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Baghdad
March 09, 2023
Baghdad only got observer status at the World Trade Organization (WTO)
Iraq seeks to meet the requirements for joining a member of the World Trade Organization, amid significant challenges related to what observers describe as structural, economic and legislative “distorities” that have officially hampered the process of obtaining membership. Baghdad had previously obtained observer status only, because there are many requirements that it did not meet in this context.
The Director of the World Trade Organization Department (a government institution) of the Iraqi Ministry of Commerce, Tharwat Akram, told Al-Arabi Al-Jadeed that his ministry has prepared the necessary plans to join the organization, and specialized committees were formed with the participation of the Iraqi private sector and relevant bodies and ministries.
He added that the ministry worked on completing the technical accession files in terms of goods, services and intellectual property, in addition to harmonizing legislation and laws with the organization’s agreements, in coordination with the General Authority of Customs and the Iraqi Standardization and Quality Control Authority, for the purpose of submitting and negotiating the file, and approving it after completing the requirements for joining.
Akram stressed that the private sector is one of the most important active partners in drawing up the state’s economic policy, and it is very important to have a say in making decisions that will advance the national economic reality.
In order to obtain membership in the World Trade Organization, a number of structural and regulatory conditions and determinants must be met by Iraqi economic policy, according to the economic researcher Ali Al-Hayani, foremost of which is addressing structural imbalances, the diversity of economic sectors, and not relying solely on oil to finance GDP.
Al-Hayani told Al-Arabi Al-Jadeed that Iraq is not ready to join the World Trade Organization, under its current situation, unless it achieves economic and legislative reforms in order to overcome obstacles to the application file to join.
He added that one of the most important conditions for joining is adherence to trade protection policies, the abolition of customs restrictions on imports, and the placement of a customs tariff in its place, which requires a comprehensive review of Iraqi customs laws, in addition to working to implement an appropriate agricultural policy that addresses support issues, allowing agricultural imports to enter local markets, and subjecting them to customs tariffs.
He explained that other conditions to be met include activating the services sector towards the outside world, issuing and applying a measure of legislation compatible with the requirements of the minimum protection of intellectual property rights agreed in the Uruguay Agreement, as well as Iraq’s commitment to implement comprehensive economic reform policies that allow the free movement of capital and foreign investments.
In 2010, the Iraqi Ministry of Commerce announced that it had taken several economic and trade steps to obtain membership in the World Trade Organization, by reviewing the agreements previously signed with more than twenty countries, and recently announced its quest to join the World Trade Organization, through a plan it prepared to complete the requirements for joining the organization, after completing the technical files in terms of goods, services and intellectual property.
The World Trade Organization (WTO) is the largest economic organization, being the main driver of the world economy, and its membership includes 164 member states, representing more than 98 percent of world trade and global trade GDP.
Iraq’s orientation towards accession is important at the level of the country’s economy in general and the stability of its markets, as it will create the necessary economic and legislative conditions for development, but it does not guarantee the desired benefits for the country, because obtaining these advantages depends on the country’s ability to create a suitable climate capable of implementing the organization’s obligations, while Iraq’s survival outside the framework of the organization will make it in international isolation.
Specialists believe that Iraq is not prepared to join the organization unless economic and legislative reforms are achieved that overcome obstacles to the file of Iraq’s accession, which requires more efforts to prepare all the necessary requirements, to facilitate its task of obtaining full membership.
The general coordinator of the Iraqi Economists Network, Barek Shubar, sees the lack of benefit from Iraq’s current accession to the organization, due to the current economic and political situation.
Speaking to Al-Arabi Al-Jadeed, Shubar pointed out that membership in the World Trade Organization brings benefits to countries that have strong export industries and goods, and this is what Iraq loses, because it does not have such industries, but depends to a high degree on imports.
He added that Iraq’s accession to the organization means adherence to the rules of free international trade, and one of its conditions is to freeze the level of customs tariffs at the current ceilings and gradually reduce it, and Iraq is not allowed to raise its levels except in cases of dumping after the approval of the organization.
He explained that Iraq should not rush the process of joining the organization, and maintain the status of observer, so that it can work to create a fertile and suitable environment for joining.
https://www.alaraby.co.uk/economy/العراق-يسعى-للانضمام-إلى-منظمة-التجارة-العالمية
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A member of the Parliamentary Finance Committee, Jamal Koger, explained in a statement to “Journal”, today, Friday:
“According to the brothers’ talk, on Saturday the budget file will be discussed, with the leaders of the State Administration Coalition and on Tuesday it will be discussed in the Council of Ministers and then sent to Parliament, I mean, the group may look at the moon if it turns out and the vision is achieved, they will send it!”
2023-03-09 | 14:00
The source:
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Al-Qusayr said in an interview with a public program that she broadcastsSumerianSpace, “The budget law delayed its approval due to the region’s share in the budget, as the region claims its rights, the citizen in the south, who did not receive his entitlement, must receive a guarantee to receive this benefit.”
