Seems everyday there’s a particular amount of trash that flows from some particular people. They read a line and throw it out there for people to panic about. That’s why it’s important that you do your own homework.
Here’s the latest line of panic… Everybody thought Iraq was at the end of becoming a member with the World Trade Organization…Come to find out they’re just barely at the beginning stages. What does this mean for Iraq? How long is this going to take? Wikipedia quote: “An offer of accession is given once consensus is reached among members. The process takes about five years on average but can take some countries almost a decade…The shortest accession negotiation was…2 years and 10 months. The longest were that of Russia lasting 19 years and 2 months.“
First of all, let’s break this down. Wikipedia is not a source and anyone who uses that as their main source of information is a moron. Anyone can enter things on a wikipedia page and call it facts. As a former teacher, I wouldn’t even allow students to use Wiki as their source. So let’s go to the WTO site and see what they have to say about Iraq and WTO ascension.
Iraq’s Working Party was established on 13 December 2004. The Working Party met for a second time in April 2008. Working Party members, on 2 April 2008, supported Iraq’s rapid accession to the WTO and argued it would contribute to the country’s integration into the world economy. Iraq’s Trade Minister, H. E. Dr. Al-Sudani, stated that Iraq was determined to overcome the country’s difficult circumstances to move forward on the accession process and added that Iraq’s membership would represent a significant addition to the international community. At an informal meeting of the Working Party on the Accession of Iraq held on 17 November 2017, WTO members welcomed Iraq’s stated determination to resume its WTO accession process after nine years of dormancy. The meeting further provided the opportunity for the government of Iraq and members to exchange views on next steps for that formal resumption in the near term. The Chair of Iraq’s Accession Working Party, Ambassador Saqer AlMoqbel of the Kingdom of Saudi Arabia, visited Baghdad on 15-16 January 2024 to galvanize political support for the resumption of Iraq’s WTO accession process. The Chair engaged in high-level meetings with the Government, emphasizing the importance of the accession process to advance Baghdad’s economic reforms. The Government of Iraq affirmed its full commitment to an early resumption of the process by enacting the necessary economic and legal reforms.
“Iraq is one of the largest economies which remains outside the multilateral trading system,” he said, highlighting the benefits of WTO membership for Saudi Arabia, which joined the organization in 2005. “Given its strategic location, Iraq’s integration into the global economy through WTO membership can help deepen regional economic integration, which in turn can contribute to peace and security in the region,” he added.
All meetings confirmed the strong political will to accede to the WTO by the government, which believes that the accession process can contribute to “consolidating security and stability, developing economic activity, encouraging foreign investment in the country, in addition to consolidating relations with neighbouring countries and the world,” as explained by President Rashid.
So where does that leave things…
ABU DHABI, 27th February, 2024 (WAM) — Atheer Daoud Al Ghurairi, Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment.
In statements to the Emirates News Agency (WAM) on the sidelines of his participation the 13th Ministerial Conference of the WTO, Al Ghurairi pointed out that the trade in goods and services files have been finalised according to the set schedules for integration into the global trade system.
Al Ghurairi said that the interest of the Iraqi government in joining the WTO after Iraq submitted a request to join in 2004, in the belief that it is important to be part of the multilateral world trade system and for Iraq to return to an influential position in the global economy. He pointed out that there will be a meeting at the level of Arab countries to learn about their experiences before joining the organisation and ways to benefit from its advantages.
The Iraqi Minister of Commerce stressed the importance of the events of the conference held in Abu Dhabi, which is witnessing a successful organisation by the UAE. He stated the conference sends an important message to all countries of the world about the importance of joining this organisation, in addition to its role in discussing the future of the global trade movement according to current challenges.
Al Ghurairi mentioned Iraq’s plans to enhance economic and trade ties globally, aiming to establish new avenues for cooperation in these sectors.
Going back to the first bit of noise posted, Iraq has been in this process since 2004, pretty sure that covers the 5 year average and shows they began the process long agon. True, they have just over the last two years completed most of the things they were required to accomplish but let’s look at the big picture. What are you worried about the ascension to the WTO for anyway? They can’t be a member until the sanctions on the currency are lifted anyway. It’s not about the WTO ascension, as discussed in previous posts, Vietnam has a crappy currency and is in the WTO already. Iraq has more than $100 Billion in reserves held in the U.S., Iraq relies heavily on Washington’s goodwill to ensure that its access to oil revenues and finances are not blocked. We want Washington to eliminate the holds on Iraq finances and allow them to run free and THEN, and ONLY THEN, will you be able to take the dinar to the bank and exchange the way you want. If someone gives you Wiki as their main source, ask if they’re buddies with the jailbird hot dog vendor. It’s about as reliable…