Clare » November 12th, 2023
Second advisory meeting on services regulatory mapping in Iraq
11 – 14 November 2023 Erbil, Iraq
Technical support to Iraq’s WTO membership process: UNCTAD to undertake a second round of Services regulatory mapping
Following up on the first advisory meeting on the regulatory audit of selected services sectors in Iraq, UNCTAD is due to undertake on 11-14 November a second workshop, in the city of Erbil, northern Iraq, to assist Iraqi officials in the review and analysis of the legislative and regulatory measures governing insurance, higher education, and postal services. In addition, legislative and regulatory frameworks and practices related to foreign companies’ establishment(registration) and investment, as well as labour conditions (for foreigners) will be examined.
During the first edition of this exercise, held also in Erbil on 21-24 August 2023, four services sectors were covered, namely: Financial (banking services), Transport, Tourism and Education (primary and secondary education services).
The regulatory mapping of laws, rules and regulations would help the government of Iraq, not only to develop and maintain an inventory of laws and regulations that apply to business’s rights and obligations in the services sectors, but also to guide the Iraqi authorities in shaping the trade policy and procedures in the area of services by having a better reading and assessment of the regulatory landscape so as to capture baseline obligations across jurisdictions to avert any potential overlaps among the services sectors’ regulations.
Considering Iraq’s ongoing preparation for WTO accession, the objective of this regulatory mapping is to provide the government with the necessary technical support for the formulation of the terms of competition on market access and national treatment conditions for foreign services providers operating in Iraq. Hence, it would enable Iraqi negotiators to define, on an informed basis, the country’s WTO membership negotiations’ strategy, including the outlining of its specific commitments under GATS.
Ultimately this audit will also facilitate the coordination, development and implementation of any regulatory changes that would be made necessary as part of the WTO accession’s negotiations and obligations in the post accession phase.
Iraqi Ministry of Trade LINK
A government source reveals the outcomes of the meeting between the Central Bank and the American side
11/11/2023 Economy News
A government source revealed, on Saturday, that the Central Bank of Iraq agreed with the American side to enhance the advance balance f five Iraqi banks in dollars.
The source said, to an official agency followed by Al-Iqtisad News, that “Intensive meetings took place in Abu Dhabi in the past few days between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports, and the negotiations culminated in a number of decisions and mechanisms that It contributes to facilitating procedures for foreign transfers related to imports through the foreign currency sales window.”
He added, “It was agreed to enhance the advance balance of five Iraqi banks in their accounts in dollars with Jordanian banks and transfers via (JP Morgan),” noting that “the problems related to the rejected transfers were resolved, and it was agreed that the rejection of transfers should be based on strong reasons.”
He continued: “There were also other meetings that brought together one of the Emirati banks, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks (UAE Dirham pilot),” indicating that “things are going well in this aspect, as all the technical details related to it have been resolved.” In this regard, it is expected that the mechanism for enhancing balances in the UAE dirham will begin within the next few days.”
He stressed that “there are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union,” noting “an increase in the number of banks whose balances in Chinese yuan are being enhanced through the Singapore Development Bank.”
He added, “Accounts have been opened for 6 Iraqi banks in this bank, and during the coming period 7 more banks will be added to finance Iraqi trade and imports from China, as these imports are estimated at about 12 billion dollars annually.”
The source concluded, saying: “Bank accounts have also begun to be opened in the Indian rupee for a number of Iraqi banks at the same correspondent, the Singapore Development Bank (New Delhi branch), and operations to strengthen the balance of two Iraqi banks have actually taken place as a first stage, and it is expected that this mechanism will contribute to financing Iraq’s imports from India.” Especially medicines and foodstuffs, which are estimated at about $3 billion.” LINK
Sir Shawn » November 12th, 2023
IMO- WOW This is what you would call, a basket of currencies. And the UAE Dirham is $0.27 US dollar to 1 Dirham, can anyone say FLOAT! Drop the 3 zeros and let’s hit the dance floor, the prettiest girl at the prom is READY! Many Thanks to our Veterans across the globe..
Source: Dinar Recaps
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