Iraq Economic News and Points to Ponder Wednesday Afternoon 4-24-24


Iraq Economic News and Points to Ponder Wednesday Afternoon 4-24-24

Iraq Completes The Completion Of The Files For The Initial Offer Of Goods And Services To Join The World Trade Organization

Wednesday 24, April 2024 23:03 | Economical Number of readings: 115  Baghdad / NINA / The Ministry of Commerce announced the completion of the files for initial offers for goods and services and their official submission to the Secretariat of the World Trade Organization through official channels.

Minister of Commerce Atheer Al-Ghurairi, Chairman of the National Committee concerned with Iraq’s accession to the World Trade Organization, said: “This important step comes in the context of the Iraqi government’s efforts and its program aimed at promoting international trade and achieving sustainable development, which reflects its commitment to ensuring global economic integration and expanding economic partnerships.” .

He added “The National Committee, the technical committees emanating from it, and the accession team in the Ministry were able, within a short period of time, to complete these files and submit them to the organization in preparation for holding the third meeting of the working group on Iraq during the current year, 16 years after the date of the second meeting of the group in 2008.”

He pointed out that the World Trade Organization (WTO) and international circles welcomed Iraq’s return to the negotiating table.

Al-Ghurairi stressed: “The two files for the initial offer of goods and services, which were submitted, included a wide range of products and services that reflect the diversity and competitiveness of the Iraqi economy and their negotiation,” noting: “

Work is underway to prepare the Iraqi negotiating team and build the team’s negotiating capabilities for the purpose of initiating a contract.” Negotiating rounds with member states of the organization in order for Iraq to obtain membership in the organization.

He explained: “The Department of Foreign Economic Relations, through official channels of dealing with the organization, is working on completing all requirements for accession in order for Iraq to obtain membership in the organization and to enhance Iraq’s integration into the multilateral trading system.”

It is worth noting that the World Trade Organization (WTO) has issued the annual report on the accession of observer countries, and praised the efforts led by the Ministry of Commerce through its chairmanship of the National Committee, and that Iraq is the only Arab country whose accession process has become active, and has passed advanced stages among the Arab countries that have It holds the status of an observer member.

Increase In Foreign Remittance Sales At The Central Bank Auction

Money  and business Economy News – Baghdad  External remittances at the Central Bank of Iraq auction increased by 95% today, Wednesday, at the expense of cash sales, to reach $266 million.

In its auction today, the Central Bank sold 279 million and 556 thousand and 200 dollars, which it covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.

Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 266 million 256 thousand and 200 dollars, an increase of 95% over cash sales amounting to 13 million and 300 thousand dollars.

The number of banks that purchased cash dollars reached 6 banks, while the number of banks that responded to requests to enhance balances abroad reached 12 banks, and the total number of exchange and brokerage companies participating in the auction was 117 companies. 96 views   04/24/2024  PM

Sudanese Advisor: $450 Billion Value Of Future Investment Projects In Iraq

Advisor To The Prime Minister For Investment Affairs, Executive Director Of The Iraq Fund For Development, Muhammad Al-Najjar

Reconstruction and building   Economy News – Baghdad   The Prime Minister’s Advisor for Investment Affairs, Muhammad Al-Najjar, revealed on Wednesday the value of the investment projects that will be implemented in Iraq during the coming period.

Al-Najjar said in a televised statement, followed by “Al-Eqtisad News,” that “the economic growth that Iraq is currently witnessing is due to a number of reasons, the most important of which is the maintenance of stable oil prices, as this contributed to achieving financial abundance, in addition to the calm and political stability, which prompted the private sector.” To pump very large sums of money into strategic projects.”

He added, “The value of the investment projects that will be implemented in Iraq is estimated at 450 billion dollars, most of which are related to infrastructure and climate change,” noting that “Qatar, Saudi Arabia, and the United States are the most prominent investing countries during the coming period, as Iraq has signed several agreements with those countries.”

Al-Najjar continued, “Iraq, according to these data, will record the highest levels of economic growth in the world,” noting that “the government’s vision includes involving the private sector in achieving sustainable development through the implementation of various projects, especially in the areas of health and housing.”

He confirmed the existence of “a package of important changes that will occur in Iraqi commercial and economic laws, as these packages were presented by the Council of Ministers to auditing bodies to be later presented to the House of Representatives.”

He revealed that “the Iraq Fund for Development is in the process of launching a project (rent and own), which means owning the property for its residents, and it is a project proposed for the first time in Iraq.”

Views 117   04/24/2024 –

The Stock Market Closed 2.48% Higher After The Iraqi Openness With Türkiye And America

Market  Economy News – Baghdad  The Iraqi Stock Exchange closed today, Wednesday, up by 2.48%, after the positive developments in the Iraqi economy as a result of the signing of agreements with Turkey and America.

The stock exchange traded shares of 44 companies, with 3.6 billion shares worth 1.5 billion dinars, through 866 transactions.

The Bank of Baghdad continued its rise since the beginning of the week, as it rose today by 6.55% and reached 4.39 dinars, and the Iraqi Islamic Bank also rose by 10.57% and reached 1.36 dinars, after announcing the date of the General Assembly meeting and increasing its capital to 325 billion dinars.

The banking sector ranked first among the most traded companies, with shares traded reaching 3.5 billion shares.    98 views 04/24/2024 –

Oil Rises After A Decline In Us Inventories

Economy | 08:39 – 04/24/2024   Mawazine News – Baghdad   Oil prices rose in early trading, today, Wednesday, continuing their gains in the previous session after industry data showed a sudden decline in US crude inventories last week, in an indicator… Demand increased and attention shifted away from hostilities in the Middle East.

Brent crude oil futures rose nine cents, equivalent to 0.1 percent, to $88.51 per barrel by 00:31 GMT. US West Texas Intermediate crude futures also increased. Ten cents, or 0.11 percent, to $83.45 per barrel. According to reports seen by Al-Naeem News.

Market sources, citing figures from the American Petroleum Institute, reported that US crude inventories fell by 3.237 million barrels in the week ending April 19. In contrast, six analysts polled expected… Reuters reported an increase of 800 thousand barrels.

Traders are awaiting official US data on oil inventories and products scheduled to be released at 10:30 am US time. United States (1430 GMT) to confirm the significant decline in inventories.

Meanwhile, expectations are growing that the UK and EU will cut. Interest rates in June, which may help support economic growth, thus increasing demand for oil.

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Provoking Points To Ponder on Failures and Mistakes

There are no mistakes. The events we bring upon ourselves, no matter how unpleasant, are necessary in order to learn what we need to learn; whatever steps we take, they’re necessary to reach the places we’ve chosen to go.- Richard Bach

Failure is instructive. The person who really thinks learns quite as much from his failures as from his successes.- John Dewey

Failure is a school in which the truth always grows strong.- Henry Ward Beecher

The important thing is to learn a lesson every time you lose.- John McEnroe

It’s good to fail now and again – you learn a lot more out of failure than you do out of success.- Ian Hunter

One of the reasons mature people stop learning is that they become less and less willing to risk failure.- John W. Gardner