Thread: Iraq/Dinar News Before Febuary 12th, 2006

I've been doing a little research on Iraq's accession into the WTO. From what what I have read about the ...protocol of accession...if they are accepted under non-market economy status their currency doesnt have to be a convertible currency...but if accepted under "market economy status" their currency must be convertible. Hence...thats why vietnam didnt have to have a convertible currency, they are under "non-market status".

Can anyone confirm or deny my understanding of this? Does anyone know if Iraq is being accepted under the "non-market status" or "market status"?

Cheers!
DayDream

Originally Posted by adm

Wow! WoW!


Shahrastani and Shabibi to France to discuss the issue of support

(Voice of Iraq) - 03-02-2007
This issue was sent to a friend

Shahrastani and Shabibi to France to discuss the issue of support for the pain Changet oil with the World Bank

Baghdad-Sabah

Left Oil Minister Hussein Shahrastani, the Central Bank of central Sinan Shabibi to France to hold talks with a for the World Bank.

He said Assem Jihad spokesman for the Ministry of Oil insists yesterday, Friday, Ehat press : The Iraqi delegation includes the Minister of Oil Hussein Shahrastani and the Central Bank Governor not n Shabibi left France to the direction of the Council of Ministers, to hold talks with the World Bank on prices Monte resorted oil and the continuing government support for this product Stresses in this period.

He added that the Iraqi government does not want the case at the time j raise the prices of petroleum products so as not to burden the burdened told Iraqi citizen living situation is not disturbed Might j any of the countries of the world.

It is noteworthy that the issue of lifting of government support for a price for oil products raised many of the reactions of before large segments of Iraqi society due to the increase of a for the financial burden on families, especially low-income Almohad friendliness and junior staff as well as the drivers of trucks a of particular.

The increased prices of oil derivatives in the fabrication of a many in the land line telephone sector fuels has contributed to the increase in prices the black market and the recovery of trafficking stations near Walt provided fuel along that this high on the left e aspects Cassar household goods and cheek He died, which the government is largely Study in order to develop appropriate solutions to ensure that the intersection between Previous Tzamat consultations with international organizations on one side and a lack of the question of breach of the provision of services to citizens with suspicion l did not affect their pension.

yeah they went to france to discuss price with the world bank alright but the world bank doesnt have any say so over their oil prices. they are goin to sign the paperwork for the price, most definately, but its the price at which they are going to enter the world bank at. the value of the dinar.

Originally Posted by DayDream

I've been doing a little research on Iraq's accession into the WTO. From what what I have read about the ...protocol of accession...if they are accepted under non-market economy status their currency doesnt have to be a convertible currency...but if accepted under "market economy status" their currency must be convertible. Hence...thats why vietnam didnt have to have a convertible currency, they are under "non-market status".

Can anyone confirm or deny my understanding of this? Does anyone know if Iraq is being accepted under the "non-market status" or "market status"?

Cheers!
DayDream

i would say the FIL and HCL makes them VERY market status.

Originally Posted by DayDream

I've been doing a little research on Iraq's accession into the WTO. From what what I have read about the ...protocol of accession...if they are accepted under non-market economy status their currency doesnt have to be a convertible currency...but if accepted under "market economy status" their currency must be convertible. Hence...thats why vietnam didnt have to have a convertible currency, they are under "non-market status".

Can anyone confirm or deny my understanding of this? Does anyone know if Iraq is being accepted under the "non-market status" or "market status"?

Cheers!
DayDream

Its been more than two years!





Iraq Achieves Observer Status at the World Trade Organization



Baghdad, February 12 – the Coalition Provisional Authority today welcomed Iraq’s newly-gained observer status at the World Trade Organisation. Iraq was accepted as an observer yesterday by all 176 members and observers of the WTO at a meeting of the WTO General Council in Geneva.


Iraq’s representative at the General Council meeting, Mr Ahmad Al-Mukhtar, Director General for Foreign Economic Relations at the Ministry of Trade, told delegations assembled in Geneva that “this is an important step for Iraq towards integration into the global economy.” Trade Minister Dr Ali Allawi formally announced Iraq’s acceptance at a press conference in Baghdad, saying “the real winners are the Iraqi people...this gives all of us great hope for the future.” He added that he hoped Iraq would obtain full membership within two years.

