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Iraq and Turkey...the “equal deal” dialogue
The first 12/26/2023
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Baghdad: Huda Al-Azzawi
In light of the positive developments taking place in the exchange market in the interest of economic stability, Prime Minister Muhammad Shiaa Al-Sudani directed the formation of a joint committee (Iraqi-Turkish) to organize trade and strategic partnership between the two countries and support Iraqi merchants’ imports in dinars. The committee represents market forces from economic organizations between the two countries and includes, on the other hand, The Iraqi (Association of Iraqi Private Banks, the Iraqi-Turkish Business Council, the Federation of Iraqi Chambers of Commerce, and the Iraqi Contractors Union), and their counterparts from the Turkish side.
The committee meets - according to government sources circulating in the media - semi-annually and will submit its reports to the Prime Minister in a way that serves the strategic partnership between the two neighboring countries, and opens an “equal deal” dialogue through negotiation with the (Turkish Exporters Union) and the (Central Bank of Turkey) directly in coordination with (Central Bank of Iraq) because there is a high desire on the part of the Turkish party to pay in the local currency, to finance part of the four baskets supporting prices (food, medicine, construction, spare parts) that the Prime Minister proposed in his policy of defending price stability in Iraq.
Commenting on what was circulated, the Prime Minister’s Advisor for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, indicated in an interview with “Al-Sabah” that “trade relations between Iraq and Turkey are characterized by high economic commercial attractiveness, as Iraq imports up to $14 billion from Turkey.” Annually) it is considered the second trading partner among other trading partners, including China and the United Arab Emirates.
He noted that "this partnership takes place through the Iraqi market, which imports from the Turkish market, and therefore market forces move through institutions, and this is an important and fundamental issue in regulating payments, especially since the majority of payments for this trade are undefined and take place through circuitous roads that expose Iraq and Turkey to problems." big".
He pointed out that "the Iraqi delegation that went to Istanbul reached some important observations, and the Prime Minister, through his recent directives, refers to the coalescence of market forces between Iraq and Turkey in understandings that serve the commercial and investment market between the two countries. On this basis, committees were formed from the Iraqi market forces to meet them." Market forces in Turkey help the (Central Bank) regulate payments, investment and trade between the two countries in an ongoing, long-term future plan.”
For his part, the head of the “Regional Center for Studies”, Ali Al-Sahib, said in an interview with “Al-Sabah” that “the Iraqi government’s directives and paths are moving at a confident pace by developing more effective methods in order to achieve the achievement that calls for optimism that Iraq has become an attractive environment for investment after it was able The Iraqi government has concluded strategic agreements with a number of countries - especially those that export consumer foodstuffs to the country on an ongoing basis - led by Turkey, whose monthly exports to Iraq exceed one billion dollars.
He stressed that "the government's directives come through contracting with reliable, efficient and high-quality companies, and this is a positive thing that the government counts, especially after the two parties agreed to deal in the local currency and stay away from the dollar's turmoil in the market," and also to maintain the stability of the Iraqi market and provide materials of importance to the individual. "The Iraqi."
Edited by: Muhammad Al-Ansari
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