures in the field of combating corruption.” “.LINK

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Clare:  New movements in the budget file after a period of stagnation

1/04/2023

The street is waiting, moment by moment, to vote on the country’s draft general budget law in order to proceed with many stalled matters, most notably service projects. Responsible sources confirmed that the budget is just around the corner from being sent to Parliament.

New movements are taking place in the budget file after a long stagnation, most notably the Ministerial Council’s discussion of the draft law, which will focus on developing the economy and services in various sectors in order to achieve the basic points included in the ministerial curriculum, in addition to other strategic axes such as health, education, industry, agriculture and all aspects of service, not to mention About those related to investment plans and spending chapters.

And on the negotiations revealed members bKurdistan Democratic PartyOn the semi-agreement between the central government and the region about the share of the Kurdish component, which will reach fourteen percent during the delegation’s recent visit to the capital.

As for the members of the Parliamentary Finance Committee, they confirmed that the budget for the year two thousand and twenty-three will be the same as its predecessors, ruling out any real change to the draft project that is scheduled to be voted on by the federal government and sent to Parliament for approval within days, indicating thatMinistry of FinanceI calculated the price of a barrel of oil at sixty-five dollars, and that the total amount of the law may exceed one hundred and forty trillion dinars.

The Minister of Finance had previously announced that the budget would focus primarily on the health sector, support for vulnerable classes, social care and people with disabilities, and raising the loan capital ceiling for small projects in the Ministry of Labor.   LINK

Henig:  Parliamentary Economy reviews the “negatives” of delaying budget approval

Economy News – Baghdad

The Parliamentary Committee on Economy, Industry and Trade clarified, on Wednesday, the negative effects of the delay in approving the federal budget.

“The laws and alternative solutions to the federal budget are temporary solutions and remedies for the conduct of economic life in Iraq, such as the Financial Management Law and its other applications or the Emergency Support for Food Security and Development Law,” committee member Sardial-Mahyawi told the official news agency.

Al-Mihyawy added, “One of the most important negatives and effects of the delay in approving the budget is disrupting the approval of new and suspended government investment projects from previous years, which leads to a delay in economic growth or urban development and thus the clear negative impact on the life and livelihood of the Iraqi individual, and that extends to the coming years.” Due to the accumulation of unfinished projects and the delay in their implementation.

He urged all political blocs to “accelerate the approval of the federal budget, and the need to include important projects that serve society and the  country in General  LINK

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Henig:  MP: The budget will be sent to parliament at the beginning of the new legislative term

Baghdad / NINA / – The MP of Al-Sadiqun Parliamentary Bloc, Rafik Al-Salihi, suggested, on Wednesday, that the budget will be sent to the House of Representatives at the beginning of the legislative session that will begin on the eighth of this month, indicating: “The committees that were formed to resolve differences with the budget articles worked diligently and seriously.”

Al-Salihi said in a statement reported by the bloc’s website: “The government is determined to complete the draft budget law and send it to parliament at the beginning of the second legislative term, which will start on the eighth of this month,” suggesting that “it will arrive in the first week after holding the first session of the next term.”

He added, “The committees specialized in resolving disputes with budget articles worked diligently and seriously in order to complete the draft budget law before the end of the first legislative term of the House of Representatives.”

Prime Minister Muhammad al-Sudani confirmed in a press conference, yesterday, Tuesday, that the government did not rush to send the budget to the House of Representatives, and took advantage of the legislative recess to conduct reviews of the budget sections and pressure unnecessary expenditures.

LINK

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Henig:  Rosy prospects for Vietnam-Argentina trade

06:00 | 04/01/2023

(VEN) – Commercial ties between Vietnam and Argentina are expected to expand in 2023. Ahead of the New Year, Argentine Ambassador to Vietnam Luis Pablo Mara Beltramino spoke with Vietnam Economic News’ Hoa Quynh and Thu Trang.

Could you tell us how Vietnam-Argentina trade has developed in recent years?

Argentine exports to Vietnam have grown 600 percent during the past decade, whereas Vietnamese exports to Argentina have increased 700 percent. In 2021, Argentina’s sixth largest trading relationship is Vietnam, while Vietnam’s third largest commercial partner in Latin America is Argentina.

Argentina exports to Vietnam products that supplies Vietnam’s production chains. These goods are then shipped to other countries all over the world.

It can be said that Vietnam and Argentina are strategic trade partners in agricultural products. Vietnam, for its part, exports to Argentina consumer goods such as electronics and mobile phones to equip Argentina’s communications and electronic telecommunications system.

How do you rate the prospects of economic and trade cooperation between Vietnam and Argentina in 2023?

We are confident that Argentina-Vietnam trade relationship will continue to steadily grow, particularly in the agribusiness sector. Furthermore, we maintain cooperative relationships with Vietnam in the following areas: technical assistance related to agricultural technology innovation, such as technologies to increase rice productivity, improve soybean production, and control foot-and-mouth disease in livestock in Vietnam.

There are numerous areas of cooperation that the two countries can implement next year to commemorate the 50th anniversary of bilateral diplomatic relations, including cultural cooperation with Argentine artists performing in Vietnam. In addition, photo exhibitions will be held as well as collaboration with the National Library of Vietnam.

What programs and activities will the Argentine Embassy in Vietnam implement in 2023 to promote bilateral economic and trade cooperation?

As usual, we will continue to organize trade promotion programs and activities in Vietnam, including a trade delegation from Argentina to meet with potential partners for export or joint venture opportunities. In addition, we will host a number of events to promote well-known Argentine products such as meat, wine, and Yerba Mate tea. This year marked the inaugural export of Argentine lemons to Vietnam.

In addition, we continue to engage in commercial activities, which are essential promotional activities for products traded in Vietnam, so that Vietnamese consumers are aware of our products. On the basis of the government’s partnership for business cooperation, we will attempt to connect the businesses of both nations, thereby contributing to the growth of bilateral trade and bringing benefits to the people of both nations.

On the occasion of the 50th anniversary of bilateral diplomatic relations, we are coordinating with the Vietnamese to implement a cultural cooperation program in 2023. We will organize cultural promotion activities in Vietnam, and the Vietnamese Embassy in Argentina will do the same. Specifically, we will produce stamps and publications commemorating the 50th anniversary of bilateral diplomatic relations. Thus, it can be stated that 2023 will be a year filled with numerous cultural events.

According to the Ministry of Industry and Trade, Vietnam’s exports to Argentina in the first 10 months of 2022 totaled US$756.6 million, an increase of 8.2 percent over the same period in 2021, while imports reached US$3.44 billion, a 12 percent rise.

Hoa Quynh & Thu Trang   LINK