TNT – “Tidbits From TNT” Saturday 12-9-2023

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Tishwash:  The Foreign Minister to his Spanish counterpart: Iraq now represents a safe environment for investment in the economic and agricultural fields

Foreign Minister Fuad Hussein confirmed today, Saturday, that Iraq is a safe environment for investment and is open to Spanish companies

A statement from the Ministry of Foreign Affairs received by {Al-Furat News} stated that “Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein received a phone call from the Spanish Minister of Foreign Affairs, European Union and Cooperation, Jose Manuel Albarez,” noting that “during the call, bilateral relations between the two friendly countries and ways to Developing it in all fields, especially in the economic, agricultural and development fields.”

Hussein stressed, according to the statement, that “Iraq today represents a safe environment for investment, and it is open to benefiting from the expertise possessed by Spanish companies, with all the laws provided by the government in Iraq that contribute to the success of investment projects.”

The statement explained that “the call touched on the deteriorating situation in Gaza, and the occupation forces’ intention to continue attacks on the Palestinian people in Gaza.”

The Minister of Foreign Affairs stressed “the necessity of urgent intervention by all active European countries to stop the repercussions of the events resulting from the tragic war targeting civilians in Gaza, stressing the importance of working quickly to deliver humanitarian aid to the besieged civilians.”

For his part, the Spanish Foreign Minister praised “the role Iraq plays in the Middle East region,” noting that “his country’s government seeks to restore stability to the Middle East region, and for Iraq to enjoy security and stability.”   link

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CandyKisses:  Iraq and France are discussing enhancing economic cooperation and developing trade exchange

Mawazine News – Baghdad 

The Federation of Iraqi Chambers of Commerce discussed with its French counterpart the strengthening of economic cooperation between the two countries.

The Federation of Iraqi Chambers of Commerce stated in a statement received by Mawazine News, “The President of the Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, held a meeting with the Federation of French Chambers of Commerce (CCIF) and the representative of the French Business Center, in the presence of the Iraqi Ambassador to Paris, Wadih Batti, and the Vice President of the Council of State.” Abdul Latif Nayef, and a number of officials from both sides.”

The statement added, “The meeting discussed ways to enhance the prospects for economic cooperation and develop trade relations to serve the interests of both countries.”

The Iraqi Ambassador, Wadih Batti, spoke about “expanding the horizons of cooperation and partnership between the two sides, and called for holding a specialized symposium at the embassy headquarters between Iraqi and French businessmen, sponsored by the embassy, on the occasion of the first anniversary of the signing of the strategic partnership agreement between Iraq and France.”

In turn, the head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, called for “framing this cooperation with a memorandum of understanding, and providing support to open an office for the French Business Center in Baghdad.”

The French side expressed “their interest in the ideas presented, and expressed their readiness to work and expand the horizons of cooperation.”

The two parties decided, according to the statement, “to form a joint committee to follow up on the implementation of the results of the meeting and prepare the proposed memorandum of understanding.”

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Tishwash:  Sudanese Advisor: The government is determined to protect the security and interests of Iraq and its people

Fadi Al-Shammari, political advisor to Prime Minister Muhammad Shiaa Al-Sudani, said today, Saturday (December 9, 2023), that the government is determined to take measures to protect the security and interests of Iraq and its people.

Al-Shammari wrote in a tweet on his account on the “X” platform: The Iraqis paid priceless prices as a result of the challenges of terrorism at times and the reckless policies and behaviors of some at other times, which plunged the country into dark tunnels that caused us to lose our best youth, puncture the hearts of our mothers, and suffer huge economic and developmental losses, and we must not allow it to return for any reason. Under any pretext or justification.”

He added, “Targeting diplomatic missions is a condemnable terrorist act that crosses red lines and deviates from the national consensus, the vision of the government and its supporting national forces   link

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CandyKisses:  A reading of the regulatory procedures for Iraq’s foreign trade

The process of trade openness after 2003 cast a shadow on the economic reality, especially after the lifting of economic sanctions, which led to the return of the flow of oil exports to global markets and this led to the improvement of the financial conditions of successive Iraqi governments, which was reflected in the increase in the incomes of individuals (purchasing power) and in the absence of a productive base Iraq tended towards imports to meet the multiple needs of the public sectors (governmental) and private and with the presence of rapid profit from imports tended most of the influential to these transactions, which created chaos Economic and structural imbalance hit the productive sectors and thus the dominance of the oil sector and achieve the rentier of the Iraqi economy with complete distinction to the present time.

Since the discovery of oil for the first time by Colonel Dark in Pennsylvania in 1859, the commodity of oil has been priced in US dollars, and this has created a strong relationship between them, especially after World War II.

Therefore, any sanctions imposed by the United States on the oil countries apply to commercial transactions in the dollar currency under the pretext of preserving their national security. This was done with Iran when economic sanctions were imposed on it, and therefore any dealing in the dollar currency between Iran and the rest of the world was prohibited, except for humanitarian goods and services, and according to the acceptance of the United States as well.

In light of the above, Iraq has commercial dealings with Iran by virtue of the ties, customs and traditions that are relatively close to a large extent, as well as the cheap prices of imported goods and the low costs of transportation and shipping as well.

However, after the beginning of 2023 and the new instructions to regulate Iraq’s foreign trade according to the new transfer mechanism through the (Central Bank platform), it has prevented Iraqi traders from official dollar transactions with the sanctioned countries, and dealing outside the framework of the platform remained prevalent, which led to increased pressure on the dollar of cash sold by the Central Bank through the window of sale of foreign currency, leading to a rise in the exchange rate of the dollar in the parallel market and reached record levels compared to the official rate approved by the bank. Iraqi Central Bank.

The Central Bank has tried to remedy the situation by not aggravating it and has succeeded relatively recently through several measures, the last of which is to provide the opportunity to import dollars through airports exclusively and (diversify the basket of commercial currencies) in terms of the agreement of Iraqi banks with Turkish for transactions in Turkish lira as well as dealing in euros and UAE dirhams.

Similarly, we hope that the Central Bank of Iraq will open trade dealings with Iran, and this revolves in two directions: – First:( dinar for riyal) and this depends on what we export to Iran of products imported in dinars? There is talk about dependence on exports of petroleum products to Iran, but in light of the sanctions imposed on Iran by the United States, the American sanctions on Iraq (albeit indirectly and the past few months are the best evidence) will be dragged, so this measure must be dealt with with complete caution.

Second: (barter of goods for commodity under the price weight of each type of goods) in the sense of organizing trade in currencies other than the dollar to release pressure on the exchange rate of the dollar in the parallel market and we propose electronic dealing that we import goods and products from Iran and in return buys the Iraqi private sector what the Iranian private sector needs of goods and services and ships them to them through a joint chamber of commerce and industry between the two sides