Iraqi Dinar’s Future Bright as Iraq Returns to WTO Accession Talks After 16 Years

The long-awaited return of Iraq to the World Trade Organization (WTO) accession discussions, after a 16-year hiatus, heralds a new era of potential economic prosperity and increased dinar value. The third meeting of the Working Party, conducted in Geneva, saw Mr. Atheer Dawood Salman Al Ghrairi, Iraq’s Minister of Trade, along with a high-level delegation from Baghdad, affirming the country’s intent to become a full WTO member. The meeting, led by Ambassador Saqr Almoqbel of the Kingdom of Saudi Arabia, marked the first since April 2008, signaling Iraq’s newfound momentum in pursuing global economic integration.

How Will WTO Accession Affect the Iraqi Currency?

The push towards WTO membership may prove to be a pivotal point for the Iraqi dinar, enhancing its international credibility. With the government showing steadfast dedication to reforming trade policies and creating a foreign investment-conducive business landscape, the groundwork is being laid for a possible improvement in dinar value. Minister Al Ghrairi emphasized the government’s undertakings in aligning Iraq’s trade policies with global standards, potentially bolstering Iraq currency on the economic world stage.

Iraq’s Commitment to Trade and Reforms

Amid challenges, Iraq’s allegiance to trade enhancement remains unshaken. The Minister of Trade highlighted the progress made by the National Committee on Iraq’s Accession in meeting the accession requirements, further supporting hope for a stronger iraq country currency. The milestone was marked by the submission of crucial negotiating documents, including initial market access offers on goods and services, in early May.

WTO Deputy Director-General Xiangchen Zhang underscored the meeting’s significance not just for Iraq but for the Arab region. This development fuels hope for a dynamic shift in regional and global trade, which could, in turn, influence the currency in Iraq. Members foresaw Iraq’s accession as a cornerstone in regional efforts to underpin peace and security through economic integration.

The Iraqi delegation also updated on bilateral market access talks and legislative advancements pertinent to WTO compliance. This proactive stance suggests a future where the dinar value might experience positive effects.

What’s Next for Iraq and the Iraqi Dinar?

A series of strategic actions are set to unfold following the pivotal WTO discussions. Ambassador Almoqbel invited Iraq and WTO members to escalate bilateral negotiations on market access. He also called for the submission of specific questions by members and comprehensive responses from Iraq, including further accession documents by the 15th of August. This includes revising the initially submitted Memorandum of the Foreign Trade Regime (MFTR) and the Legislative Action Plan. These steps are crucial in moving forward with the assessment of Iraq’s foreign trade regime.

In support of these endeavors, technical assistance was cited as crucial, with offers of help from various members and organizations. The Secretariat is planning to coordinate a Round Table to tackle Iraq’s technical assistance needs, which will aid in streamlining the accession process. There is anticipation for the fourth Working Party meeting, tentatively scheduled for the first quarter of 2025, contingent upon the successful completion of these steps.

How Can Dinar Exchange Assist?

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ALSO READ: Bright Prospects for the Iraqi Dinar Amidst Currency Stabilization

Disclaimer

Dinar Exchange does not take responsibility for any news or claims published on this blog. The information provided regarding the potential increase in the value of the Iraqi dinar is based on external news sources, and while it is promising, such outcomes are speculative and remain to be confirmed by the Central Bank of Iraq. Clients and readers must undertake their own research and should not interpret this article as financial advice or an endorsement of a currency revaluation.