“Accession Process” – Fri. AM TNT Thoughts/News 7-30-21



Latest FROM the WTO on IRAQ NOT BEING in the WTO

This is the latest on their accession process they are not an active member of the WTO and it will be a while before they are

It will not hold up the RV, Iraq does not need to be in the WTO to raise their rate.

Afghanistan is a full active member of the WTO and has been for 5 years with their currency in the status it is in.  Just for comparison.

Issue N° 105 – July 2021


The Chairperson of the Working Party, Ambassador Omar Hilale (Morocco), who is currently based in New York, visited Geneva on 16-18 June. Building on his earlier visits, the purpose of the Chairperson’s meetings in Geneva was to identify steps and mobilise support in relaunching Iraq’s accession process which had been challenging due to the security situation in the country.

During his visit, the Chairperson met with: Iraq’s new Ambassador Abdul-Karim Hashim Mostafa in Geneva; WTO Director-General, Dr. Ngozi Okonjo-Iweala and Deputy Director-General Zhang Xiangchen; the Executive Director of the International Trade Centre (ITC), Ms. Pamela Coke-Hamilton, and Acting Secretary-General of the UN Conference on Trade and Development (UNCTAD), Ms. Isabelle Durant. Moreover, he held several bilateral meetings with WTO Members, and with representatives of the World Bank. 
The Chairperson left Geneva with a very positive assessment of Iraq’s accession process. He felt that there was a renewed political engagement from the Iraqi government, as well as from the mission in Geneva. He believes that as soon as the Secretariat receives the necessary negotiating inputs, the 3rd Working Party meeting could be held before the end of 2021.

In the third attack in 24 hours, an explosion targets a coalition convoy in Babylon

A security source reported that an explosive device exploded on Friday on a convoy of trucks carrying logistical equipment for the international coalition led by the United States in Babil Governorate.

The source told Shafaq News Agency, that the device exploded as the convoy passed on the Babel Expressway, without injuries or significant damage.

This is the third attack of its kind in the past 24 hours, after two similar attacks in Dhi Qar and Babil on Thursday.

On Thursday, a Katyusha missile targeted the Green Zone, where the US embassy, along with Iraqi military forces hosting Americans, has been under repeated attacks for months.

The new attacks come despite Baghdad and Washington, on Monday, reaching an agreement to withdraw US combat forces from Iraq by the end of this year.

Since 2014, Washington has been leading an international coalition to combat ISIS, which took over a third of Iraq at the time, with about 3,000 coalition soldiers deployed in Iraq, including 2,500 Americans.


Al-Kazemi’s advisor: Iraq is far from Lebanon’s scenario..it has oil and it is of high financial strength

Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, ruled out, Thursday, July 28, 2021, the re-run of Lebanon’s economic scenario in Iraq, as it owns oil and is of high financial .strength Saleh told Al-Masala that “the economic situation in Iraq is good and is unlikely to reach what Lebanon has reached, as it has collapsed in banking and in tourism.

As for us, we have a strong financial leverage, which is oil revenues, and despite the fact that our economy is rentier, it has resources that are constantly being spent and it is considered sustainable for life, even if there are risks.”

For the future, as it is dependent on oil prices, but the oil “.sector leads to the cohesion of the economy in any way He added that “the central bank accounts are strong at the present time and began to rise and the efficiency indicators are also efficient,” noting that “the reduction in the exchange rate of the dinar affected the economic situation, since most of the materials are imported due to the cessation of industry and our dependence on the importer, but there are things in return, materials that have not changed and remained stable, such as services .”governmental 

 Saleh pointed out that “the economic situation is improving, despite the fact that it affects some people and needs “.to address policies, which is important for how to address the poor and disadvantaged classes

Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, revealed, on Thursday, July 29, 2021, an expected improvement in the vocabulary of the ration card in terms of quantity, quality of materials and the regularity of their distribution, calling at the same time, Parliament to the need to legislate the law of .partnership between the private and public sectors to contribute to moving the wheel of the economy .

Saleh revealed a new policy for the government regarding the ration card Saleh said, in a statement to the Obelisk: The trend will be to improve the quality and regularity of the card, in .order to touch the poor classes as much as possible, and this matter, if it is achieved, will give great hope

And Saleh indicated that there is work to make the card regular and of good quality and affects the poor classes, .as well as work to expand social welfare, and the ministry has to reflect its studies on cash assistance

In addition, Mazhar Muhammad Salih called on Parliament to legislate a law on partnership between the private .and public sectors for its contribution to moving the wheel of the economy

Saleh told “The Obelisk” that the government is facing a legislative obstacle, which is not approving the law on partnership between the private and public sectors, because there is a dispute over it in Parliament, expressing his .hope that these differences will be resolved in the service of the country’s economy   link

Parliamentary call to control prices in the markets

Friday, Representative Mansour Al-Baiji called on the competent authorities to control prices in local markets.

Al-Baiji said in a statement received by (the Iraqi Media News Agency / INA), that “the competent authorities must do their work accurately in order to maintain prices in the local markets, which are witnessing an unprecedented rise in foodstuffs and medicine, especially after raising the exchange rate of the dollar, which negatively affected the people of All the people, and we did not see solutions to maintain prices in all markets.”

He pointed out, “This rise should not continue, and there should be real monitoring by the competent authorities to control the markets and hold everyone who raises prices more than the established or customary price in the markets to account by a very small percentage, and not to be weak in price.”

He stressed, “Preserving the local product and providing full support to the farmer in order to fill the local markets with our product and preserve it, as it is the lowest price and more quality, as we see today from the presence of vegetables in the markets at very symbolic prices. Therefore, this matter should be applied to other foodstuffs with the support of the state.”

Al-Baiji added that “the agricultural sector is one of the most important sectors after oil, and the government must focus its attention and support this sector by providing all the needs of the farmer and providing all the requirements he needs from support for the product to all other matters.”

And he stated, “The competent authorities should monitor the markets, impose their control and prevent the large rise in food prices, and work continuously to prevent this rise, which harmed all the people, and it must not continue more because the affected are the people without exception .”  link

The International Monetary Fund expects to play a crucial role in the transformation of digital currencies

Follow – Mawazine News

A document released by the International Monetary Fund says it will need to bolster its resources as it seeks to “monitor, advise and help manage the large-scale and complex transition” toward digital currency.

The document stated that “digital currencies are able to facilitate, speed up payments and reduce costs, but this requires policy makers to address major challenges, digital money should be reliable, and domestic economic and financial stability must be protected, and the stability of the international monetary system.” 

She added, “The IMF has a critical role in helping its members benefit from the benefits of digital money and manage its risks.” 

And she added, “Digital money must be subject to regulatory oversight, and its structure and availability allow countries to continue to control monetary policy, financial conditions and foreign exchange systems.” 

The document does not focus on cryptocurrencies such as Bitcoin, nor does it take a position on which type of digital currency might eventually dominate.

The document dated last March, which was discussed by the Fund’s Board of Directors in April, includes a vision for the development of the Fund and its endeavors to cooperate with other institutions such as central banks, regulators and the World Bank.

The International Monetary Fund expects to play a crucial role in the transformation of digital currencies

Source: Dinar Recaps


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