Iraq returns to the World Trade Organization 14 years after its expulsion


money and business

   


Economy News _ Baghdad

Iraq is preparing for a major change in the file of trade with the countries of the world and is preparing to exceed the limits set for Iraqi goods, with its return to the World Trade Organization 14 years after it was expelled as a result of its failure to adhere to the organization’s meetings.
The head of the Kingdom of Saudi Arabia’s mission to the World Trade Organization/the Saudi Permanent Representative to the World Trade Organization and responsible for the file of Iraq’s accession to the World Trade Organization, Saqr al-Muqbel, visited Iraq today, Monday, and delivered a speech in which he reviewed the importance of joining the World Trade Organization.

Al-Muqbil said in a press conference followed by Al-Iqtisad News, “I find Iraq’s accession to be a serious message from Iraq to the whole world, that Iraq is continuing its path of engagement with the whole world,” adding: “I find myself among my loved ones and brothers to do everything we have for your participation.” “The Kingdom’s successful experience in joining the World Trade Organization.”

He explained, “The Kingdom joined the World Trade Organization in 2005, and our non-oil merchandise exports amounted to about 18 billion dollars, and exports have now reached 84 billion dollars with the world,” noting that “the Kingdom’s service exports alone amounted to about 11 billion dollars in 2005 and have now reached more than 34 billion dollars.

He pointed out that “these achievements depend on Iraq’s signals to join and accelerate its pace to find Iraq in its usual position and as one of the largest economies in the Arab region and the Middle East.”

For his part, the Iraqi Minister of Commerce, Atheer Al-Ghurairi, said, “Iraq is taking steps to return as a strong economic player by opening relations with Arab countries and all countries of the world,” noting that “today, within a year, we were able to finalize three files and submit them to the committee related to Iraq’s accession to the World Trade Organization.” global trade in goods and services.

He stated that “Iraq joined as an observer in the World Trade Organization in 2004, and in 2009 Iraq stopped meetings and reached the point of being removed from the organization, and last year 2023, through continuous work on that and with the help of Saudi Arabia and the head of the Saudi mission in the organization, Iraq returned as an observer to the organization.” Global trade, and we accomplished in one year the equivalent of more than 15 years’ work.”

Regarding the benefit of joining, Al-Ghurairi explained, “It means that the Iraqi economy enjoys any specifications enjoyed by world economies, but this does not replace the necessity of internal reform.”

He stated that “opening the doors to Iraqi goods and trade exchange through global controls will protect Iraq from entering the global market with its weight in the event that it fulfills its requirements and that our production is international and not local,” noting that “Iraqi goods are now not allowed to go outside certain borders, and joining is possible.” To reach the farthest country in the world.”
 https://economy-news.net/content.php?id=39453

One thought on “Iraq returns to the World Trade Organization 14 years after its expulsion

Leave a Reply