Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Evening 1-15-24

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Iraq Economic News and Points to Ponder Monday Evening 1-15-24

Tlm724 Administrator Bondlady’s Corner

Iraq Returns To The World Trade Organization 14 Years After Its Expulsion

Money  and business  Economy News _ Baghdad  Iraq is preparing for a major change in the trade file with the countries of the world and is preparing to exceed the limits set for Iraqi goods, with its return to the World Trade Organization 14 years after it was expelled as a result of its failure to adhere to the organization’s meetings.

The head of the Kingdom of Saudi Arabia’s mission to the World Trade Organization/the Saudi Permanent Representative to the World Trade Organization and responsible for the file of Iraq’s accession to the World Trade Organization, Saqr al-Muqbel, visited Iraq today, Monday, and delivered a speech in which he reviewed the importance of joining the World Trade Organization.

Al-Muqbil said in a press conference followed by Al-Iqtisad News, “I find Iraq’s accession to be a serious message from Iraq to the whole world, that Iraq is continuing its path of engagement with the whole world,” adding: “I find myself among my loved ones and brothers to do everything we have for your participation.” “The Kingdom’s successful experience in joining the World Trade Organization.”

He explained, “The Kingdom joined the World Trade Organization in 2005, and our non-oil merchandise exports amounted to about 18 billion dollars, and exports have now reached 84 billion dollars with the world,” noting that “the Kingdom’s service exports alone amounted to about 11 billion dollars in 2005 and have now reached more than 34 billion dollars.

He pointed out that “these achievements depend on Iraq’s signals to join and accelerate its pace to find Iraq in its usual position and as one of the largest economies in the Arab region and the Middle East.”

For his part, the Iraqi Minister of Commerce, Atheer Al-Ghurairi, said, “Iraq is taking steps to return as a strong economic player by opening relations with Arab countries and all countries of the world,” noting that “today, within a year, we were able to finalize three files and submit them to the committee related to Iraq’s accession to the World Trade Organization.” global trade in goods and services.

He stated that “Iraq joined as an observer in the World Trade Organization in 2004, and in 2009 Iraq stopped meetings and reached the point of being removed from the organization, and last year 2023, and through continuous work on that and with the help of Saudi Arabia and the head of the Saudi mission in the organization, Iraq returned as an observer to the organization.” Global trade, and we accomplished in one year the equivalent of more than 15 years’ work.”

Regarding the benefit of joining, Al-Ghurairi explained, “It means that the Iraqi economy enjoys any specifications enjoyed by the world’s economies, but this does not replace the necessity of internal reform.”

He stated that “opening the doors to Iraqi goods and trade exchange through global controls will protect Iraq from entering the global market with its weight in the event that it fulfills its requirements and that our production is international and not local,” noting that “Iraqi goods are now not allowed to go outside certain borders, and joining is possible.” To reach the farthest country in the world.”

181 views 01/15/2024 – https://economy-news.net/content.php?id=39453

The President Of The Republic Confirms Iraq’s Keenness To Join The World Trade Organization

Economy News – Baghdad  President Abdul Latif Jamal Rashid affirmed, on Monday, Iraq’s keenness to join the World Trade Organization by achieving the required trade and economic standards.

The Presidency’s media office stated in a statement, seen by Al-Iqtisad News, that “The President of the Republic, Abdul Latif Jamal Rashid, received today, Monday, January 15, 2024, at Baghdad Palace, the Saudi ambassador to Iraq, Abdul Aziz Al-Shammari, and the representative of the Kingdom of Saudi Arabia to the World Trade Organization.” Saqr al-Muqbel, head of the team concerned with Iraq’s accession to the World Trade Organization, and the accompanying delegation.”