Notes for Editors

1. Iraq applied for observer status in January 2004. Observer status allows Iraq to attend the internal deliberations of all WTO bodies, to learn WTO rules and procedures and to qualify for training assistance.






.

Originally Posted by shotgunsusie

yeah they went to france to discuss price with the world bank alright but the world bank doesnt have any say so over their oil prices. they are goin to sign the paperwork for the price, most definately, but its the price at which they are going to enter the world bank at. the value of the dinar.

HHHmmm and in Europe too.....more weight to the Euro theory????

Accession through the backdoor: how the US is pushing Iraq into the WTO


www.agp.org | Archives - WTO info: Accession through the backdoor: how the US is pushing Iraq into the WTO (28/1/2006)



INITIATION RITES

But what exactly does it mean when they say a country is going through the accession process of the WTO? Like any other entry process into an elite club, the accession process is highly secretive. According to Jane Kelsey, who has written extensively on the accession of Pacific Islands into the WTO, "The accession process has no rules, except precedent and power, and is the very antithesis of what the members publicly state to be the intention and design of the WTO." (6)

The whole process is shrouded in secrecy with documents reviewed by the accession working party remaining restricted until negotiations are over. In many cases, both parliamentarians and citizens of the applying country do not know what is at stake. (why do you think they keep touting the dinar rate figure of 1260? They simply do NOT know what is in store for them....)

The accession process forces the applicant country to make many concessions to the more powerful members of the WTO as well as changing their domestic and national regulations in order to conform to the new agreements. In the case of Samoa, the working party demanded concessions that Samoa simply could not afford. "They can ask for all sorts of commitments which Samoa isn't in a position to offer. If they insist, there are two options: we will never become a member or we have to give in to that request."(7)

This is because accession to the WTO is a process of negotiation. Article XII of the WTO Agreement states that accession to the WTO will be "on terms to be agreed" between the acceding government and the WTO. (8) This means that those "terms to be agreed" can be a wish-list that goes beyond current WTO commitments or negotiations. According to Kelsey, "It is important to recognize that most of what the South is rejecting [in the Doha round of negotiations] has already been forced, arrogantly and invisibly, onto some of the world's smallest, poorest and most vulnerable countries."(9)

Member countries who join the accession working party can then push the applicant as far as they can. And whatever concessions they get are then enjoyed by the rest of the membership under the non-discrimination policy of the WTO. These talks cover everything from tariff rates to market access to policies in goods and services. For Iraq, it is expected that the US will lead the negotiations as it has shown the greatest interest in Iraq becoming a member of the multilateral body.

In fact, since day one, the US had already planned Iraq's entry into the WTO and Iraq's reconstruction has been geared towards it becoming WTO-compliant. According to one researcher, the US ordered Bearing Point, the contractor tasked with the economic reconstruction of Iraq, to "create a WTO-consistent trade and investment legal framework which will both promote competitive development of domestic business... and lay the groundwork for greater integration into international financial and trading networks." (10) This means that Iraq's laws have to be re-written to become WTO friendly and to transform Iraq's former state-controlled economy to a complete market-controlled economy with international trade at its center.

Bremer also made sure that Iraq would become a member of the WTO. Order number 12 or the "Trade Liberalization Policy" is one of the now infamous Bremer Orders, which, in one pen-stroke, transformed the economy of Iraq. This trade liberalization order set the target date of February 2004 for joining the WTO: in the end, it was on that date that Iraq was unanimously granted observer status at the WTO.

Bremer also made sure that even if the CPA was no longer there, it would take little short of a miracle to overturn his orders. "The Bremer Orders would remain - repealing them would be near impossible - because to do so would require the approval of two-thirds to three-fourths of a future assembly." (11)

For some countries, accession to the WTO hastaken years. For Iraq however, it seems to be on fast track moving from observer status to drafting its Foreign Trade Regime Memorandum -- the starting point of the intensive negotiations of accession -- in no time at all.

This was all part of the US' grand plan for Iraq. Clearly, the reason why the US has been in a mad rush to push Iraq's accession into the WTO is to lock in the economic transformation of Iraq and its commitments to the WTO, just like the Bremer Orders have been locked in to the laws of Iraq. By binding them internationally, the US closes the door to any future policy changes by any future government of Iraq. It not only limits, but removes the ability of future governments to introduce public interest policies or legislation.


