Through 26 Axes, Iraq Is Developing Plans To Develop Its Trade Policy Locally And Globally.
Yesterday Baghdad – INA – Amina Al-Salami The Ministry of Trade announced plans on Saturday to develop infrastructure by digitizing services to accelerate trade and reduce costs. While indicating that the next phase requires political will and economic stability to prepare Iraq for an effective partnership in the global economy, the Ministry emphasized the need to strike a balance between protecting the national economy and global openness, as well as preparing for accession to the World Trade Organization.
Ministry of Trade spokesman Mohammed Hanoun told the Iraqi News Agency (INA):
“The Ministry of Trade‘s plans to develop Iraq’s trade policy include updating the legal and legislative structure by reviewing existing trade laws to comply with the requirements for joining the World Trade Organization, such as the Consumer Protection Law, the Competition Law, and the Anti-Dumping and Subsidy Law, and enacting new laws regulating intellectual property, e-commerce, and data protection, which are among the requirements of a modern market environment.”
He pointed out that “the Ministry has adopted a more open and diversified trade policy by restructuring its trade policy to ensure a balance between protecting national products and opening up to international markets, expanding bilateral and multilateral trade partnerships, particularly with Arab countries, neighboring countries, and European and Asian markets, in addition to simplifying foreign trade procedures and reducing non-tariff barriers to facilitate the entry and exit of goods and services.”
Hanoun pointed to
“supporting and developing the private sector by enabling it to
become a true partner in commercial activity by
providing export incentives,
supporting small and medium-sized enterprises capable of entering foreign markets, and
qualifying local industries to compete regionally and internationally.”
He explained that “developing the trade infrastructure by digitizing commercial services (such as company registration, issuing certificates of origin, and commercial contracts), developing the international exhibition system, activating the role of the General Company for Exhibitions to support the promotion of Iraqi products, and improving the performance of ports and border crossings in coordination with other entities to accelerate trade flow and reduce costs.”
He added,”The development plans also include joining the World Trade Organization (WTO), resuming technical negotiations with the organization by updating the Iraqi accession file (which was frozen for long periods), and submitting offers on customs tariffs and market services, in accordance with the organization’s requirements,
in addition to building the capacity of technical cadres in the Ministry of Trade and related institutions to enable Iraq to negotiate efficiently, while coordinating with other ministries to prepare the economic and administrative environment in line with WTO standards.”
He explained that “the plans also include transparency and business governance by enhancing the principle of transparency in commercial data through the regular publication of reports, prices, and indicators, and combating corruption and monopoly in the local market by activating regulatory bodies and implementing competition laws.”
He continued, “We seek to achieve a balance between protecting the national economy and global openness, with a focus on preparing Iraq to join the World Trade Organization through legislative and institutional reforms, empowering the private sector, and developing the trade and services environment.”
He noted that “the next phase requires political will, economic stability, and comprehensive national coordination to qualify Iraq to be an effective partner in the global economy.” https://ina.iq/ar/economie/236928-26.html
Iraq Suspends Official Work Next Thursday
Buratha News Agency 25-06-23 The General Secretariat of the Council of Ministers announced, today, Monday (June 23, 2025), an official holiday next Thursday on the occasion of the first of Muharram and the Islamic New Year.
The General Secretariat stated in a statement that “Thursday, June 26, 2025,” is an official holiday for all government institutions, coinciding with the first of Muharram and the advent of the Islamic New Year.
She added, “The Cabinet Affairs and Committees Department of the General Secretariat has directed ministries, non-ministerial entities, and all governorates to take the necessary measures and act in accordance with this directive.” https://burathanews.com/arabic/news/461924
Gold Prices Rise As Investors Seek Safe Havens Amid Middle East Tensions
Monday, June 23, 2025 | Economic Number of reads: 133 Baghdad / NINA / Gold prices rose on Monday, as investors flocked to safe-haven assets amid growing fears of an escalation in the Middle East conflict, as markets closely monitor Iran’s response to the US attacks targeting its nuclear facilities.
By dawn today, gold rose 0.1% in spot transactions to $3,371.30 per ounce. US gold futures settled at $3,387.20 per ounce. / End https://ninanews.com/Website/News/Details?key=1236930
Basra Crude Oil Prices Stabilized In Monday’s Trading.
Monday, June 23, 2025 | Economic Number of reads: 224 Baghdad / NINA / Iraqi oil prices stabilized on Monday during daily trading in the global market. According to global oil market data, Basra Medium crude oil recorded $75.11 per barrel, while Basra Heavy crude oil recorded $72.16 per barrel, with a change rate of -0.67 for both.
Global oil price data showed that British Brent crude oil recorded $78.28, while US West Texas Intermediate crude oil recorded $75.08 per barrel, with a change rate of +1.27 and +1.28, respectively. / End https://ninanews.com/Website/News/Details?key=1236951
The Dollar Price Fell In Baghdad At The Opening Of Trading On Monday
Economy | 06/23/2025 Mawazine News – Baghdad The US dollar exchange rate fell on Monday morning in the markets of the Iraqi capital, Baghdad. The Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded a decline in the dollar exchange rate to 143,700 Iraqi dinars for every $100, after it was 144,000 dinars yesterday, Sunday.
The selling price at exchange offices in the local markets in Baghdad reached 144,750 dinars for every $100, while the buying price reached 142,750 dinars. https://www.mawazin.net/Details.aspx?jimare=262974
Iraq Ranked First In The Arab World In Tourism To Türkiye During The Month
Money and Business Economy News – Baghdad The Turkish Ministry of Culture and Tourism announced on Monday that Iraq ranked first in the number of Arab tourists visiting the country during April of this year.
The ministry stated, in statistics reviewed by “Al-Eqtisad News”, that Iraq topped the Arab countries in the number of tourists during the month of April 2025, as the number of tourists reached 65,587 people, followed by Saudi Arabia with 52,947 tourists, Jordan came third with 19,000 tourists, then Lebanon came fourth with 17,000 tourists, and Kuwait came fifth with 11,000 tourists.
She added that the UAE came in sixth place with 8,000 tourists, Qatar seventh with 3,000 tourists, and Yemen eighth with 2,000 tourists. https://economy-news.net/content.php?id=56542
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