KTFA (MilitiaMan, Don961 & Samson)

  In KTFA

Samson:  Electronic export licenses are an introduction to the advancement of the Iraqi economy

18th November, 2020

Al-Hikma says that “the distance of a thousand miles begins with a step”, and Iraq has made real steps towards achieving what it believes was a dream (any country that exports products, not just an importer), so agricultural and industrial products began to reach the neighborhood, the Gulf and Europe. Trade continues to issue electronic export IDs and licenses

The specialist in the commercial field, Raed Al-Ameri, says in an interview with Al-Sabah newspaper, which was seen by Al-Iqtisad News, that “Iraq, during the past years, lacked the courage to enter markets, whether in the neighborhood, the region, or even the world.

 He added that “what happened during the last year is a real achievement. Iraqi products began to reach the Arab and foreign consumer or factory, after government moves in agreement with the private sector, which is the basis for the success of these endeavors. And that “the ministries of commerce, agriculture, industry and even planning played the role of mediator and participant at the same time, which achieved the planned goal, unlike what was happening during the past years, which witnessed an unjustified divergence between the public and private sectors

In the meantime, the Ministry of Trade announced that the General Company for Fairs and Commercial Services of Iraq will continue to issue electronic export IDs and licenses, in coordination with the relevant sectors and ministries

“The electronic export license is a gateway to the advancement of the Iraqi economy, as it opens the export window for its wrestlers to Iraqi exporters, which contributes to the introduction of hard currency into the country,” the company’s general manager, Sarmad Taha Saeed, said in a statement. He added that “the export license was circulated to the relevant ministries and sectors, represented by the ministries of oil, agriculture, industry, minerals, health and environment, and in coordination with the General Authority of Customs for electronic connectivity and training in the form of meals and handing them over to the accounts of the export system

Saeed continued: “The export license reaches all relevant authorities and border crossings electronically, as it has been linked to the Central Bureau of Statistics, with the use of data on export licenses in the trade balance and the Central Bank of Iraq to follow up the arrival of the amounts, as well as the possibility of inquiring by the exporter about the transaction to any The stage it reached and where it stopped. He pointed out that “the electronic linking process between the ministries and the concerned sectors contributes to limiting and eliminating administrative and financial corruption and cases of manipulation and fraud, and misses the opportunity for the weak of souls, as well as reducing time and routine

The Director of the Export Department at the General Company for Iraqi Fairs, Maytham Al-Tamimi, confirmed that the first export license was issued with the approval of a sectoral entity represented by the Ministry of Oil through the electronic import and export system during last October  LINK

MilitiaMan:  What is RCEP?

RCEP will reduce tariffs on many goods; harmonize and streamline customs procedures, cutting red tape and reducing the costs of doing business in the region; and strengthen Asian supply chains, boosting their competitiveness in global markets. The pact is an important step toward deepening economic integration in the region, moving Asia closer to being a coherent trading zone along the lines of North America or the European Union.

https://www.washingtonpost.com/politics/2020/11/16/15-countries-just-signed-worlds-largest-trade-pact-us-isnt-one-them/

MilitiaMan:  Put this RECP into perspective in respect streamlining customs procedures, cutting red tape and doing business regionally. That is for the 15 countries that signed the largest trade agreement in the world. Korea and both China have a stake in Iraq who by the way is opening contracts in Iraq internationally and even major deals with SA at their borders.. Their borders have been closed for outwards of 30 years!!! The crossing will have the latest technologies!

They use terms similar to RECP too. “Re-engineer procedures for customs exemptions and restrictions.. They are expecting a qualitative leap in the level of exchange!! The expect a big movement in size it exchange. They are going to a market economy and it clearly shows the timing of the similar aspects in Asia is very timely!! Imo -MM

Don961:  Governor of Anbar: Iraqi companies will manage the exchange yards at the Arar port 

Thursday 19 November 2020  Baghdad: Morning

Anbar Governor Ali Farhan al-Dulaimi revealed the agreement with the Saudi side to manage the exchange yards at the Arar border crossing by Iraqi investment companies to provide job opportunities.

On Wednesday, Iraq and Saudi Arabia officially opened the Arar border crossing, while Minister of Interior Othman Al-Ghanmi deputized Prime Minister Mustafa Al-Kazemi.

The governor of Anbar told «morning»: «that« Arar port will be one of the most important commercial outlets and it is hoped that large quantities of materials and goods that Iraq needs will enter through it soon.

