Iraqi News Highlights Monday Evening 6-19-23
Tlm724 Administrator Bondlady’s Corner
Adviser To The Prime Minister Recommends Activating A Legal Text To Prevent Monopoly And Control Prices
Economy 06-18-2023, Baghdad – Conscious – Nassar Al-Hajj Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, recommended the need to activate the Anti-Monopoly and Competition Law of 2010 to prevent monopoly and control prices, while noting that what he called the dark market dominates more than 60% of private sector activities. Salih told the Iraqi News Agency (INA), “The Iraqi market suffers from a phenomenon called market deficiencies, in which the level of available supply of goods and services is insufficient to meet consumers’ needs and desires, as a percentage of potential demand is met, which leads to price disturbances that lose economic stability its objective conditions.” And it causes the emergence of dangerous monopolistic centers.”
He added, “The dark-colored or unofficially defined market dominates more than 60% of the private sector’s activities, a phenomenon that threatens price stability and leads to disturbances in the organization of storage and the quality of supply, as well as the rapid birth of monopolies, causing great damage to the organization of economic life.”. ‘
He continued, “The House of Representatives approved in 2010 (Law on Competition and Prevention of Monopoly) No. 14, which aims to regulate competition and prevent monopolistic practices harmful to society by investors, producers, marketers, or others in all economic activities.”
He pointed out that “the law did not take its course in implementation due to the dangerous influence of commercial liberalism, the unregulated commercial market, and the loss of many of its conditions by market institutions, especially the broad regulation of commercial companies,” noting that “the law emphasizes ensuring freedom of competition and preventing monopoly in markets, and creating an incentive to reduce Cost, price and quality improvement in relation to the goods and services offered in the market,
which leads to the encouragement and development of the private, mixed and public sectors in support of the national economy and the good flow of goods and services, and at the same time
there is a complete absence of the application of the text of Article 4 of the law related to the establishment of the Competition Affairs and Monopoly Prevention Council. And he indicated that
“the Council for Competition and Anti-Monopoly Affairs lies in its importance for essential tasks, foremost of which is preparing the general plan for competition and preventing monopoly, applying legislation related to competition and preventing monopoly with the relevant authorities, and working to spread the culture of competition and preventing monopoly, protecting and encouraging it, as well as working to investigate information and practices that violate the rules Competition and preventing monopoly in cooperation with the relevant authorities in accordance with the provisions of the legislation, and conducting investigations into the practices that it reveals or based on the complaints and news it receives or those that come at the request of the court and preparing reports on its results.
He stressed that “the council is also responsible for issuing a guide on everything related to issues of monopoly, merger and restricted commercial practices, as well as
seeking help from experts or consultants to complete any of the works that fall within its competence, and coordination and cooperation with similar bodies outside Iraq in the field of exchanging information and data and
what is related to the implementation of competition rules and preventing Monopoly within the limits permitted by international treaties, on the condition of reciprocity, and submitting an annual report to the Council of Ministers on the status of competition and preventing monopoly.
He pointed out that “work must be done to put the law into effect, starting with announcing the formation of the Competition Affairs and Monopoly Prevention Council, in accordance with what was stipulated in Law No. 14 of 2010.” https://www.ina.iq/187749–.html
The Minister Of Commerce Announces That Iraq Will Pay The Sums Of Its Membership In The World Trade Organization (WTO)
political| 10:01 – 06/19/2023 Baghdad – Mawazine News Trade Minister Atheer Daoud Al-Ghurairy announced the completion of technical and logistical procedures to pay the sums owed by Iraq to the World Trade Organization (WTO).
The ministry stated, in a statement that Mawazine News received a copy of, that “the Department of Foreign Economic Relations, in coordination with the administrative and financial department in the ministry, and with exceptional efforts, was able to complete all procedures related to the payment of sums owed by Iraq in favor of the organization, for its membership in it as an observer, since the contribution has accumulated.”
For previous years, as a result of the delay in approving the general budget for Iraq, in addition to reducing its percentage due to the austerity measures followed since 2018.
The statement added, “The Minister of Commerce and Chairman of the National Committee on Iraq’s accession to the organization had issued directives to give the issue the utmost importance.”