HOW TO BECOME A MEMBER OF THE WTO IN 8 EASY STEPS

1. Get observer status at the WTO

2. Request for accession: The accession process commences with the submission of a formal written request for accession by the applicant government. This request is considered by the General Council which establishes a Working Party to examine the accession request and, ultimately, to submit the findings of the Working Party to the General Council for approval. The Working Party is open to all Members of the WTO.

3. Submission of a memorandum on the Foreign Trade Regime: The applicant government presents a memorandum covering all aspects of its trade and legal regime to the Working Party. This memorandum forms the basis for detailed fact finding by the Working Party.

4. Meeting conditions of entry: Terms and conditions include commitments to observe WTO rules and disciplines upon accession and transitional periods required to make any legislative or structural changes where necessary to implement these commitments.

5. Bilateral negotiations: The applicant government engages in bilateral negotiations with interested Working Party members on concessions and commitments on market access for goods and services. The results of these bilateral negotiations are consolidated into a document which is part of the final "accession package".

6. Accession package: The working party then finalizes the terms of accession. These appear in a report, a draft membership treaty ("protocol of accession") and lists ("schedules") of the member-to-be's commitments.

7. Approval of the accession package: The final package, consisting of the report, protocol and lists of commitments, is presented to the WTO General Council or the Ministerial Conference. If a two-thirds majority of WTO members vote in favour, the applicant is free to sign the protocol and to accede to the organization. In many cases, the country's own parliament or legislature has to ratify the agreement before membership is complete.

8. Full membership: Thirty days after the applicant government notifies the WTO Secretariat that it has completed its ratification procedures, the applicant government becomes a full Member of the WTO. (12)




.

Originally Posted by Pippyman

Accession through the backdoor: how the US is pushing Iraq into the WTO


www.agp.org | Archives - WTO info: Accession through the backdoor: how the US is pushing Iraq into the WTO (28/1/2006)



INITIATION RITES

But what exactly does it mean when they say a country is going through the accession process of the WTO? Like any other entry process into an elite club, the accession process is highly secretive. According to Jane Kelsey, who has written extensively on the accession of Pacific Islands into the WTO, "The accession process has no rules, except precedent and power, and is the very antithesis of what the members publicly state to be the intention and design of the WTO." (6)

The whole process is shrouded in secrecy with documents reviewed by the accession working party remaining restricted until negotiations are over. In many cases, both parliamentarians and citizens of the applying country do not know what is at stake. (why do you think they keep touting the dinar rate figure of 1260? They simply do NOT know what is in store for them....)

The accession process forces the applicant country to make many concessions to the more powerful members of the WTO as well as changing their domestic and national regulations in order to conform to the new agreements. In the case of Samoa, the working party demanded concessions that Samoa simply could not afford. "They can ask for all sorts of commitments which Samoa isn't in a position to offer. If they insist, there are two options: we will never become a member or we have to give in to that request."(7)

This is because accession to the WTO is a process of negotiation. Article XII of the WTO Agreement states that accession to the WTO will be "on terms to be agreed" between the acceding government and the WTO. (8) This means that those "terms to be agreed" can be a wish-list that goes beyond current WTO commitments or negotiations. According to Kelsey, "It is important to recognize that most of what the South is rejecting [in the Doha round of negotiations] has already been forced, arrogantly and invisibly, onto some of the world's smallest, poorest and most vulnerable countries."(9)

Member countries who join the accession working party can then push the applicant as far as they can. And whatever concessions they get are then enjoyed by the rest of the membership under the non-discrimination policy of the WTO. These talks cover everything from tariff rates to market access to policies in goods and services. For Iraq, it is expected that the US will lead the negotiations as it has shown the greatest interest in Iraq becoming a member of the multilateral body.

In fact, since day one, the US had already planned Iraq's entry into the WTO and Iraq's reconstruction has been geared towards it becoming WTO-compliant. According to one researcher, the US ordered Bearing Point, the contractor tasked with the economic reconstruction of Iraq, to "create a WTO-consistent trade and investment legal framework which will both promote competitive development of domestic business... and lay the groundwork for greater integration into international financial and trading networks." (10) This means that Iraq's laws have to be re-written to become WTO friendly and to transform Iraq's former state-controlled economy to a complete market-controlled economy with international trade at its center.

