Iraq is exempt from sanctions on condition of non-payment in dollars

BAGHDAD (Reuters) – The United States has told Iraq it will continue to import vital supplies of gas, energy and food from Iran after Washington reinstates sanctions on Iran’s oil sector, three Iraqi officials said. Exemption from Iraq is contingent on Iran not paying the price of imports in US dollars, officials said, including a member of an Iraqi ministerial committee overseeing energy activities. The Iraqi Finance Ministry has set up an account with a state-owned bank in which Baghdad will deposit the amounts owed to Iran for imports in Iraqi dinars, the official said on the ministerial committee. In August, central bank officials said Iraq’s economy was closely linked to Iran, making Baghdad ask for permission to ignore some US sanctions. Iraq imports vital supplies from its neighbor, including gas used in power plants.

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Mr. Ammar al-Hakim and Khalid al-Obeidi discuss the file to complete the formation of the government

Editorial Date: 2018/11/3 21:26

(Baghdad: al-Furat News) Head of the National Wisdom Movement, Mr. Ammar al-Hakim, discussed with the leader of the coalition of reform and construction Khalid al-Obeidi file to complete the formation of the government.

“Mr. Ammar al-Hakim received at his office in the leadership of the coalition of reform and construction Khalid al-Obeidi and discussed the file to complete the formation of the next government and the latest political situation, security and military.”

He added that “during the meeting, it was important to provide services and achieve the aspirations of the people and provide employment opportunities, and was stressed the role that can be played by the coalition of reform and reconstruction in support of the government.”

He pointed out that “Mr. Ammar al-Hakim stressed the need to complete the meetings and discuss the requirements of institutionalization of the Alliance and openness to all from the address of the reform brought by the coalition slogan accompanied by the title of reconstruction.”

http://alforatnews.com/modules/news/article.php?storytopic=36&storyid=179074

During his meeting with ambassador to America in Baghdad .. Minister of Trade … Economic and trade relations between Iraq and the United States will witness tangible development and cooperation that serves the interests of both countries

 

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Baghdad – Trade flags
– Trade relations between Iraq and the United States of America are witnessing a tangible development in the light of the desire of the two countries to increase the volume of economic cooperation and trade exchange, Minister of Commerce Dr. Mohammad Hashim said.
The minister said during his meeting with US Ambassador to Baghdad Douglas Seelman that the ministry aspires to joint cooperation and participation of US companies in the processing of food items within the ration card items with emphasis on quality, quality and quality control in the process of checking materials and conformity with international and Iraqi standards.
He added that the new Iraqi government is open to the world in light of the need for a strong economy dealing with the economies of other countries and at the same time meet the need of the Iraqi people, especially in the areas of investment and the provision of basic needs and the establishment of real partnerships in the reconstruction and investment and rehabilitation of infrastructure.
For his part, stressed the US ambassador in Baghdad on the importance of opening a new page of economic and trade cooperation between Iraq and the United States through the contribution of US companies in the processing of Iraq food items distributed by the Ministry of Commerce to the Iraqi people within the ration card.
He pointed out the importance of working on the memorandum of understanding signed between the two countries and activating the provisions of the joint agreement between the two governments in order to continue the US companies processing of wheat and rice within the contracts conducted by the Ministry of Commerce.
He pointed out that the American Chamber of Commerce sent a large group of businessmen and American companies to discuss with the Iraqi side and their Iraqi counterparts the possibility of entering into investment projects to contribute to the construction and development of infrastructure in Iraq and the establishment of companies with the Iraqi private sector as well as the possibility of training and qualifying employees in the fields of examination Laboratory tests and the use of modern laboratory screening methods.

Appearance of Mohammed Saleh: Iraq and the World Trade Organization

 

11/3/2018 7:05:24 AM
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BAGHDAD /

Iraq and the World Trade Organization: Assessing the opportunity cost of joining.
Appearance of Mohammed Saleh

Since 2003, Iraq has adopted wide-ranging policies towards the world and sought to establish important economic and legislative bases that operate according to the mechanisms of the market system. Most of them have helped to improve Iraq’s foreign trade after an economic siege that lasted for more than a decade led to the marginalization of Iraq on the map of the economic system. And lack of investment opportunities, progress, development and technological know-how that should have enabled it to cope with the rapid developments and developments in international markets and have changed their competitiveness in the last two decades at least.

