Samson » November 6th, 2021
Iraq Begins The First Steps To Join The World Trade Organization
2nd November, 2021
The Federation of Iraqi Chambers of Commerce revealed, on Tuesday, a “road map” to joining the World Trade Organization, calling for the amendment of some important laws in preparation for obtaining membership in the World Trade Organization.
The head of the Union, Abdul Razzaq Al-Zuhairi, said in an interview seen by “The Information”, that Iraq has been seeking for ten yearsto obtain membership in the World Trade Organization through holding intensive meetings with the competent authorities to discuss this file.
Al-Zuhairi summarized Iraq’s needs to join this organization with three points. The first includes amending some laws and setting plans that jump the country from 172 to 120, according to the global ranking, and second, the World Bank’s indicators for the country must be positive. He added, “As for the third point, it confirms that the country’s budget is approved without some of its paragraphs being challenged by the Federal Court, in addition to the need for its law to include a number of strategic projects,” noting that
“Iraq is characterized by an investment environment, money and a location that qualifies it for economic progress, as well as joining this organization will improve Iraq’s image among the countries of the world.”
Regarding the union’s membership of the Executive Committee of the Federation of Arab Chambers of Commerce, Al-Zuhairi affirmed that it “will contribute to Iraq’s entry into the Arab economic system after it was absent from it for a long time, pointing out that the step will serve the economy through Arab trade exchange operations and the movement of transport and transit.”
And about the meeting of the Arab Chambers of Commerce, which was hoped to be held in Baghdad this month, the head of the Federation of Iraqi Chambers of Commerce stated that “countries requested a postponement due to the conditions in the region or in Iraq, which gave an indication and a non-positive impression on the country’s economy.”
MilitaMan » November 6th, 2021
This is an interesting read. The “road map” of 10 years to draw is a long one to Join the WTO. One where they’ll at some point have to lay it out for all to see.
We can see that they have already had intensive meetings on the topic. We know that they are now “Elected to to head the METROLOGY board of Directors” for the next 3 years..
They are getting a leg up all the way. Having been elected to the top Board of Directors, they are telling us Iraq is coming out of the Chapel in a beautiful white gown, so to speak.
The World Trade Organization will want to take the first dance around her newly digitized ports of call. Metrology is all apart of the process. Units of measurement is not just inches and centimeters. Currency valuation is a measurement between other currencies..
With Iraq having had ten years of negotiations with the WTO, I suspect the one thing holding her back to date, is the new exchange rate. imo !!
The postponement for by the Arab Chamber of Commerce suggests that is what they are awaiting on, imo. No international rate do not elevate.. lol..
Iraq has been at a program rate for all of those years too. Thus, without having a new exchange rate they’ll not ascend. imo
Lets not forget that there is an economic forum coming to the region this month.. One that is said to be the largest in world. That forum will show case many many things.
There is no doubt show casing a program rate will not be the life of the party.. More likely to be the joke of it.. lol Personally, I see them having the new exchange rate to show case ahead of time.
The World Bank is confirming to us the Iraq’s budget is approved. Iraq is qualified for economic progress and by joining the organization they’ll have a better image among the countries of the world. So, it is not surprising at this stage of the Economic Reforms that there are significant indicators that Iraq is going global in short order. Very short in my opinion..
Take a step back and put the paint brush down.. The view will become far more clear when we consider the digital transformation that is before us.
There is not just one country involved. There are a majority of global countries involved and that have signed onto international taxation of 15% and agreed to flat tax as well per the UST, IMF, etc..
The borders in Iraq are electronic now and will be tracked and apparently will be managed by the UST (audited) from information gleaned from a previous article . The increase in State Revenues from all sources and not just oil will support the move into the WTO and above all they’ll have a measurement to the new exchange rate the world is anticipating..
