Trade and investment agreement with the United States enter into force

Trade and investment agreement with the United States enter into force

BAGHDAD / Badr

03/06/2013

Announced on Wednesday, to enter trade and investment agreement signed between Iraq and the United States into force. This came during the third meeting of the Joint Coordinating Committee between the two countries in the light of the Strategic Framework Agreement, which was chaired by the Iraqi side, Deputy Prime Minister Ruz Nuri Shaways, and the U.S. side Michael Delaney, and Deputy U.S. Secretary of Commerce. Shaways said in a speech on the occasion: The investors and businessmen are still suffering from several obstacles in their dealings in Iraq, starting from the granting of visas and registration of companies and customs, through the applicable laws inherited from the former regime and others. He added: that Iraq is serious in its quest to enable and facilitate the completion of foreign investment, particularly from the United States of America, by making the necessary adjustments in the investment law and the laws and regulations chock him, to create a fertile environment attractive for foreign investment and local levels, and including giving freedom to the investor bring employment and expertise from abroad and freedom movement of capital to and from Iraq, and to give guarantees not to expropriation or nationalization of investment projects. He pointed to some achievements during the last year, including the establishment of an office for the American Chamber of Commerce in Baghdad to facilitate communication between businessmen and companies in the two countries, and the status of the Convention to identify areas of trade and investment (TIFA), which will enter into force soon. Confirmed: that the government is serious to overcome all difficulties and obstacles in cooperation with other countries and international organizations are friendly, and in particular the United States Agency for International Development (USAID) through the development of appropriate programs to improve the performance of economic units, commensurate with the promising future vision for Iraq.


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Friday, 08 March 2013 09: 06 User rating: /2

WeakGood Twilight news/u.s. Trade Representative Office said that an agreement between the United States and Iraq to promote trade and investment links are expected to enter into force later this year after eight years of negotiation.

US companies are increasingly active in the sectors of energy, defense, information technology, and transportation in the United States had invaded Iraq 10 years ago.

And the United States and Iraq has negotiated a framework agreement on trade and investment (TIFA) in 2005 to create a forum for Governments to discuss how to increase trade and investment flows between the two countries.

He said u.s. Trade Representative Ron Kirk "after an exchange of diplomatic notes put TIFA into effect later this year, the first meeting of the Joint Council for bilateral consultations on trade and investment issues could take place in 2014.

The volume of bilateral trade between the United States and Iraq last year to 21.3 billion dollars, of which 2 billion dollars of us exports to Iraq while Iraqi exports to the United States and the oil-dominated 19.3 billion dollars.

In another move aimed at strengthening trade ties between the United States and the Islamic world, Kirk announced plans that would allow the Egyptian companies to qualify for the exemption for exports to the United States duty-free as long as the used input from Israel.

Kirk said he plans to expand the classification of "qualified industrial zones" in Egypt that would make all current and future production facilities in those areas eligible for the exports to the United States exempted from tariffs.

"Egypt and Israel's desire to add new features to their joint to the success of the programme highlights the QIZ in promoting closer links between people, companies and Governments of these countries."

M p

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Great find and read! Punisher

The article implies that it will happen later this year. I hope the IQD will be internationally recognized before May 23rd.