Stryker Blog 09.23.2013 WTO
World Trade Organization (WTO), where are they with this?
In my research I believe Iraq has the following issues that they needed enacted or resolved before they would become a full members of the WTO.
WTO – Final Stages
International Covenants – Economic & Humanitarian
Protection of Products
Read More Link On Right
I will take one at a time to show you how very close Iraq is in full accession into the WTO right now.
Debt Arrangements – I believe that Iraq has completed their needed debt arrangements to Brazil, Saudi Arabia and others based on a few telling articles.
First: Foreign Minister Hoshyar Zebari had a meeting September 11th with the Executive Director of the Compensation Committee at the United Nations where he declared Iraq’s desire in paying the total amount of $10 billion owed to Kuwait.
A quote that came out of this meeting: "During the meeting, Iraq's efforts in fulfillment of its obligations to pay the remaining compensation to Kuwait."
Link: ARTICLE OF THE DAY-Zebari discuss with the United Nations, Iraq's efforts to fulfill its obligations to Kuwait
Why didn’t Iraq just pay the Kuwait’s in June and get completely out of Chapter VII then, get complete control over all the frozen assets and be able to protect their money as a free sovereign country?
The answer is simple, Iraq needed to know where they were with these other countries, they needed to make arrangements with them or they would be subject to international law suits from these creditors.
Iraq needs a positive relationship with all countries not a negative ones, everyone wants a piece of Iraq and Iraq knows this, so Iraq knew they could arrange something. Iraq wants investors from all over the world, we know this from all the articles we read.
The WTO has even stated that Iraq needs their debt arranged prior to full accession.
At first I thought Iraq was hanging on to as much money as they could to help back their new currency, they already had a deal with Kuwait so why write such a big check but now I believe it was in case they needed funds to help settle these other debts. See they already made a deal with Kuwait in where Iraq would have Kuwait paid off by 2015.
I will refer you to the stakeout press conference that Zabari gave right after that U.N. assembly Meeting: H.E. Mr. Hoshyar Zebari (Iraq), Security Council media stakeout (27 June 2013)
Zabari quote: there is no dispute over this, IF we were to pay it as normal we would have it paid by 2015. LINK
So why the full payment now? Why after just a few months is Iraq willing to write the now $10 billion dollar check?
This brings me to my second point, Brazil is an example of my points above. Brazil was one country that Iraq owed money to which was not part of the Paris Club debt arrangements but both countries formed a joint committee right after Iraq was released from Chapter VII June 27th of this year..
Note: Iraq is not completely out of Chapter VII until the Kuwaiti debt has been paid in full, until then Iraq still remains in Chapter VII but all restrictions were moved to Chapter VI until the war compensation has been paid.
My research shows that Iraq must make all debt arrangements prior to changing Iraq’s monetary framework also. The Paris Club was a big part of this but there were still other countries that did not belong to the Paris Club that needed debt arrangements made.
Either pay these countries in full, do a currency swap, bilateral arrangements thru investments opportunities or a payment plain was needed. It is my belief through this research that until Iraq made deals with these remaining countries they would continue to pay Kuwait their 5% of oil revenue each quarter.
This next article from today shows both that Iraq and Brazil have made an economic relationship and that it is important to Iraq’s full accession into the WTO..
Quote: The Ministry of Trade discussed with a Brazilian economic delegation the means to promote the mutual economic relations and the accession of Iraq to the World Trade Organization.
Trade with Brazilian delegation economic relations and the_possible accession of Iraq to the World Trade Organization LINK
With this I believe Iraq could pay Kuwait in full by the end of September or the first week in October and all other debt is arranged.
International Covenants – Economic & Humanitarian
Economic, Maliki & the Council of Ministers approved the Economic Reform Law August 13 and is going to parliament soon for their vote and approval. This one we are keeping our eyes on and will report any findings as they come in.
Humanitarian, the humanitarian laws are in parliament now, I will point you to Tuesday’s and Thursday’s Parliament agenda’s on these.
Tuesday September 24th:
10: Statement of the Commission on Human Rights on events of prison ridge.
12: The first reading of the draft law of the Republic of Iraq’s accession to the Hague Convention on the Civil Aspects of International Child Abduction. (Foreign Relations Committee, the Legal Committee, the Committee on Women, Family and Children). (2 items).
Thursday September 26th:
Sixth: the first reading of the proposed law on the right of access to information. (Committee on Culture and Information, the Legal Committee, the Commission on Human Rights, the Commission on Security and Defense, the Integrity Committee). (36 items).
Last parliament meetings we read where other human rights laws were passed.
Here is where we tie in the WTO to these Covenants and where I showed what these Covenants meant to the WTO and U.N. Links to explain the Convents included by going to the following link:
Stryker Blog 09.04.2013: Connecting Dots
Protection of Produces – Iraq needs to protect their products coming into their country and the products that will be exported out of Iraq through produce taxes and fees. Well I believe that they have made the biggest move in that direction by implementing their Tariffs, which brings us to the last stage in what I have brought here today.
Tariffs – The tariffs are the taxes and fees and the Tariffs Laws have been published in the Gazette, from the way I understand it, they are to be implemented in three stages from the date of June 30th, 2012 and not the date that they were published, Friday September 20th.
Posted laws in the Gazette for Friday 9-20-2013
Legal Library Iraqi Local Governance
Law of the Republic of Iraq's ratification of the UN Convention on the Prohibition of the Comprehensive Nuclear-Test for the year 1996 (88) for the year 2012 Arab Photo legislation original 20 September 2013
Council of Ministers Resolution No. 352 for the year 2013 and amending the salaries of public sector employees Arab Image legislation original 20 September 2013
Doctors Protection Law No. (26) for the year 2013 Arab Law of 20 September 2013
Doctors Protection Law No. (26) for the year 2013 Arab Image legislation original 20 September 2013
Social Welfare Act No. 126 of 1980 (as amended) Arab Law of 20 September 2013
Order of the Coalition Provisional Authority (dissolved) No. 38 for the year 2003 reconstruction levy Arab Law of 20 September 2013
Order of the Coalition Provisional Authority (dissolved) No. 38 for the year 2003 levy reconstruction image of Arab legislation original 20 September 2013
Customs tariff law No. (22) for the year 2010 average Arab Law of 20 September 2013
WTO is the key to Iraq’s re-entry into the Global Markets by the way of a real convertible currency and in my opinion the key to the revaluation of the Iraq dinar.
So it is my opinion that the full payment to Kuwait is the last thing left in seeing Iraq obtain their full accession and what we have been waiting on for so long.
The payment also gives Iraq all their assets, I will cover this tomorrow.
More on this on my show today. Have a great weekend, Stryker