Lets see what the days bring.. Hopefully it will bring a measurement that is similar to a previous and glorious ers, just at the CBI has indicated and can do independently!!! ~ MM
Currency Appreciation Definition – Investopedia
https://www.investopedia.com › terms › currency-appre…
The value of a currency is not measured in absolute terms. It is always measured relative to the currency being measured against it. Countries use currency .
“The Emirates Association of Traders in Financial Markets is preparing to receive delegations and members of traders’ associations and associations concerned with trading in financial markets, to participate in the ACI World Conference and the ICA Conference, which will start on the 17th and continue until 20 November, at the La Perle Theater of the Hilton Hotel in Al Habtoor Village in Dubai, in an event that it described as “the largest economic event in the world”.
“natural source was proposed. This led to the creation of the decimal-based metric system in 1795, establishing a set of standards for other types of measurements. Several other countries adopted the metric system between 1795 and 1875; to ensure conformity between the countries, the Bureau International des Poids et Mesures (BIPM) was established by the Metre Convention. This has evolved into the International System of Units (SI) as a result of a resolution at the 11th General Conference on Weights and Measures (CGPM) in 1960. Metrology is divided into three basic overlapping activities. The first being the definition of units of measurement, second the realisation of these units of measurement in practice, and last traceability, which is linking measurements made in practice to the reference standards. These overlapping activities are used in varying degrees by the three basic sub-fields of Metrology. The sub-fields are scientific or fundamental metrology, which is concerned with the establishment of units of measurement, Applied, technical or industrial metrology, the application of measurement to manufacturing and other processes in society, and Legal metrology, which covers the regulation and statutory requirements for measuring instruments and the methods of measurement. In each country, a national measurement system (NMS) exists as a network of laboratories, calibration facilities and accreditation bodies which implement and maintain its metrology infrastructure. The NMS affects how measurements are made in a country and their recognition by the international community, which has a wide-ranging impact in its society (including economics, energy, environment, health, manufacturing, industry and consumer confidence). The effects of metrology on trade and economy are some of the easiest-observed societal impacts. To facilitate fair trade, there must be an agreed-upon system of measurement.“
Border Port Authorities (BPA) emphasizes 4 points to increase state revenues
The authorities added, “The agenda was discussed, which included many important paragraphs, including preventing smuggling and manipulation of public money through fraud or manipulation of customs and tax duties, in addition to protecting the Iraqi consumer by not allowing the entry of materials that harm public health and are prohibited from import.”
Furthermore it also indicated four points were emphasized: electronic auditing, data intersection for tax receipts, books of exemptions for goods, matching certificates of origin, invoices, and border sequences, as well as deliberation on other important issues aimed at ensuring the flow of work and increasing state revenues.
Economist: Reducing The Dollar Exchange Rate Is Exclusively in The Hands Of The Governor Of The Central Bank
4th November, 2021
The economic expert, Nabil Jabbar Al-Ali, confirmed, on Thursday, that the decision to change and determine the foreign exchange rate is in the hands of the Governor of the Central Bank exclusively, noting that the bank is responsible for monetary policy.
Al-Ali said, in a statement to “The Information”, that “returning the dollar exchange rate to its previous state is the exclusive competence of the Governor of the Central Bank, and there is no government or regulatory authority involved in this.”
He added, that the Central Bank is able to take a decision to change the price without restrictions or conditions, as it is independent and is responsible for drawing monetary policies in Iraq.
Al-Ali pointed out that “the government and parliament cannot force the central bank to change the foreign currency exchange rate.”
The economic expert, Younis Al-Kaabi, had confirmed earlier, that the central bank can gradually reduce the price of the dollar. LINK
With this preceding the ports data, the Metrology election to the Board of Directors of the Institute of Standardization, the talk of the WTO, etc, suggests there is no political issue at stake. It is a measurement that is at stake. A measurement between the USD and the IQD..
The GOI cannot force the Central Bank to change the foreign currency exchange rate. They can allow for it, but can’t force it.. The CBI knows all to well about that.
We can see by the data there is a change coming.. The private sector activation will require it.. imo ~ MM
Source: Dinar Recaps
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