(Translation) IBC Hosts an Economic Symposium under Heading “Iraq & World Trade Organization

Among IBC Economic Activities, IBC hosted on Monday December 11th 2017 an economic symposium under the title “Iraq & the World Trade Organization (WTO) : Between the Current Economy Reality & the Joining Aspirations” on the sidelines of the signing ceremony of Author Atheer Hilal Al-Duleimi’s book “System of the World Trade Organization WTO & Its Role in International Trade Freedom”.

At the beginning of the ceremony, IBC academic advisor Dr. Muhammad Al-Baldawi welcomed the present guests and lauded the efforts of IBC to embrace scientific, artistic and literary innovators and its keenness to always be rich with ideas, followed by Dr. Al-Baldawi’s presentation on Mr. Al-Duleimi’s book “System of the World Trade Organization & Its Role in International Trade Freedom” consisting of 250 pages and five chapters where the author toured between globalization, international organizations, international trade law, treaties and economic and legal exchanges.

The book presented eight results in which Mr. Al-Duleimi proposed redrafting of laws and seeking assistance of specialists concerned with economy.

In his book, the researcher outlined his vision in line with the spirit of the era mainly the significant partnership between the private and public sectors, privatization and keeping pace with modern technology.

The researcher pointed out that there are certain serious institutions that have undertaken to contribute to the development of intellectual dimensions of economic and investment theories among which are IBC and other economic institutions.

After that, Dr. Talal Abu Ghazala congratulated the Iraqi people on his victory over the forces of evil (Daesh), stressing Iraq’s significant role being the backbone of the Arab Nation, then tackled the project of Iraq’s joining the World Trade Organization (WTO), stressing that once the Iraqi government decides to join WTO as a member and not an observer, it should form a negotiating delegation comprising of a special team of decision makers in matters of economy and knowledge.

The proposed negotiating delegation should be headed by a delegation of the Iraqi government.

The idea of joining WTO is a necessity embodying  many features benefiting Iraq once it is concluded correctly.  When making his comments, IBC Vice Chairman and Secretary General Mr. Saad Naji thanked the audience and lauded Dr. Abu Ghazala’s keenness to participate in IBC activities and considered the book with its simple language an important reference on the System of the World Trade Organization.

Mr. Naji spoke about the epilog where the researcher concluded that the developing countries should ponder on the idea of joining WTO and that this idea must be preceded by reforms to those countries’ economies.

Dr. Naji concluded his discussion by wondering about the benefits that Iraq would gain from joining WTO especially if Iraqi industries and agricultural production are unable to compete with other countries’ products and the method of preventing overflowing the Iraqi markets with foreign products when Iraq joins WTO.

After that, researcher Al-Duleimi reviewed the most important points contained in his book such as WTO role in the growth of international trade and helping the international trade to establish a prosperous world order with the objective of establishing an economic system by means of providing guarantees and trust, working on raising the standard of living and raising levels of the state’s national income through proper streamline, processing of transactions and trade exchange between the countries which lead to raising the level of national income and providing higher per capita income and unemployment elimination.

In response to Mr. Naji’s question, Mr. Al-Duleimi said that Iraq’s problem lies in its being a petroleum country where 60% of the gross domestic production depends on the production of oil, and the country’s exports of crude oil and its revenues constitute the maximum semi absolute ratio of the gross exports and revenues of the general budget, and that WTO excludes crude oil for being a one of the internationally traded commodities, which matter hinders Iraq from joining WTO.

IBC Chairman Dr. Majid Saedi expressed his support to the idea of the Iraqi private sector accompanying government delegations, lauding the Iraqi government’s invitation extended to the Iraqi private sector to take part in the delegation that would visit the Kingdom of Saudi Arabia during the coming two weeks which is a qualitative move taken by the Iraqi government to promote its economy.

At the end of the meeting, the Iraqi researcher Atheer Al-Duleimi signed his book and dedicated to the audience.  The meeting included discussions with the audience, and was attended by IBC Chairman, Board members and IBC members, Head of Jordan Chamber of Commerce Mr. Adnan Abu Al-Raghib, Chairman of the National Iraqi Business Council Mr. Daoud Abid Zayer, Minister Plenipotentiary Mr. Mustafa Al-Imam, Iraqi Consul Mr. Odai Al-Assad, the Iraqi Cultural Attaché Dr. Haider Al-Saadi, a large number of diplomats of the Iraqi Embassy, a crowd of economists and academics, in addition to a crowd of representatives of media and satellite TV channels.

On behalf of IBC, Iraqi artist Ibrahim Al-Abdali presented a painting about the city of Jaffa to Dr. Abu Ghazala, being Dr. Abu Ghazala’s birthplace, in appreciation of Dr. Abu Ghazala and an expression of pride in this glorious city.

The entire meeting was broadcasted live on Talal Abu Ghazala’s Radio for Business and Culture.