Bremer also made sure that Iraq would become a member of the WTO. Order number 12 or the "Trade Liberalization Policy" is one of the now infamous Bremer Orders, which, in one pen-stroke, transformed the economy of Iraq. This trade liberalization order set the target date of February 2004 for joining the WTO: in the end, it was on that date that Iraq was unanimously granted observer status at the WTO.

Bremer also made sure that even if the CPA was no longer there, it would take little short of a miracle to overturn his orders. "The Bremer Orders would remain - repealing them would be near impossible - because to do so would require the approval of two-thirds to three-fourths of a future assembly." (11)

For some countries, accession to the WTO hastaken years. For Iraq however, it seems to be on fast track moving from observer status to drafting its Foreign Trade Regime Memorandum -- the starting point of the intensive negotiations of accession -- in no time at all.

This was all part of the US' grand plan for Iraq. Clearly, the reason why the US has been in a mad rush to push Iraq's accession into the WTO is to lock in the economic transformation of Iraq and its commitments to the WTO, just like the Bremer Orders have been locked in to the laws of Iraq. By binding them internationally, the US closes the door to any future policy changes by any future government of Iraq. It not only limits, but removes the ability of future governments to introduce public interest policies or legislation.


HOW TO BECOME A MEMBER OF THE WTO IN 8 EASY STEPS

1. Get observer status at the WTO

2. Request for accession: The accession process commences with the submission of a formal written request for accession by the applicant government. This request is considered by the General Council which establishes a Working Party to examine the accession request and, ultimately, to submit the findings of the Working Party to the General Council for approval. The Working Party is open to all Members of the WTO.

3. Submission of a memorandum on the Foreign Trade Regime: The applicant government presents a memorandum covering all aspects of its trade and legal regime to the Working Party. This memorandum forms the basis for detailed fact finding by the Working Party.

4. Meeting conditions of entry: Terms and conditions include commitments to observe WTO rules and disciplines upon accession and transitional periods required to make any legislative or structural changes where necessary to implement these commitments.

5. Bilateral negotiations: The applicant government engages in bilateral negotiations with interested Working Party members on concessions and commitments on market access for goods and services. The results of these bilateral negotiations are consolidated into a document which is part of the final "accession package".

6. Accession package: The working party then finalizes the terms of accession. These appear in a report, a draft membership treaty ("protocol of accession") and lists ("schedules") of the member-to-be's commitments.

7. Approval of the accession package: The final package, consisting of the report, protocol and lists of commitments, is presented to the WTO General Council or the Ministerial Conference. If a two-thirds majority of WTO members vote in favour, the applicant is free to sign the protocol and to accede to the organization. In many cases, the country's own parliament or legislature has to ratify the agreement before membership is complete.

8. Full membership: Thirty days after the applicant government notifies the WTO Secretariat that it has completed its ratification procedures, the applicant government becomes a full Member of the WTO. (12)




.

OK, so what number is Iraq on? I'm thinking 2 or 3?

Originally Posted by goldraker

OK, so what number is Iraq on? I'm thinking 2 or 3?

I would say more like 6 or 7

Originally Posted by goldraker

OK, so what number is Iraq on? I'm thinking 2 or 3?

From: Friday, 03 February 2006

It is a little known fact that Iraq is now well on its way to becoming a fully-fledged member of the WTO. Iraq has now advanced to step 3 of the accession process and will most likely complete it without most Iraqis knowing it even happened.


Focus on the Global South - ACCESSION THROUGH THE BACKDOOR: HOW THE US IS PUSHING IRAQ INTO THE WTO

نهاية شباط الجاري موعد لانضمام العراق لمنظمة التجارة العالمية7 February-end deadline for Iraq to join the World WTO

Originally Posted by AlwaysDreaming

From: Friday, 03 February 2006

It is a little known fact that Iraq is now well on its way to becoming a fully-fledged member of the WTO. Iraq has now advanced to step 3 of the accession process and will most likely complete it without most Iraqis knowing it even happened.


Focus on the Global South - ACCESSION THROUGH THE BACKDOOR: HOW THE US IS PUSHING IRAQ INTO THE WTO

نهاية شباط الجاري موعد لانضمام العراق لمنظمة التجارة العالمية7 February-end deadline for Iraq to join the World WTO

I would estimate full completion in 1 to 3 years................