After the opening of the port, 15 convoys arrived from the Kingdom of Saudi Arabia loaded with medical equipment, provided by the King Salman Center to the Iraqi government to confront the Corona pandemic. Al-Dulaimi added that “the trade exchange yards will provide thousands of job opportunities for young people, especially in the nearby poor areas.”  LINK

MilitiaMan:  Good deal a new beginning is under way. imo ~ MM

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Samson:  Opening a branch of Al-Rafidain Bank at the Arar port

19th November, 2020

Al-Rafidain Bank announced, on Thursday, the opening of a branch at the Arar border crossing to expand the trade exchange process between Iraq and Saudi Arabia

The bank’s media office said in a statement, which Al-Eqtisad News received a copy of, that “the Arar border branch was opened with the Saudi side in the presence of the Director General of Al-Rafidain Bank, the Minister of Interior, Othman Al-Ghanimi, the Deputy Commander of Joint Operations, Lieutenant General Abdul Amir Al-Shammari, Chairman of the Border Ports Authority Omar Al-Waeli and the governors of Anbar. Karbala, the leaders of the Anbar and Border Police and other officials

He added, “The opening of the branch will contribute significantly to revitalizing and revitalizing the economic and trade movement, developing the national economy, providing cash liquidity and increasing investment cooperation  LINK

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Samson:  International Institute: Global debt will jump to $ 277 trillion by the end of the year

19th November, 2020

The Institute of International Finance said that global debt is expected to jump to a record high of $ 277 trillion by the end of the year as governments and companies continue to spend generously in the face of Corona

The institute, which includes more than 400 banks and financial institutions around the world, confirmed that the debt has already ballooned by 15 trillion dollars this year to 272 trillion dollars by the end of September, and governments, especially from developed markets, have contributed nearly half of the increase

Total developed market debt jumped to 432 percent of GDP in the third quarter, compared to about 380 percent at the end of 2019. The debt-to-GDP ratio in emerging markets was about 250 percent in the third quarter, China scored 335 percent, and the global ratio is expected to be around 365 percent for the whole year

The Institute of Finance said in its report: “There is intense uncertainty surrounding the way in which the global economy can pay off future debts without dire repercussions on economic activity. Total US debt is set to reach $ 80 trillion in 2020, the report said, up from $ 71 trillion in 2019. In the euro area, the debt increased by $ 1.5 trillion to $ 53 trillion by the end of September

The decline in revenue for emerging market governments has made it “more difficult” to repay debt, even as borrowing costs have fallen to record low levels around the world. The Institute of International Finance said about $ 7 trillion in emerging market bonds and syndicated loans will be due for repayment by the end of next year, about 15 percent of which are in US dollars

G20 officials agreed last month to extend an initiative to freeze official bilateral debt payments until the end of the first half of 2021, and said they would consider extending it for another six months in April. The International Monetary Fund estimates that the global economy may contract 4.4 percent this year and then grow 5.2 percent in 2021 as pandemic closures and travel restrictions affect economic output LINK

Samson:  Baghdad governorate announces the completion of the October and second salary funding for the departments associated with it

11/19/2020 16:31:42

The governorate of Baghdad announced, on Thursday, the completion of the salary financing for the months of October and November.

In a statement, Al-Furat News received a copy, the governorate stated that “the salaries of the months of October and November 2020 have been completed for the employees of the governorate office and the departments and departments associated with it.”

The departments and directorates called for “following up with the banks, in order to complete the process of paying salaries to all employees.  LINK

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Samson:  The US Congress Votes To Support The Demonstrators In Iraq And To Reveal Their Killers

19th November, 2020

Head of the Kloada Center for Studies and Measuring Public Opinion in Iraq, Basil Hussein, revealed that the US House of Representatives voted on a law supporting the demonstrators in Iraq.

Hussein said in a tweet on his Twitter page, “The US House of Representatives votes to approve a bill to support Iraqi demonstrators and call on the Iraqi authorities for a transparent investigation to uncover the perpetrators of their deaths.” Hussein indicated that the law also supports “minorities and the displaced.”

It is noteworthy that the Prime Minister, Mustafa Al-Kazemi, had previously announced more than once that the accused of killing the demonstrators, and a number of Iraqi activists, had been reached, but Iraq had not witnessed any measures in this regard, including the defendants being brought to justice, or the disclosure of investigative measures.  LINK