IKH News

Council of Trade and Investment Framework Agreement between Iraq and the United States held its second meeting in Washington

The meeting was held in Washington, DC on June 14, 2019, the second meeting of the meeting of the Council of Trade and Investment Framework Agreement between Iraq and the United States, which is a result of the framework of trade and investment signed between the two countries in 2005.

The council was headed by Iraqi Trade Minister Mohammed Hashem al-Ani and US Deputy Trade Representative Jeffrey Kirsch

A statement on the meeting said Iraq and the United States had discussed a number of bilateral issues related to trade and investment.

He pointed out that the cooperation between Iraq and the United States in these areas aims to “enhance Iraq’s entry into the global economy and find ways to enhance greater opportunities for mutual communication between the two countries’ markets and thus create jobs and attract investment to both countries.”

The statement said that the United States expressed its “support for the decision of Iraq to re-enter the process of accession to the World Trade Organization and ensure the local reforms required to meet the obligations of the Organization as well as the liberalization of customs tariffs and trade in services. The United States also expressed its support for Iraq’s decision to accept tax returns prepared in accordance with international financial standards. ”

“In order to attract foreign direct investment in priority areas, Iraq recognized the need for a strong and appropriate investment environment with transparent systems.”

Iraq also confirmed to the United States that it would issue 12-month visas to US citizens as well as the National Investment Authority to facilitate visits by US investors by granting them six-month visas issued by a special visa office at the airport.

He continued in the meantime, the Commission is working on the implementation of a single window system to facilitate and facilitate the procedures as well as work with the Ministry of Finance and the World Bank to improve the performance of Iraqi banks and strengthen their role in support of small and medium enterprises

The Iraqi government is also working through the United Nations Conference on Trade and Development (UNCTAD) to implement a one-stop shop for business registration that will reduce the challenges faced by investors

To improve mutual and bilateral market access, the United States has raised the issue of reducing unnecessary documentation requirements and adopting international standards

The United States also encouraged Iraq to reduce its tariffs on poultry.

Iraq and the United States also discussed the importation of rice and wheat and transparent bidding procedures for cereals in Iraq under two memorandums of understanding.

In order to increase the procurement of medicines, medical equipment and equipment, Iraq and the United States are cooperating to conclude a memorandum of understanding.

The statement underscored the commitment of the Governments of Iraq and the United States to make progress ahead of the next meeting of the Council. Source