Trade: Iraq’s Accession To The World Trade Organization (WTO) Is Proceeding Steadily And Carefully.
economy | 11:10 – 01/09/2025 Mawazine News – Baghdad – The Ministry of Trade announced on Monday that Iraq’s accession to the World Trade Organization (WTO) is proceeding steadily and carefully. While indicating the completion of seven major files, it confirmed the preparation of accurate answers to 175 questions related to Iraq’s accession to the organization.
The ministry’s spokesman, Mohammed Hanoun, said in a statement to the official agency, followed by Mawazine News, that “the current government’s efforts to secure Iraq’s accession to the World Trade Organization (WTO) have surpassed all previous measures combined,” noting that “Iraq resumed the accession process after a long hiatus, as the third meeting of the working group concerned with accession was held in July 2024, during which updated documents related to the Iraqi trade system were submitted.”
He added that “Iraq has completed all the technical files required to join the WTO after a negotiation process that extended for more than twenty years during which Iraq faced many challenges and delays,” noting that “this achievement was achieved during the term of the current government through intensive qualitative efforts that exceeded what was achieved in the previous stages combined, and that Iraq is now in an advanced position paving the way for the completion of the requirements for full membership.”
Hanoun explained that “the national team concerned with accession, in coordination with the relevant ministries and sectoral bodies and in partnership with international institutions, has completed the review and update of all technical files, which included the foreign trade system memorandum, the legislative implementation plan, agricultural support schedules, the import licenses and customs valuation file, the sanitary and phytosanitary (SPS) files, and technical barriers to trade (TBT).”
He continued: “The team prepared accurate answers to (175) questions and inquiries submitted by the member states of the organization, while the Iraqi customs system was updated to the latest version in line with international standards and enhances Iraq’s readiness for the next stages,” indicating that “the files will be officially submitted to the WTO Secretariat through diplomatic channels in preparation for the next meeting of the working group.”
Hanoun explained that “what has been achieved is the result of the government’s great support and continuous coordination with all ministries and national institutions, as well as the efforts of the Department of Foreign Economic Relations in leading this strategic path to strengthen Iraq’s position in the global trading system, serve its national economy, and achieve sustainable development.”
He pointed out that “over the past months, the ministry has held workshops and training programs to develop national cadres involved in negotiating and managing the file, with the participation of the Council of Representatives and the private sector. Technical meetings have also resumed to complete the discussion of agendas related to trade in goods and services.”
Hanoun emphasized that “accession to the World Trade Organization represents a strategic step towards integrating the Iraqi economy into the international trading system, attracting investments, and improving the competitiveness of national exports.”
He pointed out that “the accession process is subject to multilateral international negotiation procedures and varies from one country to another according to the completion of legislation and reforms. However, Iraq is committed to accelerating this process to achieve the national interest and preserve the sovereignty of economic decision-making.”
https://www.mawazin.net/Details.aspx?jimare=266046
Oil Prices Decline Slightly Amid Anticipation Of The OPEC+ Meeting.
Economy | 09:02 – 01/09/2025 Mawazine News – Follow-up Crude oil prices are trading in a narrow range during trading on Monday. With the opening of Asian markets, the price of the benchmark Brent crude fell 22 cents to reach $67.36
per barrel. Meanwhile, the price of US West Texas Intermediate crude fell 23 cents to reach $63.88 per barrel.
Prices are currently affected by opposing major factors. On the one hand, prices are pressured by the possibility of increased supply by the OPEC+ alliance, which may decide to pump more oil at its meeting next week.
On the other hand, oil is receiving support from the escalating conflict between Ukraine and Russia, and Ukraine’s targeting of Russian oil facilities.
Adding to the pressure on prices are economic data released today from China, which showed a contraction in industrial sector activity for the fifth consecutive month.
Ukrainian President Volodymyr Zelenskyy threatened on Sunday to retaliate by carrying out further strikes inside Russia, following Russian drone attacks targeting energy facilities in northern and southern Ukraine. In recent weeks, the two countries have intensified their airstrikes, focusing on energy infrastructure and attempting to disrupt Russian oil exports.
Markets remain concerned about Russian crude flows, with weekly shipments from ports falling to a four-week low of 2.72 million barrels per day, according to tanker tracking data cited by ANZ analysts in a note. https://www.mawazin.net/Details.aspx?jimare=266035
The Dollar Price Fell In Baghdad.
Stock Exchange The US dollar exchange rate fell against the Iraqi dinar in Baghdad and Erbil at the close of the stock exchange on Monday.
Baghdad: Selling price: 143,500 dinars for $100. Buying price: 141,500 dinars for $100.
Erbil: Selling price: 142,250 dinars for $100. Buying price: 142,100 dinars for $100.
https://economy-news.net/content.php?id=59506
Gold At Its Highest Level In More Than Four Months
Monday, September 1, 2025 | Economic Number of reads: 167 Baghdad/ NINA / Gold prices rose significantly on Monday, reaching their highest level in more than four months, supported by growing bets on a US interest rate cut this month, which enhanced the attractiveness of the precious metal.
By 02:38 GMT, spot gold rose 0.7% to $3,470.69 per ounce, its highest level since April 23, while US futures for December delivery rose 0.8% to $3,543.70.
Silver also advanced 1.6% to $40.31 an ounce for the first time, its highest level since September 2011.
Among other precious metals, platinum rose 0.9% to $1,376.95 an ounce, while palladium rose 0.8% to $1,118.12 an ounce. / End https://ninanews.com/Website/News/Details?key=1249443
$40 Billion In Iraqi Bank Sales In Six Months
Banks Economy News – Baghdad The Central Bank of Iraq revealed on Monday its foreign currency sales, which amounted to more than $40 billion during the first half of this year.
According to the bank’s latest statistics, “hard currency sales during the first six months of 2025 amounted to $40 billion and 904 million.” The statistics showed that sales were divided between external transfers amounting to $39.517 billion and cash sales amounting to $1.387 billion.
She pointed out that these sales during the first six months of the current year, amounting to $40 billion and 904 million, increased by 17% compared to the same period last year, which amounted to $34 billion and 735 million. https://economy-news.net/content.php?id=59499
The Ministry Of Planning And The World Bank Discuss Mechanisms For Women’s Economic Empowerment In Iraq
Monday, September 1, 2025, | Economic Number of readings: 100 Baghdad / NINA / The Ministry of Planning announced, on Monday, the launch of the joint workshop between the Iraqi government and the World Bank Group, to discuss mechanisms for women’s economic empowerment based on the first outcome of the third National Strategy for Poverty Reduction (2026-2030), which is scheduled to be launched soon.
The Director General of the Executive Management of the Poverty Reduction Strategy, Mu’ayyad Ismail Hussein, said, according to a statement by the ministry, that “the three-day workshop will address the efforts made by government agencies in the field of women’s economic empowerment, especially poor women, by enhancing their participation in the labor market and discussing targeted policies in this field,” stressing the Ministry of Planning’s continued coordination of efforts with relevant authorities within the strategic activities.
For her part, Yusra Al-Alaq, Director General of the National Department for Iraqi Women at the General Secretariat of the Council of Ministers, reviewed the department’s vision and procedures to enhance women’s economic empowerment.
The workshop was attended by representatives from the Ministry of Finance, the General Authority for Statistics, and the Geographic Information Systems at the Ministry of Planning, along with experts from the World Bank Group./End https://ninanews.com/Website/News/Details?key=1249538
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