He added, “At the beginning of the meeting, the Saudi ambassador conveyed the greetings of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, King of the Kingdom of Saudi Arabia, and Crown Prince Mohammed bin Salman to the President and their wishes for the Iraqi people for further progress and prosperity, while His Excellency the Ambassador conveyed his greetings to the Custodian of the Two Holy Mosques.” The Two Honours, and to the Crown Prince, and his wishes to the Saudi people for further prosperity and development.”

The President affirmed, according to the statement, “Iraq’s keenness to join the organization by achieving the commercial and economic standards required in this regard,” praising “the role of the Kingdom of Saudi Arabia in bringing viewpoints closer and pushing towards establishing stability and peace in the region.”

His Excellency also appreciated the efforts made by the team concerned with joining the organization. Iraq to the World Trade Organization and its meetings with the National Committee for the purpose of accelerating the completion of this file and in a way that contributes to the development of the trade system and achieving stability and sustainable development,” noting “the importance of benefiting from the experience of the Kingdom of Saudi Arabia in this aspect.”

He added, “He touched on the positive developments in Iraq, which have had a positive impact on the overall lives of Iraqis,” adding that “the government has attached importance to establishing security and stability, developing economic activity, encouraging foreign investment in the country, and consolidating relations with neighboring countries and the world, and that Iraq was a member.” Effective in most international organizations.

In turn, the Saudi ambassador affirmed the Kingdom’s keenness to support Iraq in international forums and stand by its side in enhancing security stability, development and progress in the economic and energy fields, noting that “Iraq is moving forward towards the process of reform, development and progress in various fields.”

For his part, Saqr Al-Muqbel reviewed the results of his meetings in Baghdad, which took place with the Iraqi National Committee for the Republic of Iraq’s accession to the World Trade Organization, and his satisfaction with the steps taken by Iraq in order to implement the required standards, and affirmed “his country’s support for Iraq’s accession to the international organization.”

The head of the concerned team stated that “Iraq’s accession to the organization is a gain for the region and the world, and will contribute to developing and expanding the progress achieved in financial services and improving the foreign investment environment.”

Views 47 01/15/2024 – https://economy-news.net/content.php?id=39462

Iraq Plans To Stop International Borrowing During The Current Year

Economy | 01/15/2024  Mawazine News – Baghdad,  Advisor to the Prime Minister for Technical Affairs, Engineer Muhammad Al-Daraji, Chairman of the Committee for Reviewing Iraq’s Foreign Loans, revealed that the government seeks to stop loans that do not benefit the country.

Al-Daraji said, in a statement to (Al-Sabah) newspaper, followed by Mawazine News: “After 2003, Iraq entered a new wave of external loans and debts due to the decline in oil prices and the insufficient budget in most cases.”

He added, “There was clear confusion and differences in estimating the size of Iraq’s new external debts due to the presence of other debts before 2003,” noting that “the new debts must have a clear picture of them in order for appropriate measures to be taken in dealing with them in order to preserve the country’s economy and its credit rating.” “Globally.”

Al-Daraji explained, “The loans are distributed among ministries and governorates in exchange for projects, and the task of the committee that was formed is to inventory the loans and find out which projects, ministries, or governorates have benefited from them and what their condition is,” indicating that “the debts entail interest that burdens Iraq and must be liquidated and final results must be reached in Knowing the size of the debt, how to repay it, and its value to the economy.”

The Prime Minister’s advisor for technical affairs said, “These debts may have been taken for certain reasons, but they do not contain any added value to the Iraqi economy, which makes us study the debts again and proceed with implementing the projects for which the debt was borrowed. If they are useless, they must be stopped.” And return the debts to improve Iraq’s financial position internationally.”

It is noteworthy that foreign loans to Iraq are estimated at 25 billion dollars, so the formation of this committee comes after these loans burdened the country during the past twenty years.

https://www.mawazin.net/Details.aspx?jimare=240431

Oil Prices Are Rising Due To The Possibility Of Supply Disruptions In The Middle East

Economy |  01/15/2024  Mawazine News / Baghdad..  Oil prices recorded an increase today, Monday, amid traders’ anticipation of a possible supply disruption in the Middle East.

