2023-11-11 02:23
News / The Central Bank of Iraq (CBI) and U.S. representatives have inked breakthrough deals to ease restrictions on foreign transfers from Iraqi banks, a government source revealed on Saturday.
Iraq's official news agency quoted an official source saying that a series of intensive meetings have been held over the past few days in Abu Dhabi to streamline procedures for foreign ""transfers via the foreign currency"" sales window at the Federal Reserve.
Key outcomes include agreements to streamline the USD balances of five Iraqi banks at Jordanian financial institutions, simplify transfers via ""JP Morgan"", and provide robust justifications for rejected transfers, the source said.
The negotiations involving a prominent UAE bank, the Central Bank of Iraq, and U.S. delegates were convened to establish a UAE Dirham ''"pilot"" at Iraqi banks.
"""The process is poised to kick off in the coming days,""" the source added, "''final-stage negotiations are also in progress to reinforce balances of select Iraqi banks in euros at the UBAF bank, facilitating trade with the ""European Union.''"
The official source revealed that many banks will be able to benefit from balances in Chinese yuan through the Singapore Development Bank.
"Six Iraqi banks have been included, with plans to incorporate seven more," the source continued. "This initiative is geared towards financing Iraqi imports from China, estimated at a substantial $12 billion annually."
Those deals, the source explained, will help fund Iraq's imports from India, specifically pharmaceuticals and food items, which are valued at nearly $3 billion annually.
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There are deals being made to use other foreign currencies outside the dollar. This article is not telling us what platform is being used for the transfers. But it does say that the Federal Reserve signs a deal to ease Forex (FX) transfers while in meetings in Abu Dhabi, UAE this past week. Past tense, signed deal!!
I will suggest that from past articles there is support that they will use the BUNA platform and and it is ready to go. This is on the back of a string of meetings with Iraq and with the WTO that are ongoing today through the 14th of November that will include talk of post accession to the WTO. More meetings will follow on the 27th - 28th of November with the private sector as a focus. We shall see if post accession is applicable then or not but, the meetings are apparently set in stone.
From the looks of it there is a push now to have a level playing field in the region with respect to foreign currency transfers and banks for facilitating trade. Once it is leveled, the currency tide will rise.. Oh ya.. It is very clear now that there is massive interconnectivity going on with the likes of large regional banks, JP Morgan and the EU.
As for the WTO and the ITC we can see there is a big move in place with the European Union,. SAAVI is a real and major player in this global interconnecivity that is going on before our eyes. Very exciting times ahead, as the writing is on the wall. Iraq is being showcased for all to see.. Hold on.. Powerful information is everywhere now. imo..~ MM
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Snippets from:
BUNA PLATFORM - NEW ARAB & ASIAN CURRENCIES TO BE ADDED
August 16
""Excellencies, ladies and gentlemen, allow me to take this opportunity to inform you that the "Buna" payments platform, which the fund completed with the support and cooperation of Arab central banks, international financial institutions and global central banks, has gained wide international acceptance and has become a model for compatibility with the G20 directives to enhance the efficiency and safety of transactions. Payment and transfer across borders to serve the purposes of enhancing financial flows and supporting integrity and financial stability. As you know, the "Buna" platform constitutes an integrated system specialized in providing clearing services and settlement of payments in Arab and international currencies.""
""The platform has an integrated strategy to develop the services provided, starting with instant payment services, trade finance services, and cross-border money market transactions . The platform provides payment and settlement services in Arab and international currencies, which now include: the UAE dirham, the Saudi riyal, the Egyptian pound, the Jordanian dinar, the US dollar, and the euro, in addition to Arab and Asian currencies that will be announced soon.""
""There is currently communication and consultations with more than 260 banks, of whom 118 banks have signed the linkage agreement and 98 banks have completed the linkage with the platform. The platform connects with the payment systems in the Asian and African continents, from which most of the member states of the Islamic Financial Services Council come, and therefore we look forward to the platform contributing accordingly to strengthening trade and investment ties between Arab countries and Asian and African countries.""
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Snippets from:
"Buna” Platform Launches The Foreign Exchange Payment Service (PvP) In Cooperation With Participating Banks For The Secure Settlement Of Foreign Currencies (FX).
Abu Dhabi, November 6 , 2023 : The “Buna” payment platform (the payment system operated by the Regional Corporation for Clearing and Settlement of Arab Payments, owned by the Arab Monetary Fund) announced the launch of the PvP payment service for foreign exchange in cooperation with the ""Abu Dhabi Commercial Bank and the Jordan National Bank"". As the first users of this mechanism that provides secure settlement of foreign currencies ( FX ).
The Buna platform’s PVP mechanism ensures that settlement in one currency is carried out simultaneously with the corresponding settlement process in the other currency at the same moment, making it a more effective and secure mechanism for conducting foreign exchange transaction settlement, in line with the basic recommendations of the G20 to enhance cross-border payments the border.
