Thurs. AM TNT News Articles 11-25-21



Iraq submits a proposal to form an economic bloc of three countries

Today, Thursday, the Ministry of Commerce announced that Iraq has submitted a proposal to form an economic bloc of three countries, indicating that the goal is to compete with the economies of the world.

A spokesman for the Ministry of Commerce, Muhammad Hanoun, said in a statement to the Iraqi News Agency (INA): “Iraq proposed during the Economic Forum for Investment and Contracting in Turkey the importance of forming an economic bloc from the regional countries (Iraq, Turkey and Iran), noting that” the goal of forming the bloc as an economic competitor It competes with the economies of the world because of the economic effects that these countries have.”

He explained, “Iraq presented its vision of forming an economic bloc to compete with economic developments and confront other blocs,” noting thatthe region needs an economic bloc that possesses wealth, money and labor to compete with the world’s economies through an economic bloc capable of confronting economic blocs that already exist.”

He added, “Iraq, through the Ministry of Trade, put forward an idea in Turkey to form an economic bloc,” noting that “it will be presented in the form of a proposal through the Council of Ministers or the Ministry of Foreign Affairs and our commercial attaches, and communication will be made with countries in order to exchange ideas and information and how to form the bloc. What are the qualifications for the ability to face problems?

Hanoun added that “the Ministry of Commerce seeks for the economy to be the one that leads the policy, and therefore the economy today is the engine for the economies of the world,” explaining that “the first step began in Turkey and was an Iraqi message that the economy must play a key role in political engines and a tool for protection.” The region, through compatibility with other blocs, needs the resources and wealth in the region.”

He stated that “Iraq possesses great and enormous wealth that allows it to be a major economic player,” pointing out that “there are problems that have had a dimension of economic backwardness and the lack of a clear economic vision. First, towards strengthening economic relations, and then towards the world.”

Hanoun stressed, “the need for Iraq to return to an important economic player, and all indicators allow it to be able to compete and enter into one of the important axes that manage the wheel of the economy in the world,” noting that “the Iraqi delegation in Turkey stressed the need for international companies to enter Iraq to invest to build Factories, importing machines and equipment, relying on the national product, self-capacity, and rehabilitating banks, and this was discussed in Turkey to benefit from the Turkish expertise.

He explained, “Iraq needs well-thought-out decisions that have the ability to change through an economic policy that allows it to benefit from its experiences and the competencies of its children


International expert: Fears of the return of Chapter VII to Iraq..and explains the reasons

The expert in international relations, Kato Saadallah, expressed his fears of the return of Chapter VII to Iraq as a result of the current crisis.

Saadallah said; The program “State Dialogue” broadcast by Al-Furat satellite channel tonight, said: “The Security Council blessed, according to the report of the committee it formed at the request of the government and political blocs, and the appeals and objections submitted to the judiciary will not change the course of the electoral results.”

He added, “The Sadrist movement wants to go to the national majority, but it is not easy for the big powers to respond to this matter.” 

Saadallah added, “The new government will not be formed as it was formed in previous times. From an international point of view, the United States and Iran are both parties to the elections. What happened is that America has not succeeded in the last 18 years in forming a government that is satisfactory to all and the people, and it is time for an Iraqi government to be formed outside the two parties of satisfaction.”

He pointed out that “the problem is not with the personality of the candidate for prime minister, but with the coordination framework, and the first Sadrist movement wants a consensus president and the other wants it by the majority.”

And Saadallah said, “Iraq links it with countries with common interests, and it is not possible to proceed alone, and the burden must be placed on one side to bear the responsibility of the new government and the international community rejects the instability of Iraq.”

“We fear the return of Chapter VII to Iraq, and the countries have openly declared their rejection of the threats,” he stressed.  

Saadallah concluded, by saying, “There is a clear agreement to withdraw all foreign combat forces from Iraq, but not a complete withdrawal according to the request of the Iraqi government, and what remains are highly-certified advisers to give intelligence advice, and American forces will be tasked with protecting them and American interests.”  link

Oil rises with anticipation of the OPEC meeting next week

Oil prices rose today, Thursday, with fluctuations during the early hours of the evening and this morning, awaiting the response of OPEC + to the US-led crude oil release to calm the market, even as data indicated an improvement in fuel demand in the United States.

Brent crude futures rose 14 cents to $82.39 a barrel at 05:12 GMT, after losing six cents on Wednesday.

US West Texas Intermediate crude futures rose one cent to $78.39 a barrel, after losing 11 cents on Wednesday.

All eyes are now on the Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies, the so-called OPEC+ community, who are due to meet next week to discuss oil demand and supply.

The group has been adding 400,000 barrels per day of supplies since August to ditch record production cuts made last year when pandemic restrictions slashed demand. OPEC + will meet on the second of December to decide whether to raise production by another 400,000 barrels per day in January.

The US Energy Department has launched an auction to sell 32 million barrels of strategic petroleum reserves in an effort to stem the rise in prices, indicating that it will release more crude to calm oil prices.  link

Source: Dinar Recaps


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