Iraq and the WTO

[dinarstocker]

I read all sorts of guru reports that say Iraq is going to become an official member of the WTO on dec 28 - if you look at the WTO website and review all the documents and compare to countries that have just become members like Lao and observers that are reported to be close like Azrbaijan it does not look like Iraq is close at all to become full member.  am I interpreting this correctly and does it really matter at all??  comments

[Ponee]

I have been trying to verify that myself dinarstocker and I have found nothing more than you at this point.  Anyone else find more verification to this than what the gurus are touting?

[Ponee]

Dinarstocker -- Here is an article from that May of this year that says 2016 will be the completion of Iraq's accession to the WTO. NOT 2013

Negotiations on Iraq's accession to the World Trade Organization are going well

Update :: 05.15.2013 17:49



Ministry of Commerce revealed that "2016 will see the completion of the procedures for Iraq's accession to the World Trade Organization" WTO ".

The Director of the Department of Foreign Economic Relations and Trade Ministry Hashim Mohammed Hatem said "the negotiations with the World Trade Organization are going well to complete the conditions of accession to this international institution."
Hatem added that "Iraq is planning to end the file to join the World Trade Organization (WTO) during the year 2016."

It is said that Iraq is running, and since 2004 member observer status in the World Trade Organization. Finished / 3

http://translate.google.com/translate?depth=1&hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=auto&tl=en&u=http://www1.alforattv.net/modules/news/article.php%3Fstoryid%3D88863

[Ponee]

Iraq has exceeded the necessary years of "Observer Status"  which is 5  years I think.  So, we have to conclude that they were still being held out because of several other qualifications.  The question is, are those fulfilled?  How do we know?  Where it it written?  Where is this date of Dec 28th written? 

And is it necessary for Iraq to be in WTO to RV? Does Iraq have to have a higher value currency to be in the WTO? ( I say no, to this one... look how many lower currencies there are in the WTO)

  Or, like you said, does it even matter at all?

[Jayzze]

this all depends on which guru you believe. imho the answer is no they do not have to but to grow the way they want to and trade internationally and there goals they have to raise there currency to something respectable

[Ponee]

Personally, I don't think it holds the significance that the gurus are hyping it up to be.

[dinarstocker]

great information all thanks!  my humble thought procces was that it didn't really matter one way or the other but I was watching some GURU's that were up and excited about it and I could not see anything that backed them up.  lol not that its that easy to find back up on some of these dinar predictions :}

[Ponee]

Dinarstocker -- check back in later, Kevind53 will put his thoughts in too.  He is away right now... probably enjoying his new grandson...

[Kevind53]

No, just at work ... new grandson is at least a 12 hr drive away, so not gonna happen real soon.   

Some gurus say they have to increase the value of their currency to become full members, others say they have to have a single currency being used in country. Both groups are full of crap and there are a number of real world examples that show to the contrary.

To use another currency familiar to those who have been on the boards for any length of time, Vietnam is a full member with a currency worth far, far less than the IQD. The Ugandan Shilling and Rwandan Franc are two example with values close to the IQD. As to the one currency thing, firstly, Iraq has one official currency, the IQD. Second, there are around 30 countries world wide with more than one official currency, not counting those that retained their own currency but also accept the Euro. Most, if not all are members of the WTO. One has no currency of their own but accepts any other internationally accepted currency.

There are NO indications that Iraq will become a full member at anytime in the near future, nor is any potential change in the value of the IQD IMO predicated upon their membership. It will happen in time, but not for a while. 

Ponee, I can't find it off hand, but if memory serves me right, Countries are required to APPLY for full membership within 5 years of becoming observers. They have done that, so it's all good at this point.

[Ponee]

Ponee, I can't find it off hand, but if memory serves me right, Countries are required to APPLY for full membership within 5 years of becoming observers. They have done that, so it's all good at this point.

Yes, that is what I said.  That they have completed that part, but there are supposedly several other things that are still in line to be completed.

[Kevind53]

There likely is, but this part of the process is treated confidentially, so we will hear nothing but rumors and guru hype until the working committee reports them ready to the general membership.