By the “Buna” platform or any other intermediary in these transactions. The Buna platform provides this service in the ""six currencies available"" on the Buna platform, which are the UAE dirham ( AED ), Egyptian pound ( EGP ), Saudi riyal ( SAR ), Jordanian dinar ( JOD ), US dollar ( USD ) and Euro ( EUR).
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Snippets from:
The Iraqi Trade Bank and JPMorgan are discussing the development of banking operations
June 12 2023
"The two parties deliberated about the long practical relationship that binds the two banks and ways to develop the mechanism of banking operations in general, which is implemented by the Iraqi Trade Bank through JPMorgan Bank."
And he continued, "Our bank seeks to provide all facilities for foreign trade financing operations, in addition to supporting and developing industrial and service projects and providing banking services to government institutions and private sector companies in support of the directives of Prime Minister Muhammad Shia'a Al-Sudani to advance the country's economy, and to ensure that the best services are provided to the Iraqi citizen according to the best." Available methods and means within international standards, which will reflect positively on the Iraqi economy.
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Snippet:
22 September 2023
ITC News
57 Iraqi parliamentarians recently attended a briefing session that focused on various aspects of the World Trade Organization (WTO) accession process and related key agreements.
Held at the Parliamentary Development Institute (PDI) in Baghdad, the ‘Introduction to WTO Accession’ session aimed not only at updating the participants on the status of the accession but also at improving their understanding of the process.
With their constitutional role, parliamentarians play an important part in the domestic reform process that accompanies the WTO Accession process. In turn, they have a role in ensuring the maintenance of a ""transparent multilateral trading system"".
An open discussion on WTO Accession and the importance of chalking-out long-term development plans to guide the accession process was also held.
The participants appreciated the efforts of the ministries of Trade, Planning, Agriculture and Finance for the accession process and acknowledged the support from the International Trade Centre (ITC).
This awareness raising session comes as part of a series organized by the ITC through the European Union (EU) funded “Strengthening the Agriculture and Agri-food Value Chain and Improving Trade Policy in ""IRAQ"" (SAAVI) project.
Since November 2020, ITC has undertaken capacity building session on matters related to WTO Accession for stakeholders including Ministry of Trade, Ministry of Agriculture, Ministry of Finance, State Council, National Committee on WTO Accession, Committee on Trade in Goods and Committee on Trade in Services.
The efforts have enabled regular inter-ministerial coordination and active engagement of all stakeholders.
The support for strengthening trade policy through SAAVI, will help Iraq navigate through the accession process by making strategic decisions on issues related to international trade on goods and services, and investments.
Advisory support will also be provided to adjust the current policy and legal/regulatory frameworks to be more conducive for Micro Small and Medium Enterprise (MSME) development, and to attract investments into the country for strategic sectors.
""EU-funded SAAVI"" is contributing to inclusive economic growth and job creation, particularly for youth, by improving Iraq’s agriculture competitiveness and supporting trade development.
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Snippets:
""Regarding the SAAVI project, it’s very important to improving economic performance because it is promoting agricultural value chains, including marketing and promotion of products. The SAAVI project is the first step towards applying and adopting a wide range of economic reforms, including regarding WTO accession, for Iraq.
Nidhal Sebri Hameed, Head of the WTO Department at the Ministry of Trade, Iraq – on the “Strengthening the Agriculture and Agri-food Value Chain and Improving Trade Policy in Iraq” (SAAVI) project.""
The WTO All of ITC’s products and services contribute to the WTO-led Aid for Trade Initiative, including work conducted under the Enhanced Integrated Framework (EIF). Some interventions are directly linked to the WTO’s operational activities, while others aim to build the supply-side capacity of developing countries from additional angles. One strand of work supports the implementation of WTO agreements in developing and least developed countries. For example, ITC has been engaged in implementing the WTO Trade Facilitation Agreement in over 65 countries. In close coordination with the Standards and Trade Development Facility (STDF), we also provide support to implement the WTO’s SPS and TBT agreements.
In collaboration with the WTO Accessions Division, we assist developing and least developed countries in their bid for WTO membership and postaccession implementation of commitments. For the period 2022–2025, specific initiatives to support ""Iraq"", Sudan, Tajikistan, Turkmenistan and Uzbekistan are planned. ITC supports the WTO’s informal working groups on MSMEs and on Trade and Gender. We contribute to WTO work on trade and the environment, including by building the capacity of developing country negotiating teams to take informed positions and conduct sustainability impact assessments for ongoing or new trade agreements. We will also continue to be active in the area of investment All ITC products and services contribute to the WTO-led Aid for Trade Initiative.
44 STRATEGIC PLAN 2022–2025 facilitation.
Regarding WTO discussions on e-commerce, ITC examines the practical challenges MSMEs face and assists developing countries in aligning domestic legislation and regulations to enable e-commerce. Our work will respond to the emerging priorities of WTO members and the outcomes of ministerial conferences as a strong implementation partner. We will continue our close cooperation with the WTO in areas where we have a joint and complementary agenda such as MSMEs and gender. We will also maintain extensive joint research.
https://intracen.org/file/itcstrategicplan2022-2025pdf
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