Highlights/Thoughts
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1. Ministry of Commerce sent a delegation to Geneva for the 3rd round of negotiations on Iraq's accession to the WTO
2. The delegation includes officials from the department of economic relations
3. The purpose of the meeting is to clarify what progress Iraq has made in the way of its accession, and to discuss or review new requirements
4. Iraq passed 27 laws in the area of the economy, and some other laws are still under discussion. All of these laws aim to make Iraq's economy open and flexible and able to interact with the wold economies
Iraq has been slowly but surely working with the WTO to gain accession to it. Number 4 above pretty much says it all. They want to open up their country for trade around the world. This suggests that they cannot continue to keep their currency right where it is today. They can't because it is not globally tradable, and there is very little value. One of the requirements the WTO placed on them is to close the gap between the USD and their currency. At some juncture, they will need to RV/RI to meet this requirement. I see this news as a positive step towards what we all seek.
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