She added: “Now we do not know the financial allocations included in the budget for all regions.IraqWe will have to stop it if these benefits are exceeded,” she said, noting that “this is not the only point behind the budget delay because the exchange rate and global market fluctuations have also delayed the approval of the budget.”
Al-Qusayr pointed out that “next week or its end, the budget will reach parliament for discussion, which I expect to be delayed by a month and a half before it is approved and approved,” stressing that “there is an insistence to discuss and approve the budget through full-time Parliament in order to approve the budget.”
Al-Qusayr explained that “the amendment of the election law has become a requirement for many segments of society, which believe that the law must address fraud and violations in the previous elections, and there are discussions to study manual counting with electronic counting in addition to electoral districts in terms of one department or multiple districts.”
https://www.alsumaria.tv/news/خاص-السومرية/449878/لجنة-نيابية-تحدد-موعد-وصول-الموازنة-الى-البرلمان-و
Economy Of Iraq Breaking Central Bank Local Currency ATM
2023-03-09 03:00Font
Shafaq News / The Central Bank decided on Thursday that the use of local currency should be only by ATMs.
The bank said in a statement to Shafaq News that “based on the decision of the Council of Ministers and in light of the policy of the Central Bank of Iraq to encourage reliance on the national currency in financial transactions inside Iraq provided by the banking system and non-bank financial institutions, it is decided that the electronic financial services provided inside Iraq through (ATMach ATMs, POS devices, electronic payment gateway) in the currency of the Iraqi dinar.”
It is noteworthy that ATMs use the categories of Iraqi dinar and dollars in withdrawals for citizens.
Based on the decision of the Council of Ministers and in light of the policy of the Central Bank of Iraq to encourage reliance on the national currency in financial transactions inside Iraq provided by the banking system and non-banking financial institutions, it was decided that electronic financial services provided inside Iraq through (ATMs, point of sale devices, electronic payment gateway) will be in the currency of the Iraqi dinar.
Reports And AnalysisThe US DollarBreakingInternational CurrenciesThe Kuwaiti Dinar
2023-03-09 08:22Font
Shafaq News / The American magazine “Forbes” reported that the US dollar is not the strongest currency in the world, but the Kuwaiti dinar, and by a large difference between them.
The American magazine explained that the US dollar is generally seen as the strongest currency in the world, adding that it is almost the most traded currency on the world stage, but it is surprising that the “dollar” is not the strongest fiat currency, among the world’s 180 legally recognized currencies worldwide.
The report, translated by Shafaq News, reviewed the 10 most powerful currencies in the world, based on their relative value against the US dollar, noting that most currencies are “floating,” which means that their value is volatile by supply and demand, while some currencies are “connected,” which means that their value relative to another currency (such as the US dollar) is fixed at an agreed price.
The report pointed out that exchange rates affect the cost of goods and services in a foreign currency, but exchange rate fluctuations also create an opportunity for investors looking to make profits through foreign exchange trading.
Here are the 10 most powerful coins:
1. The Kuwaiti dinar
The Kuwaiti dinar is the strongest currency in the world where a Kuwaiti dinar buys 3.26 US dollars (in other words, 1 US dollar is equivalent to 0.31 Kuwaiti dinars, that is, every Kuwaiti dinar is equivalent to about 3 dollars).
The report pointed out that Kuwait earns a lot of its wealth from being a leading global source of oil, and the Kuwaiti dinar was introduced in the 1960s and initially linked to the pound sterling before re-linking it to a basket of currencies.
2. The Bahraini dinar
The Bahraini dinar is the second strongest currency in the world where one Bahraini dinar buys 2.65 USD (or one dollar equals 0.38 Bahraini dinars).
Bahrain earns much of its wealth from oil and gas exports. The Bahraini dinar was put into circulation in 1965 and is pegged to the US dollar.
3. Omani Riyal
Omani Rial is the third strongest currency in the world where Omani Rial buys 2.60 USD (or USD equals 0.38 OMR). As with its other wealthy neighbors, Oman is a major source of oil and gas, and the Omani riyal was introduced in the 1970s and is pegged to the US dollar.
4. The Jordanian Dinar
The Jordanian dinar is the fourth strongest currency in the world where a Jordanian dinar buys 1.41 USD (or one dollar equals 0.71 Jordanian dinars).
Jordan is less dependent on oil and gas exports than its neighbors and suffers from slowing economic growth and rising debt. The Jordanian dinar was put into circulation in 1950 and is pegged to the US dollar.
5. Pound Sterling
The British pound is the fifth strongest currency in the world with the British pound buying $1.20 USD (or 1 USD equal to £0.83).
Britain is the sixth largest country in terms of GDP, according to the World Bank, and the pound was first floated in the 14th century before its decimal value was broken in 1971. It is a free currency and is not associated with other currencies.
6. Cayman Islands dollar
The Cayman Islands dollar is the sixth most powerful common currency in the world, buying $1.20 (or $1.e. dollars equal to $0.83).
