IRAQ and World Trade Organization

   Stryker Blog 09.25.2013

Follow up to Monday’s Blog

– One of the four stages remaining to Iraq’s full accession into the World Trade
Organization was Iraq’s Protection of their Products Laws.
These laws are also part of the Tariff Laws and another one of the stages for full
accession that I pointed out as well. The WTO itself has on many occasions told
Iraq that the only way they can become full members would be to activate their
custom tariffs.
Well, we know that the Tariffs have been published in the Republic of Iraq’s official
Gazette as of September 20, 2013, so that tells us that these Protection of Product
laws are also approved.
So then, all that should remain is the activation of these Laws of Production of
Products, right? Right and today we have facts put forth that backs this up:
Quote: Activating the Law on the Protection of the national product
Quote: tariffs and protection of the domestic product
The government of Iraq up until this point has been deliberately not activating these
laws without giving real reasons.
Quote: the government is deliberately not activate those laws without knowing the
real reasons
But now that same government of Iraq is demanding that they be activated:
Quote: "the federal government demanding liberalization of economic laws from
their shelves and actually applied on the ground
Quote: the law of the national product is one of the most important
By the way, these are also part of the Economic Reform Laws as you will read here:
Quote: of these being the economic laws will ensure the support and development
of local industry
Here once again, a quote from the Federal Government of Iraq:
Quote: calling for its activation
Please see my supporting link below entitled: For the economy and investment
committee: Activating the Law on the Protection of the national product will support
the local industry and promote. This link and the many others support all
I am blogging on today.
Why now are all these laws that we have been waiting on for so long being urgently
pushed forward by the GOI?
The answer is, because they are getting ready to pay off the final war debt to Kuwait
and with that they will no longer need the protection of EO 13303, they will have all
their assets returned to them and will be able to invest these funds freely. All that,
will enable Iraq to be re-introduced into the global markets.
But they will need a globally tradable currency to do this, so how can they get such a currency?  
Answer: A full accession into the WTO will give Iraq a fully tradable currency with the
other 159 seated members and that is the only way they can achieve their re-entry
onto the International Stage.
Their re-entry onto the International Stage is where they will finally see their true
value of their currency come to light and we will see our monetary gains from our investment in it.
A few more quotes from my picks of Articles of the Day:
Quote:  calling the current administration of the Bank the development of new plans
and modern mechanisms in order to control the liquidity circulating in the market to
create a balance between supply and demand of foreign currency
Quote:  the central bank has a cash reserve large and this will give extra power of the
Iraqi dinar  
Here they are telling citizens thru awareness to hold on to their dinars and save them
for they will bring them glory.
Quote: called expert competent authorities to encourage citizens to save through
             awareness programs
Quote: urges to keep Dinars and not to waste it and spend randomly glory
These two quotes above are under the link below entitled: Bankers: high cash reserve enhances the value of the dinar
Here are a few more interesting quotes from other articles today and their links are
also below.
Quote: the global registration of the dinar as the currency makes it vulnerable to
speculation 
Quote: and registered as a global currency
These show that we are getting real close in see a monetary change in Iraq IMO. 
Here are my supporting links to this blog today and in these threads I have completed
break downs and/or make additional comments:
Link: Stryker Blog 09.23.2013 WTO
Link: Posted laws in the Gazette for Friday 9-20-2013
Link: For the economy and investment committee: Activating the Law on the
Protection of the national product will support the local industry and promote
Link: WTO Articles for September
Link: WTO: UNDERSTANDING THE WTO: THE ORGANIZATION Members and Observers
Link: Article of the Day 1 of 3- Specialists:Central Bank procedures for the sale of hard currency humiliated citizens and non-supportive of the Iraqi dinar
Link: Article of the Day 1 of 3 - Bankers: high cash reserve enhances the value of the
dinar
Link: Article of the Day 1 of 3 - Sale of crude oil in local currency
Thank you for all your support,

Stryker
2.http://breitlingcurrency.blogspot.com/

3.BAGHDAD - morning
said researcher economic state fair: that of Iraq to sell crude oil in local currency depends on the stability of the general situation of the country as well as the stability of the dinar exchange rate and recorded as currency global.
said in a statement (morning) that the moment is appropriate to take such a step because stability currency linked to the stability of the economic situation and the country's public, as well as that any fluctuation is happening in global oil prices will directly affect the value of the Iraqi currency.
, and pointed out that the registration dinar currency global makes it vulnerable to speculation and subject to fluctuation between high and low price in the global markets as may be reflected in the value of true in the internal business dealings in particular, and he covered 80 billion dollars.
was a member of the Economic Committee the Nora Albjara parliamentary suggested earlier sale of crude oil in Iraqi dinars instead of dollars, to support the local currency and increase its value against foreign currencies. The Bijari indicated that the central bank does not agree to the sale of oil in Iraqi dinars for fear of fraud in the local currency.
4.

