Access to international trade policies is made possible by membership in the World Trade Organization. Despite Iraq’s economic policies of international openness and the establishment of modern economic and legislative rules over the past two decades, attempts to join the World Trade Organization have not yet been successful, despite the fact that Iraq gained observer status in 2004.
Dr. Mazhar Mohammed Salih, the Prime Minister’s financial advisor, stated: In terms of trade relations and international requirements based on internationally accepted standards, the Iraqi economy lacks regulatory and supervisory regulations. The argument put forth in favor of joining the World Trade Organization is that doing so grants member states greater access to global markets and guarantees access to international trade policies.
Salih said that important economic laws don’t exist, especially ones that deal with private sector workers’ rights, social security, and how trade unions are organized. He mentioned two restrictions that limit Iraq’s participation in the international organization: The first is that Iraq relies almost entirely on oil, and the second is that it is an importing nation that lacks the competitive ability to export.
Academic Dr. Amr Hesham, for his part, explained that those who favor joining the World Trade Organization do so for a number of reasons. These reasons include the fact that international trade agreements give more important access to global markets for goods and services and that the agreements and their rules create a commercial climate that allows for a reasonable amount of commercial forecasting, which is necessary to achieve the goal of making marketing and export plans.
He explained that trade agreements have rights and obligations, that only member states in the region can exercise the rights in the agreements, and that using the Trade Dispute Settlement Body requires seriousness in applying the rules to all parties with a special mechanism for taking punitive measures if they are not followed.
Hesham said that being a member of the World Trade Organization guarantees access to other trade policies, the procedures they include that may affect access to markets, and the extent to which they are consistent with international agreements. It also guarantees participation in future negotiations to ensure the defense of commercial interests that concern those countries and the formulation of new agreements approved by ministerial meetings.
The WTO, or World Trade Organization, a group of countries’ governments that oversees and facilitates international trade. The organization is used by governments to establish, review, and enforce international trade regulations. The Marrakesh Agreement, which took the place of the GATT in 1948, saw the organization officially begin operations on January 1, 1995. With 164 member nations, the World Trade Organization (WTO) is the largest international economic organization in the world, accounting for over 98% of global trade and GDP.
