“Iraq’s Accession to WTO” – Sun. PM TNT Thoughts/News 7-17-22



The Week Of Decisiveness Or Return To The Zero Point .. Will The File Of Forming A Government End?

Representative of the State of Law coalition, Jawad Al-Ghazali, confirmed, on Saturday, that the political data indicate that a session to choose the president of the republic will be held this week, while stressing that the meetings of the leaders of the blocs are continuing to agree on the presidency of the republic and the ministers.

Al-Ghazali said in an interview with the Information Agency, that “the coordinating framework identified several personalities, but so far the agreement on the best candidate has not been officially reached,” noting that “the next few days will witness the announcement of the name of the next prime minister.”

He added, “The political data indicate that a session to choose the President of the Republic will be held this week,” noting that “meetings are continuing between the leaders of the blocs in order to choose the prime minister.”

The representative of State of Law explained that “the Kurdish parties, especially the Yekti and the Barti, continue their meetings in order to choose the President of the Republic in a way that satisfies both parties, and this brings the president’s selection session close and resolves the file of forming the new government.”

The coordination framework had called, on Friday, the Kurdish parties to intensify their dialogues and agree on the person of the President of the Republic or the mechanism of his selection, before holding a session of the House of Representatives in order to speed up the completion of the requirements for forming a government.  link

The Presidency of the House of Representatives invites the heads of political blocs to a meeting next Monday

On Saturday, the Presidency of the House of Representatives invited the heads of political blocs to a meeting next Monday. 

A brief statement by the Presidency of Parliament, a copy of which was received by Mawazine News, stated that the Presidency of the Council of Representatives invites the heads of political blocs to a meeting on Monday, July 18, at 11 am.

Yesterday, Friday, Parliament Speaker Muhammad al-Halbousi called on the political forces to assume responsibility and resolve dialogues.

Al-Halbousi said in a statement, Mawazine News received a copy of it, that “with the end of the legislative recess for the first term of the House of Representatives, the blessed Eid al-Adha holiday and the start of the new legislative term, I call on the brothers and sisters, heads of political forces and parliamentary blocs to assume responsibility and resolve dialogues, to proceed with the election of the President of the Republic.” 

He added, “so that we can take the necessary measures, in accordance with the provisions of the constitution and the internal system of the parliament, in determining the date of the election session, and completing the constitutional dues to form the expected government.”  link

Al-Kazemi’s Advisor details the necessary financial measures in the absence of the general budget

Today, Saturday, the financial advisor to the Speaker of the House of Representatives, Mazhar Muhammad Salih, separated the process of the absence of the general budget for 2022 and the measures to be taken.

Saleh said in an interview with the “National News Center”, that “the increase in total revenues (the basis of which is oil revenues) is subject when it is outside the limits of financing the expenditures set forth in Law No. 2 of 2022, that is, the emergency law for food security and development, or exceeds the funding limits set forth in accordance with the provisions Article (19) / Second of the effective Financial Management Law No. (6) of 2019 disbursing 12/1 of the actual current expenditures realized in the fiscal year 2021

Based on the provisions of the two laws above and when actual revenues exceed expenditure estimates, and after covering the actual deficit, if any in the law. As mentioned, the surplus is directed and employed in the budgets of the following years through a “sovereign fund” provided that legal adaptation is provided for the current fiscal year’s conditions because the financial savings that go to the account of the sovereign fund are required under the applicable Federal Financial Management Law.

He added that “the annual general budget law does not exist for the year 2022, despite that, this means that the generation of official reserves that are used for spending in the coming years through a sovereign provision fund is impossible and managed according to the best international practices in managing and investing official reserves and benefiting from the investment returns of those official foreign reserves. Or disposing of it in financing the budgets of the coming years and achieving the so-called financial sustainability, as confirmed by the Central Bank of Iraq in its recent statements about the management of the fund, and certainly the priority will go in an important aspect of it towards financing investment projects that contribute to the development of national income and economic prosperity for our country.

He continued: “If the 2022 fiscal year ends without approving the general budget (and starting spending at a ratio of 1/12 of the actual current expenditures for the past year), that is, for the year 2021, the financial surpluses will go to a fund or reserve account that represents the sovereign wealth.”

And he indicated that “priority will go towards the sustainability of financing investment projects that contribute to the development of national income and the economic prosperity of our country, especially petrochemical, refining, fertilizer and strategic agricultural projects.”

Source: Dinar Recaps

Iraq prepares documents for accession to the World Trade Organization

The International Trade Center stressed, today, Sunday, the importance of Iraq’s accession to the World Trade Organization, pointing to the preparation of special documents on this, as Iraq is in the middle of the road to joining the World Organization

The International Trade Coordinator at the Center, Israa Al-Jabari, told the Iraqi News Agency (INA), that “Iraq is in the stage of joining the World Trade Organization, as it submitted an application for accession from 2004 and was approved by the organization, and Iraq is currently an observer member of the organization.

She pointed out that “the organization is global and contains 168 countries and has agreements, laws and special conditions for accession,” explaining that “any country that wishes to be a member of the organization must implement its internal laws, strategies and policies in accordance with the agreements of the World Trade Organization

She pointed out that “the International Trade Center is working to help Iraq to provide technical and technical support in harmonizing laws and agreements with regard to its accession to world trade, and there are important documents that are being worked on.

The International Trade Coordinator noted that “the main part of communicating with the organization in order to join is the Ministry of Commerce, which in turn presents the file, which includes all the relevant ministries in Iraq, in addition to the private sector,” stressing that “striving to work on preparing special documents for accession in accordance with agreements Trade Organisation.

She added, “Iraq has industrial and agricultural qualifications and trade exchange, but it needs to work on studying and developing the applicable policies so that there is harmonization with the laws of the organization,” noting that “Iraq is currently in the middle of the road to join.

Al-Jabari alluded to “the importance of Iraq’s joining the organization, as it deserves to be part of the international commercial, industrial and economic community, especially since its accession will be part of this international community and can organize its economic and commercial policies, including trade exchange in accordance with international laws that serve it with all concerned parties.” dealing with it in the future.   link

Yes. The WTO will force Iraq to fix its non-oil product shortcomings, which its leaders have failed to develop.

And a real currency rate… not a program rate ?

This shows where Iraq is in accession to WTO, long way to go yet… https://www.wto.org/english/thewto_e/acc_e/a1_iraq_e.htm

Dutchie, I agree. If Iraq is trying to join world trade organization we have a ways to go

I would be surprised if WTO qualified is a requirement as they already are fully engaged with European powers…that are part of WEF. But as we say, Time Will Tell,

It isn’t required. But I think Iraq wants to join the WTO.

Al-Kazemi issues an urgent directive regarding the Food Security Law

On Sunday, Prime Minister Mustafa Al-Kazemi directed all ministries to mobilize their efforts to implement the provisions of the Food Security Law. A government source told Shafaq News Agency, that the focus will be on the items related to returning their nullified contracts, appointments of graduates, holders of higher degrees and the first, in addition to fixing contracts, adjusting daily wages, supporting and improving the ration card and social care.

In light of the failure to approve the 2022 budget, the Iraqi parliament passed the “Emergency Support for Food Security and Development” law, in a move that allows the government to spend on various priority projects with the aim of achieving food security and stability in the country. The law’s expenditures were set at 25 trillion Iraqi dinars (about $17 billion).  link  

Source: Dinar Recaps


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