The 13th WTO Ministerial Conference (MC13) has been extended by one day, until Friday 1 March, in order to facilitate outcomes on the main issues at stake.
Following the consultations by WTO Director-General Ngozi Okonjo-Iweala with the MC13 Chair, Dr Thani bin Ahmed Al Zeyoudi, and the Minister Facilitators, delegations were informed that MC13 will be extended, with the closing session scheduled to begin at 2pm Abu Dhabi time. At the meeting of Heads of Delegation (HoDs) on 28 February, DG Okonjo-Iweala called on members to go the extra mile to find convergence on the various negotiations at the ministerial gathering and to be mindful that time is running out to conclude meaningful agreements. The 13th Ministerial Conference was initially scheduled to close today (29 February) at 8pm Abu Dhabi time. ------------------------------------------------------------------------------------------------ It is going to be interesting to see what the main issues are in totality within the WTO extended meetings. The IMF completed Iraq's Article IV consultation with a conlusion to day. Iraq has done very well in her economic and monetary reforms under the leadership of Al-Sudani and the Central Bank of Iraq. The IMFs comments will go far in serving support for Iraq into the future. If Iraq is on the agenda tomorrow as one of the main issues, Iraq should do very well by the accolades Taif Sami the Finance Minister has been given today. imo ~ MM ----------------------------------------------------------------------------------------------- SNIPPET 02/29/2024: "The Iraqi delegation, headed by Finance Minister Taif Sami, concluded today its discussions with the Article IV mission of International Monetary Fund experts in Amman, during which the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability and maximizing non-oil revenues were reviewed." "The Iraqi delegation confirmed that the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction, indicating its intention to continue discussions and consultations during the Fund’s periodic annual meetings."
The WTO report says Iraq is ready to join the WTO having completed the requirements and that there will first be another meeting of Arab nations Q&A of their experiences before Iraq formally joins. Concerning the IMF art IV meeting This line stood out to me:
The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term.
Completing in the Near term coordinated steps! BTW IMF art IV is all about exchange rate mechanisms. You ought to read up on that IMF provision for the flavor of the effort. Both reports are below.
Iraq has completed requirements to join WTO: Minister February 29, 2024
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. https://www.bignewsnetwork.com/news/274139292/iraq-has-completed-requirements-to-join-wto-minister ********************************************
Iraq concludes its discussions with the International Monetary Fund expert mission in Amman February 29, 2024
Economy | 03:55 – 02/29/2024 Mawazine News – Baghdad The Iraqi delegation, headed by Finance Minister Taif Sami, concluded today, Thursday, its discussions with the Article IV mission of International Monetary Fund experts in Amman, while the mission confirmed its continued support for the government’s reform steps. The Ministry of Finance stated in a statement received by Mawazine News, that “during the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”
The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” “.
The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .
The mission noted “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”
The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”
According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.
It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials.
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