The Cayman Islands is a British territory in the Caribbean and is an offshore financial centre. The Cayman Islands dollar was first introduced in the 1970s and is pegged to the US dollar.
7. Gibraltar pound
The Gibraltar pound is the sixth strongest common currency in the world, buying 1 pound from Gibraltar $1.20 (or 1 US dollar equal to 0.83 Gibraltar pounds).
Gibraltar is located in the southern part of Spain and is officially a British territory. Gibraltar Pound was first floated in the 1920s and is linked to the pound sterling (and the Gibraltar pound equals one pound).
8. Swiss franc
The Swiss franc is the eighth strongest currency in the world, with 1 Swiss franc buying $1.07 (or 1 USD equal to 0.93 Swiss francs).
The Swiss franc is the official legal currency of Switzerland and Liechtenstein and looks to it as a safe haven due to the political stability in Switzerland. The Swiss franc was introduced in 1850 and was briefly pegged to the euro before moving on to free float.
9. Euros
The euro is the ninth most powerful currency in the world with 1 euro buying $1.07 USD (or 1 USD equal to 0.94 EUR).
The euro is the official currency of the eurozone, consisting of 19 of the 27 countries that are part of the European Union. The physical currency in circulation entered 2002 and is free.
10. US$
The U.S. dollar is the 10th most powerful currency in the world, worth exactly 1 against itself. All other currency units around the world are worth less than the US dollar.
The report concluded that the US dollar was introduced in the 18th century, a legal tender in the United States, other U.S. territories and sovereign states including Puerto Rico, Ecuador and Zimbabwe.
The United States is the world’s largest economy in terms of GDP The U.S. dollar is the most traded currency in the world, and the U.S. dollar is the world’s largest reserve currency (the currency most held by central banks) and is the currency used to price many commodities, including oil, gold, and copper.
Translation: Shafaq News Agency
https://shafaq.com/ar/تقارير-وتحليلات/دينار-الكويت-ولا-ودولار-مريكا-عاشرا-اقوى-10-عملات-في-العالم
{Economic: Euphrates News} The Ministry of Finance announced, on Thursday, the launch of salary funding for the current month of March next Sunday.
The ministry said in a statement received by {Euphrates News}, that “the Ministry of Finance will start launching salary funding for the current month next Sunday, March 12, 202023, after completing all procedures related to the exchange regulation process.”
She added: “The spending units in ministries, non-related entities and governorates must comply with the monthly financing requirements, provided that the balances of the final review for the year 2022 are submitted, taking into account compliance with the approved salary financing schedule.”
https://alforatnews.iq/news/الاحد-القادم-المالية-تباشر-بإطلاق-تمويل-رواتب-شهر-آذار-الحالي
KurdistanBreakingNechirvan BarzaniEmiratesA Visit
2023-03-09 06:49Font
Shafaq News / The President of the Kurdistan Region of Iraq, Nechirvan Barzani, arrived today, Thursday, in the UAE on an official visit.
On Thursday afternoon, Nechirvan Barzani went to Abu Dhabi in response to an official invitation he received from the President of the United Arab Emirates, His Excellency Mohammed bin Zayed Al Nahyan.
The presidency of the region said in a statement today that in a meeting between the President of the Kurdistan Region and the President of the United Arab Emirates, the two sides discuss the relations of Iraq and the Kurdistan Region with the United Arab Emirates, areas of joint cooperation, and the latest developments in the situation in the region as well as a set of issues of common interest.
At the end of last February, President Nechirvan Barzani received an official invitation to visit the United Arab Emirates by the President of this country, Mohammed bin Zayed Al Nahyan.
https://shafaq.com/ar/كوردســتانيات/نيجيرفان-بارزاني-يصل-الى-الامارات
Political| 03:41 – 09/03/2023
Baghdad – Mawazine News
President Abdul Latif Jamal Rashid confirmed today, Thursday, that the current stage in the country is witnessing security stability, while noting the imminent adoption of the financial budget.
“President Abdul Latif Jamal Rashid received, today, at Baghdad Palace, the delegation of the American Peace Institute,” the Presidency of the Republic said in a statement, Mawazine News, a copy of which, received.
During the meeting, the President stressed “the importance of consolidating the principles of peace to move towards a human society based on good coexistence and understanding,” noting that “the current stage in the country is witnessing security stability.”
He stated that “the government is working to consolidate this stability, improve the general conditions in the country, especially the economic aspect, improve the living and service conditions of citizens and combat corruption,” pointing to “the near adoption of the financial budget and its importance in economic development and the development of basic infrastructure.”
The members of the delegation reviewed the activities carried out by the Institute in establishing peace and supporting minorities in a way that strengthens societal ties, and paying attention to rehabilitating the infrastructure of the areas that have been subjected to terrorism, expressing their thanks and appreciation to the President for his efforts in consolidating security and attention to minorities. Ended 29/m99
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