8-29-2012 SWFloridaGuy: Although some foreign countries who are WTO members do use the USD as their primary currency, I don't believe that is the plan for Iraq. Iraq's goal is for their primary currency to be the IQD and eventually dedollarize.
We also believe this is an obligatory stipulation for accession where they are concerned. When the time comes, Iraq will lay out all their economic and trade policies that relate to WTO agreements, submit a memorandum and a panel will consider the application.
When the principles and policies are in place, additional negotiations will commence between Iraq and member countries. The terms will be finalized and submitted to the General Council. If 2/3 of the members vote in favor, than Iraq may accede to the WTO.
It's my opinion that Iraq will not be given full membership until they raise the exchange rate on the IQD and it becomes a more recognizable and internationally traded currency. Chapter 5 of the WTO handbook is an interesting read and may be applicable.