Brent crude futures recorded an increase of 0.37% to $78.58 per barrel, while US West Texas Intermediate crude rose to $72.84 per barrel, and oil prices jumped more than two percent this week.

https://www.mawazin.net/Details.aspx?jimare=240426

The President Of The Republic: Iraq Is Moving Forward Towards The Process Of Reform, Development And Progress In Various Fields

Political | 01/15/2024  Mawazine News – Baghdad  The President of the Republic, Abdul Latif Jamal Rashid, confirmed today, Monday, Iraq’s keenness to join the World Trade Organization by achieving the required trade and economic standards.

The Presidency’s media office stated in a statement received by Mawazine News that “His Excellency the President of the Republic, Abdul Latif Jamal Rashid, received today, Monday, January 15, 2024, at Baghdad Palace, the Saudi ambassador to Iraq, Abdul Aziz Al-Shammari, and the representative of the Kingdom of Saudi Arabia to the World Trade Organization, President The team concerned with Iraq’s accession to the WTO, Saqr al-Muqbel, and their accompanying delegation.”

He added, “At the beginning of the meeting, the Saudi ambassador conveyed the greetings of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, King of the Kingdom of Saudi Arabia, and Crown Prince Mohammed bin Salman to the President and their wishes for the Iraqi people for further progress and prosperity, while His Excellency the Ambassador conveyed his greetings to the Custodian of the Two Holy Mosques.” The Two Honours, and to the Crown Prince, and his wishes to the Saudi people for further prosperity and development.”

The President affirmed, according to the statement, “Iraq’s keenness to join the organization by achieving the commercial and economic standards required in this regard,” praising “the role of the Kingdom of Saudi Arabia in bringing viewpoints closer and pushing towards establishing stability and peace in the region.”

His Excellency also appreciated the efforts made by the team concerned with joining the organization. Iraq to the World Trade Organization and its meetings with the National Committee for the purpose of accelerating the completion of this file and in a way that contributes to the development of the trade system and achieving stability and sustainable development,” noting “the importance of benefiting from the experience of the Kingdom of Saudi Arabia in this aspect.”

He added, “His Excellency touched on the positive developments in Iraq, which have had a positive impact on the overall lives of Iraqis,” adding that “the government has attached importance to consolidating security and stability, developing economic activity, encouraging foreign investment in the country, and consolidating relations with neighboring countries and the world, and that Iraq has been An active member in most international organizations.

In turn, the Saudi ambassador stressed the Kingdom’s keenness to support Iraq in international forums and stand by its side in enhancing security stability, development and progress in the economic and energy fields, noting that “Iraq is moving forward towards the process of reform, development and progress in various fields.”

For his part, Saqr Al-Muqbel reviewed The results of his meetings in Baghdad, which took place with the Iraqi National Committee for the Republic of Iraq’s accession to the World Trade Organization, and his satisfaction with the steps taken by Iraq in order to implement the required standards, stressing “his country’s support for Iraq’s accession to the international organization.”

The head of the concerned team stated that “Iraq’s accession to the organization is A gain for the region and the world, and will contribute to developing and expanding the progress achieved in financial services and improve the foreign investment environment.”

https://www.mawazin.net/Details.aspx?jimare=240450

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/

Provoking Points To Ponder on Adversity:

The habits of a vigorous mind are formed in contending with difficulties.  – Abigail Adams

A diamond is a chunk of coal that made good under pressure.  – Anonymous

A clay pot sitting in the sun will always be a clay pot. It has to go through the white heat of the furnace to become porcelain.  – Mildred W. Struven

It is the surmounting of difficulties that makes heroes.  – Kossuth

 http://famousquotesandauthors.com/topics/adversity_quotes.html

 Famous Quotes and Authors, Famous Quotations for all Occasions