Iraq Seeks Permanent Membership of WTO

The director of economic relations in the Federal Trade ministry said on Monday that his ministry backed the World Trade Organization (WTO)’s decision to enter into a third round of negotiations over granting Iraq permanent membership.

Hashem Hatem told AKnews that Iraq is working to a well-prepared plan to raise its status from observing member to permanent member of the WTO without affecting the country’s internal economic situation.

Hatem said that Iraq has plans to send an official delegation to Morocco in order to gain an in-depth vision of the process of attaining permanent membership of the organization.

"Iraq passed two important rounds in 2007 and 2008 in which it reviewed its efforts in developing its commercial situation and will begin the third round this year," he said.

The federal Trade Ministry said earlier that the WTO is suitably "convinced" by the legislation approved by the Iraqi parliament to support the country’s trade policy.

The WTO was established in 1995 and comprises 147 countries with permanent membership. The organization aims to promote a world economy that preserves the rights of both consumers and producers through internationally agreed regulations.

(Source: AKnews)

29 Responses to Iraq Seeks Permanent Membership of WTO

  1. Tom Doss 2nd February 2011 at 07:15 #

    I don't understand how Iraq can be a member of the WTO when their dinar is only valued at .01 against the American dollar. I do believe that in the time to come Iraq will be the richest place on the earth.

  2. Frederick Johnson 2nd February 2011 at 14:02 #

    All sounds good for the progress of Iraq's situation overall.

  3. Stew 2nd February 2011 at 17:51 #

    Tom... that's what happens when you get your information from dinar pumpers.
    There are many countries in the WTO that have very low exchange rates.
    It's very simple to google a list of countries in the WTO and then check their exchange rates. Takes about 30 seconds to prove the pumpers are lying through their teeth.

  4. Dinar Dave 2nd February 2011 at 18:11 #

    What do you mean when you say "dinar bumpers"

  5. Dinar Dave 2nd February 2011 at 20:11 #

    I am sorry I meant "dinar pumpers"

  6. Frederick Johnson 3rd February 2011 at 14:10 #

    T'is good to think that a nation inwhich harbored prosperity as many times in the past years,such as Iraq has,will do it again.

  7. Abyssa8 9th February 2011 at 13:46 #

    I am just curious as to how the value at one time of over 3 could not again ever be reached.

  8. Cashious 16th February 2011 at 10:20 #

    If and when the dinar is revalued we will most likely see the development of Babylon as is discussed in the bible. Case in point Dubai when they had oil.

  9. Tired 16th February 2011 at 10:40 #

    When will they RV? We were told it had to be done by DEC31, 2010. I am still waiting.

  10. Frederick Johnson 17th February 2011 at 11:14 #

    WTO know what's best for both consumers and producers,as to allowing Iraq to acquire membership in such a prestigious concern.

  11. mark 17th February 2011 at 11:47 #

    Stew, you seem angry about the scam artist or so called pumpers, If you dont like the pumpers advise people to buy it straight from the Big Banks in America. I myself have purchased 4,000,000 from Branch Banking and Trust and it cost me 840.00 on the mil with a ten doller fee. The Iraqi dinar has value and even if it goes .01 on the doller people will still have a great investment when they trun the money back in to there bank. Focus on the right information to tell people if you wan't to stop the pumpers. Buy the way It took me 4 days to get the money just incase anyone was wondering.

  12. Stew 17th February 2011 at 12:31 #

    Mark... Why would I advise people to buy it from anywhere? Iraq has announced a number of times that they intend to lop 3 zeros and issue a new currency.
    Have you asked your bank if they will buy the currency back when Iraq announces the redenomination/lop?

  13. dale 18th February 2011 at 06:56 #

    how do I find more info on the issue of the term redenomination/lop,
    and where can I get more info on who and when did any government people talk about reenomation/lop ?

    thanks for your input


  14. Boardaj 22nd February 2011 at 08:13 #

    Just to put some perspective on this Stew - Of the 26 Trillion dinar that sits in the international market place, only 3% is owned by the "speculator/investor" - The rest is owned by governments, banks, corporations etc. Do you think that if a "Lop" was going to take place, that these guys would be so heavily invested? I have Currency portfolio contacts in a major bank who have personal investments of 15 million+ They know that Iraq can sustain an RV way above it's current value.
    The "new currency" is in fact smaller denominations, already printed by De La Rue. These will be circulated at the time the new rate is announced. I'm with the 97% in the know.