Thus, Iraq was isolated from its international environment in the midst of a world swept by the currents of the integration of its companies and the liberalization of its markets and its integration, especially financial ones, and the supremacy of the neo-liberal doctrine, which necessitated large economic transformations in the field of informatics which became congruent with the activity of multinational companies. Generated by world markets.
However, in the integration of financial markets, whose assets have increased to 850 trillion dollars, is the main address of financial globalization and the main focus of the global neoliberal economy. At the same time, there is a shift in the international trade axes and the introduction of the transition from the GATT In 1948 to the World Trade Organization (WTO), where the latter was involved in organizing a broad spectrum of trade in services, especially financial services, which were named after the GATS in 1994 on the basis of the Uruguay Round.

At a time when the total output and about 192 economies in the world do not exceed 83 trillion dollars per year at present (and the value of world trade of goods and services is not less than one-third of the world’s GDP), we find that trade in currency conversion and speculation Short-term capital movements are in excess of $ 4.5 trillion a day in international monetary and financial markets, a speculative trade that accounts for more than 50 times the total global trade in goods and services.

In the midst of these changes in the international commercial and financial space, Iraq has moved to important organizational levels in the transition to a market economy to break the effects of its international isolation by engaging in a strong area of ​​economic liberalism that focused on liberalizing Iraq’s foreign trade and goods and services and financing, As well as the development and expansion of areas of progress in some financial services and improve the environment of foreign investment through the legislation of banking and investment law and the Central Bank, allowing foreign banks to work in Iraq and allows the transfer of capital and currency and n The opening of Iraq to the world in the conditions of a centralized rent economy serves to make market liberal understanding more conducive to providing positive opportunities and legal and regulatory foundations for the Iraqi business environment.