Finance parliamentary calls for the central bank to print a new currency with small groups to create a balance in the market

 

BAGHDAD / News: demanded the parliamentary Finance Committee on Tuesday, the central bank to print a new currency with small groups to create a balance amount of categories in the Iraqi market.

Committee member said Haitham al-Jubouri in an exclusive interview with the agency "News" that "the Commission recorded the existence of shortages of certain categories of the Iraqi currency, particularly small groups because of the speed of circulation and damage among the citizens."

He Jubouri "on the central bank to head through the next few days to print currency with new categories of small, good quality for the purpose of creating a balance in the domestic market in quantities of dinars in circulation and damaged," noting that "the survival of health in a number of categories will reflect negatively on the economic reality and financial transactions in a specific country, the fact that Iraq quantities of paper money in circulation in the hands of the Iraqi citizen. "

The International Monetary Fund (IMF) had announced (23 March 2013) that the preventive funds in the Development Fund for Iraq has risen in the year 2012 to $ 18 billion, and cash reserves of the Central Bank of hard currency to $ 70 billion.
He pointed out that this increase came from the "oil revenues unexpected" and urged the Iraqi government to end the control of banks owned by the state of the banking sector, it stressed the need for Iraq to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.

5.

Bankers: high cash reserve enhances the value of the dinar

BAGHDAD - Farah pumice
confirmed and specialists, bankers high cash reserves of the Central Bank is a cover of the Iraqi dinar, enhances the value and gives the amount supreme confidence in the Iraqi market by local investors or foreigners.
comes a day after the Central Bank and the arrival of reserves of foreign currency and gold about $ 80 billion, expected to increase over the coming months.
banking expert and executive director of the Association of private banks in Iraq, Abdul Aziz Hassoun said in a statement (morning): "The arrival of the cash reserve to figure this enhances the value of the Iraqi dinar and ensure that traders do and holders upon trust and power , as he is a cover of a real currency. "said Hassoun that" when you are in Iraq thus guarantees will be provided external actors to cooperate with this country and invest in it, "as it is considered an important indicator, and gives the amount of the top of the confidence in the Iraqi market for traders with dealers and contractors and equipped foreigners. called expert competent authorities to encourage citizens to save through awareness programs contribute to the definition of Iraqi citizens how to trade and save the dinar, to coincide with the increase in salaries and incomes that are not accompanied by an increase in savings through incentives rewarding urges to keep dinar and do not waste it random spending is not feasible. It is said that the central bank governor Agency Abdul Basit Turki said in a press statement that the reserves the central bank of foreign exchange and gold has reached about $ 80 billion, pointing out that the increase this financial reserve resulting from the increase in international prices of crude oil, especially that it was at about $ 74 billion in June, expected at the same time that increases the reserve during the next few months in order to increase oil prices, as it depends upon the country in its budget public.
Iraq has the fourth largest oil reserves in the world and relies on 95 percent of its annual budget on oil exports , and currently produces about two million and 900 thousand barrels per day, while the issue up to 2.0002 million barrels per day.
For his part, he saw a member of the Finance Committee parliamentary MP Abdul Hussein al-Yasiri This reserve impact positively on the national economy, which is important in tough times, returned him instrumental to raise the level of the economy, and noted that Iraq is moving toward the countries whose economies are robust.
said Yasiri in a statement to the (morning) that "there is reassurance psychologically in this regard, as it indicates that the economic situation is reassuring, and thus trading and investment would be prudent, as well as that the country would be a good environment to attract investors. "
said a member of the Commission that there are two factors encourage investment in Iraq, the first exit from Chapter VII, as she was the investment companies aggregated approximately 35-45 percent of the investment, which is called the cost of Iraq, as it was canceled after out of the pain of this chapter, either Group II, it is good assets in central banks in the country, making the arrival of the financial reserve to $ 80 billion, meaning that the Iraqi economy is healthy.