  15. Stew 22nd February 2011 at 10:07 #

    Dale… here is a link to a University of North Carolina study about redenominations/lops.
    Notice the title of the paper. “Dropping Zeros, Gaining Credibility”,10d74d1d&icp=1&.intl=us&sig=YFZoSOCPnYbyINs50_RmYg--

    Search the dinar forums, lots of articles mentioning redenomination and especially dropping or deleting 3 zeros. All of those articles are about redenominations/lop.
    The pumpers have taken those articles and twisted the meaning to be a big RV… which is preposterous… to claim the Gov is coming out and pre-announcing a 100,000% RV is insane. LOL… yet some fall for it. Proving the old saying… A fool and his money are soon parted.

  16. Llorenç Dasat 25th February 2011 at 01:12 #

    Porque sera que siempre en toda fiesta tiene que haber algun kabron que la joda. Que le importara a este tio ESTOFADO lo que yo haga con mi dinero, si tu no crees en la inversion de dinares o dices que es una estafa pues no la hagas ni des opiniones que ha nadie le importa excepto a ti, ni nadie te la ha pedido. No te gusta esta inversion...pues pierdete en el desierto del SAHARA.

  17. isiremy 27th February 2011 at 07:55 #

    Stew...have you invested in IQD (Iraqi Dinar)? I am just curious.

  18. Rana Tomaira 7th March 2011 at 19:50 #

    I don't understand why the Iraqi government is keen on becoming a permanent member in the WTO. What good will that bring Iraq, a country with a weak industrial and manufacturing base? Apart from oil, Iraq has very little to export. Studies on countries like that have shown that WTO accession increases imports and brings no benefits to the economy.

  19. woflinstein 15th March 2011 at 14:43 #

    it looks like we lost our money. The iqrai gov will not honnor their word. All investor should pull out their money. reinstate saction against iqra.

  20. woflinstein 15th March 2011 at 22:39 #

    If iqra is going to cross out three zeros. we are going to be lucky if we break even. If they break their word than i will make sure that no business will ever do business will iqra. I hear the news that they want to cut off three zeros. The irqi people have no honnor in life or death.

  21. Stew 17th March 2011 at 08:51 #

    "Honor their word"? "Break their word"? What are you talking about Wolf?
    Iraq has been saying since the summer of 2006 that they plan to redenominate the dinar and delete 3 zeros.
    The only people that have lied are dinar dealers and their scamming pumpers who've misinterpreted the articles, purposely no doubt, in order to sell more dinar.

  22. Stew 17th March 2011 at 08:56 #

    Here... from July of 2006.

    Iraq plans to revalue currency
    Posted on » Friday, July 07, 2006

    BAGHDAD: Iraq is considering redenominating the dinar, printing new banknotes to remove inflation-generated zeros from its currency, the finance minister said yesterday.

    Senior government and central bank officials have said the proposal has been under consideration for some time to make one new dinar equal to 1,000 current dinars, a move that would bring the currency closer to parity with the US dollar.

    Other nations that have been through rampant inflation have followed a similar course, notably Russia in the 1990s.

  23. Medicguy 26th March 2011 at 16:05 #

    Ok so let me understand this correctly. Lets say I buy 250,000 dinar right now. when the revaluation occurs in the comming weeks what is it likely to end up at?

  24. Frederick Johnson 30th March 2011 at 04:28 #

    I'm patiently awaiting patiently on the revaluation of the Dinar.

  25. Aran 1st April 2011 at 09:01 #

    Fredrick- let's say it goes up to 4.00US tomorrow, your investment would be worth 1 mil. You WIN!!

  26. Stew 3rd April 2011 at 16:28 #

    So Iran is now saying they will "delete 3 zeros"
    So is everyone ordering their Iranian Riyals so you can become mega millionaires when they do it?????

  27. Frederick Johnson 4th April 2011 at 03:09 #

    I received the reply on revaluation concern,it wasn't positively sure,but theoretically accepted.

  28. Rusty 11th June 2011 at 14:44 #

    listen to cnbc talk about dinar

    [Editor: this is an old interview from 2009]

  29. min 30th September 2011 at 17:39 #

    still waiting u RV !! come to papa !!!