However, all this is not enough to put Iraq on the path of international economic competition. There are still more than five thousand texts of legislative impediment to economic freedom and market activity, which the legal circles study and which should be amended to enable Iraq to integrate into international trade and investment and prepare to join The World Trade Organization (WTO) in accordance with the terms of its membership in order for our country to obtain the condition of the most favored state and the principle of national treatment.
But the paradoxes of accession are oil and agriculture, as well as other problems of accession.
While production in the oil sector dominates almost 50% of Iraq’s GDP, this sector uses only 2% of the Iraqi labor force. The country’s exports of crude oil and its revenues represent the absolute absolute majority of total exports, The country of foreign exchange. In this context, the World Trade Organization (WTO) rules out crude oil as a commodity within the internationally traded commodity group, which remains the core of the contradiction in Iraq’s accession to that Organization, which excludes crude oil. If the World Trade Organization allowed the introduction of oil into account, the price would be determined by global supply and demand away from the cartel or consumer groups represented by the International Energy Organization and its lines and programs in rationalizing demand for oil. Or away from the cartel or group of producers represented by the Organization of the Petroleum Exporting Countries (OPEC) and its role in the rationing of production and influence on prices, which placed price limits and the quantity of a commercial but strategic and political at the same time, which is the driving force of Iraq’s foreign trade.
On the other side of the Iraqi economy, we find the agricultural sector, which includes less than one third of the Iraqi population and about 22% of the Iraqi labor force and contribute to the gross domestic product only by not more than 5%, making the country a semi-net importer of food or agricultural commodities, 14 billion dollars a year. This important sector, which has been subjected to militarization and neglect for the past 30 years, does not have the necessary resources to provide food security from cereals or agricultural inputs after shrinking agricultural areas produced by desertification, salinization and the recent water crisis. T deleted more than 50% of the land intended for agriculture in addition to agricultural infrastructure, which dominates the state 83% of its components as a public good degradation.
Here, the agricultural sector with the oil sector is structurally opposed in the direction of openness to the global market and in two different ways in terms of the impact of trade benefits and costs. International market forces or global supply and demand have become strong, both in demand for oil and its impact on the value of Iraqi exports or in the supply of foodstuffs and their impact on the cost of Iraqi imports.
In reference to the philosophy of reducing customs restrictions by 24% and abolishing non-tariff restrictions, which are the conditions imposed by the WTO on the member country of the developing countries to work and implement them within six years from the date of accession, as well as the reduction of agricultural support by 13.3% Ten years of accession. These WTO regulatory requirements collide with the conditions and conditions of the agricultural market and the World Food Exchange itself. If we look at the agricultural monopolies in the world about the deterioration of agricultural development in Iraq, there is a real threat to the national food security that restricts the country in the case of joining the organization unless preceded by the start or the agricultural program of self-sufficiency immediately and we really will need a green revolution, Done by Mexico and many Latin American countries. Especially if we know that between 3 and 6 major monopolies in the world control 80 to 90% of the agricultural trade and control prices and quantities such as wheat, sugar, tea, coffee, cotton, jute … etc. While 10 multinational companies still dominate one-third of the world’s seed and pesticide production and trade.
In spite of the above, Iraq’s entry into the global economic space through the World Trade Organization and its dealing with international groups on terms that apply to all formally at a time when the world is still divided between the North and South countries or the advanced industrial center and the developing world. An option to leave the international isolation that he inherited since the siege that began in 1990, which placed Iraq under the Chapter VII of the United Nations Charter or its aftermath, a chapter whose effects continue to create a negative economic and anti-development and possibly obstructive natural integration in the high market Mia. This chapter prohibits levels of investment in advanced technology or facilitated use of it with the world because of the restrictions imposed on our country as a high-risk country and a threat to world peace and the use of force against it in the unfortunate legacy of the civilization of Mesopotamia, despite the disappearance of the objective reasons that imposed the economic siege That Iraq’s accession to regional economic zones, such as the Greater Arab Free Trade Area and other economic agreements within the Arab League or other forms of regional integration and integration, must take into account the negation The provisions of the WTO Agreement and the GATT Agreement, both of which have become binding restrictions on the implementation of trade agreements. Thus, any commercial facilities within the framework of the regional agreements become useless or valuable if they are without the facilities provided under the WTO.
In conclusion, the survival of Iraq isolated from the international environment will cost him a lot because of the loss of the advantages and opportunities of regulatory and technological and legal and other areas of investment and arbitration, opportunities that do not provide him isolation from the world and can not be gradually transition to a group of stable and low-risk countries, In a secure international investment and commercial environment, provided that effective development based on a strong payment program is initiated.

The obelisk

http://en.wikipedia.org/wiki/Mahzar-Mahmed- Saleh- Iraq-Organization- World Trade

Urgent political agreement to pass four ministries and keep the internal and defense proxy at the next meeting

 

Editorial Date: 2018/11/3 17:05 
(Baghdad: Al-Furat News) Political blocs agreed to pass four ministries during the next session of the House of Representatives, while the talks indicated to keep the Ministries of Defense and Interior Acting.
The MP said the alliance of the Amir Amjad Alqabi, told the {Euphrates News} that “the political talks resulted in the agreement to pass four ministries during the next session of the House,” pointing out that “the ministries are the world education and was approved to take Qusay plain of the rule of law functions , The Ministry of Education with the change of candidate Saba al-Tai of the Sunni component, and the Ministry of Justice with the change of candidate of the Christian component Asma Sadiq, and the Ministry of Culture with the change of candidate. 
The punishment that “the recent talks confirm the maintenance of the Department of Defense and Interior by proxy,” pointing to the holding of the Fatah coalition Fayadh nomination of the Ministry of Interior. “

Who owns gold? Learn about the top ten mineral holding countries around the world

 

He went
 Reports

Economy News Baghdad

The list of countries with the highest gold reserves as one of their global reserves with little change, with the top ten maintained their position.

According to the World Gold Council’s recent report, the United States still maintains the world’s largest reserves of precious metal.

Central banks have 33.695 thousand tons of gold through their reserves.

However, with regard to the purchase of gold central banks, Russia, Kazakhstan and Turkey are the most buying of precious metals during the third quarter of this year.

The top 10 gold possession states

Nine more countries are still on the top 10 list of gold holdings by the end of October.

