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A tribute to the principle of barter and demands to diversify its uses
Economical 2023/08/12
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the mainstay of the emirate
Specialists in economic affairs praised the government’s approach to using the principle of barter in dealings with countries of the world, the latest of which was Iran, when Iraq decided to barter “black oil for gas,” stressing that this step would revive many aspects of trade, as well as the possibility of resorting to that. Principle to attract developed industrial and agricultural commodities.
Researcher and academic Dr. Abdul Karim Al-Issawi pointed out that “Iraq had previously adopted this method before the entry of crude oil as a major item in the structure of Iraqi exports, specifically in 1958, and in general the agreements took a wide range of forms, including the pattern with working principles, that is, open agreements, including those that Iraq concluded it with former socialist countries and Arab countries such as Tunisia and Morocco, as well as Indonesia and Denmark.
Al-Issawi added, “The second pattern of barter forms is represented in commercial agreements with a relative determination of exports and imports, as this pattern necessitates a balance between the values of exports and imports, while the third pattern is of a value determination of exports and imports, as Iraq concluded such agreements with India.” And Pakistan, Albania and Finland,” pointing out that “the fourth type of trade agreements is through quantitative determination of exports and imports, and this type of agreement was concluded with China and East Germany previously.”
Al-Issawi explained that “after the correction of crude oil prices in 1973, oil contributed to the development of the introduction of commercial barter, as many industrial countries resorted to bartering industrial goods and military equipment in exchange for obtaining crude oil, and then this equation was reflected, as this method was adopted by the oil-producing countries.” The president during the eighties of the last century, when many of them faced financial problems during periods of oil surplus, which prompted them to offer oil in the oil market as a means to alleviate the shortage of hard currencies.
And Dr. Al-Issawi indicated that Iraq has many bilateral agreements that explicitly referred to this method of trade, as it guaranteed access to imports, especially weapons and military equipment. Most of the bilateral agreements, in their various forms, were concentrated with a group of former socialist countries, and they represented an opportunity to market oil. Crude after the nationalization decision in 1972 and the pressure of the need for hard currency.
For her part, Dr. Nagham Hussein, Dean of the Faculty of Business Economics at Al-Nahrain University, says that Iraq began bartering black oil for Iranian gas because the problem was repeated in paying Iranian dues due to US sanctions, hence the government’s announcement regarding the agreement with Iran to exchange black oil for gas as a solution to the problems. Consecutive supply of Iranian gas.
Hussein believes the importance of the agreement in that the country will not be exposed to a large and influential shortage of electric power, which we experienced in previous days. Therefore, this agreement is described as a temporary solution until the country is able to produce gas from the associated and independent fields that are under implementation.
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