U.S. official: Iraq may join WTO by end-2011

U.S. official: Iraq may join WTO by end-2011
Source: Reuters - 22/11/2009


A U.S. official said Iraq had to join the WTO by the end of 2011 if diligently sought for membership that may help reconstruction efforts through the promotion of trade and investment.

Iraq has begun the process of accession in 2004, however, has taken only initial steps required by the membership. Iraq may also receive limited benefits, given that Iran is one of its major trading partners are not a member of the Organization.
But Larry Morgan, director of international trade, trade the draft of the U.S. Agency for International Development said that some Iraqi ministries such as Ministry of Finance is keen to win membership of the organization as it would boost trade and increase the revenues of customs duties.

The draft and trade advice to the Iraqi Trade Ministry in matters relating to the WTO.

And Morgan said, "As is clear the process is very slow but they are not too far from the track .. I think that if they have made a reasonable effort expected of them will be able to join the end of 2011. This is the earliest possible date."

He pointed out that joining the WTO would increase the chances of Iraq to obtain imported goods and the introduction of standardization and quality control and pave the way for the practice of customs chaotic and less bureaucratic.

And Morgan said, "will allow the Iraqi Customs to join the developed world .. for men and women, Iraqi businessmen the country has one of the worst records in terms of time required for the import and export of goods."

He added that foreign businessmen will feel more protection before venturing into the Iraqi market and to support Iraq's efforts to develop tourism and financial services sectors.

But analysts warn that Iraq will not likely to diversify its economy to include activities other than oil - which already generates 95 percent of government revenues - and that red tape and political debate are delaying many projects on time.