The IMF is the only institution in the most gold-holding category, which means that India is excluded from the list with 579.9 tonnes or 5.5 percent of the total reserves of the Central Bank of India.

The list of most US gold producers topped 8133.5 tonnes, accounting for 73.4 percent of the country’s total reserves.

While Germany came second with 3369.7 tons of gold or 68.8% of its reserves, followed by the International Monetary Fund (IMF), which has 2,814 tons of gold in its possession.

Italy and France ranked fourth and fifth with 2451.8 tons and 2436 tonnes respectively, accounting for 65.1% and 59.1% of their total reserves.

After the trend in Russia to buy gold, the metal accounted for about 16.9% of its reserves with a holding of 2036.2 tons, making it the sixth largest list.

China accounted for 1841.3 tons of yellow gold, or about 2.2% of its reserves.

Switzerland was in eighth position with 1040.1 tons, or 5 percent of its total reserves, about 275 tonnes below the ninth position, which Japan holds with a total of 765.2 tons of gold, accounting for 2.3 percent of reserves.

The Netherlands holds the list of adults with 612.5 tons of gold representing 65.5% of its total reserves.

Arab States’ possession of gold

Saudi Arabia, the largest Arab country, has acquired gold with 323.1 tons of gold or 7.7% of its total reserves, but also ranks No. 16 globally.

For the second place in the Arab region was for Lebanon, where gold accounts for 19.5% of its total reserves or 286.8 tons of precious metal, but it is ranked 17th in the world.

Algeria ranked third in the Arab world and ranked 24th globally with 173.6 tons of gold accounting for 7.1% of its total reserves.

The fourth, fifth and sixth places were Arab, with Libya, Iraq and Kuwait owning 116.6 tons, 89.8 tons, 79 tons of gold, or 5.3%, 6.3% and 7.6% of their total reserves, respectively.

However, Libya is ranked 23rd in the world, while Iraq and Kuwait are ranked No. 37 and 38 on the world list.

Egypt ranked seventh in the Arab world with 77.4 tons of gold or nearly 6.8% of all its reserves, but it is ranked number 40 globally.

Jordan has 43.5 tonnes of gold or 11.4 percent of its reserves, ranking eighth in the Arab world and 48 in the world.

Qatar and Syria ranked 9th and 10th place on Arab countries with 31.3 tons, 25.8 tons, 4.4% and 5.6% of their total reserves, respectively, to be ranked 55th and 56th in the world.

The UAE ranked No. 74 globally but ranked 11th with 7.5 tons of yellow metal or 0.3% of its total reserves.

Tunisia, Bahrain, Morocco, 78, 82 and 85 worldwide, and from 12 to 14 in the Arab region with 6.8 tons, 4.7 tons and 3.3 tons, respectively.

Yemen’s gold reserves stood at 1.6 tons or 1.2% of all its reserves, ranking 96th globally and the last being Arab.

Source: Live Website

http://economy-news.net/content.php?id=14215

Abdul-Mahdi’s policy drops government-issued suits against demonstrators

 

Abdul-Mahdi drops government suits against protesters
 Twilight News    
 37 minutes ago

[Asharq Al-Awsat] Prime Minister, General Commander of the Armed Forces, Adel Abdul-Mahdi, has decided to drop the suits filed by government bodies against demonstrators in Basra province.

The activist for the province of Montazir al-Karakoshi, who attended a meeting of the gathering of activists and independent figures from Basra with Abdul-Mahdi in Baghdad, a statement to the twilight News Saturday, they “presented to the latter demands and problems of Basra with all joints with a number of them in detail.”

He added that “the Prime Minister decided to drop all legal proceedings against demonstrators brought by government agencies and review the cases brought by some parties against the demonstrators and the scrutiny and closure in case the evidence is not proven as soon as possible.”

The province of oil-rich Basra, the southernmost of Iraq since last July until the beginning of last September, demonstrations, and protests, “angry” on the deterioration of the reality of service, and the spread of financial and administrative corruption in the state institutions and services, and the spread of unemployment within the community.

The demonstrations escalated by the end of last month, continuing until the beginning of September, when they were confronted by the security forces and armed factions in the popular crowd with live bullets, killing a number of protesters and wounding dozens with the arrest of two activists.