For his part, the Director General of the Department of Relations in the Ministry, Riyad Al-Hashemi, emphasized addressing the concerned authorities with the need to resolve the file and implement the recommendations of the Diwani Order Committee No. 6 of 2022 regarding financial contributions to international and regional organizations, in addition to the fact that
this issue is consistent with the paragraphs of the government curriculum that gave priority to cooperation with organizations. International is of particular importance because of its widespread influence on the global economy.
He pointed out that “his department gave the WTO file a special importance within its plan prepared for the coming period, which supervises the implementation of the part related to it by the WTO department by coordinating the efforts of all government sectors to serve the interest of Iraq and its position.”
https://www.mawazin.net/Details.aspx?jimare=229677
Iraq’s Gas Reserves Are Equivalent To What It Has Imported Annually For 200 Years
economy |Yesterday, |Baghdad today – Baghdad Today, Sunday, the expert on oil affairs, Kovind Sherwani, revealed Iraq’s reserves of natural gas and the importance of investing it during the next stage. Sherwani told (Baghdad Today) that
“Iraq has huge reserves of natural gas amounting to more than 130 trillion cubic feet,” pointing out that
“production is very little, and therefore Iraq needs to import more Iranian gas despite the existence of this large reserve.” very”.
He added, “The completion of some gas investment projects brings Iraq, and during the next two years, to the stage of self-sufficiency in gas,” stressing that “this step will save billions of dollars for the state treasury, which makes Iraq able to operate all its basic electrical stations.”
And he indicated that “although Iraq ranks 11th in the size of its gas reserves, it still imports it, and this is an indication of mismanagement in the gas file over the past years, with the presence of influential parties that impede any development in the natural gas investment file.”
And on increasing oil production, the expert on oil affairs confirmed that “there is a real tendency for Iraq to increase oil production,” especially since “Iraq relies entirely on selling oil to finance its budget.”
He concluded by saying, “Iraq would like to increase its production in order to increase exports in the coming years,” noting that “the current reduction in exports is temporary and for a specific stage.”
Iraq relies on Iranian gas to operate electric power plants, and the former Iraqi Minister of Electricity, Adel Karim, had confirmed the need for Iranian gas for a period between 5 and 10 years.
For his part, Iranian Oil Minister Javad Oji announced the extension of his country’s gas exports to Iraq for the next five years, after the arrival of gas was delayed for more than two months, due to “gas pipeline maintenance,” which led to a reduction in Iran’s gas exports to Iraq.
And Prime Minister Muhammad Shia’a al-Sudani had previously confirmed that Iraq would depend on associated gas to provide the internal need for gas used in generating electric power.
https://baghdadtoday.news/224194-احتياطي-العراق-من-الغاز-يعادل-مايستورده-سنويًا-لـ200-عام.html
Iraq’s Gas Reserves Are Equivalent To What It Has Imported Annually For 200 Years
Economy |Yesterday, 16:29 | Baghdad today – Baghdad Today, Sunday, the expert on oil affairs, Kovind Sherwani, revealed Iraq’s reserves of natural gas and the importance of investing it during the next stage. Sherwani told (Baghdad Today) that “Iraq has huge reserves of natural gas amounting to more than 130 trillion cubic feet,” pointing out that “production is very little, and therefore Iraq needs to import more Iranian gas despite the existence of this large reserve.” very”.
He added, “The completion of some gas investment projects brings Iraq, and during the next two years, to the stage of self-sufficiency in gas,” stressing that “this step will save billions of dollars for the state treasury, which makes Iraq able to operate all its basic electrical stations.”
And he indicated that “although Iraq ranks 11th in the size of its gas reserves, it still imports it, and this is an indication of mismanagement in the gas file over the past years, with the presence of influential parties that impede any development in the natural gas investment file.”
And on increasing oil production, the expert on oil affairs confirmed that “there is a real tendency for Iraq to increase oil production,” especially since “Iraq relies entirely on selling oil to finance its budget.” He concluded by saying, “Iraq would like to increase its production in order to increase exports in the coming years,” noting that “the current reduction in exports is temporary and for a specific stage.”
Iraq relies on Iranian gas to operate electric power plants, and the former Iraqi Minister of Electricity, Adel Karim, had confirmed the need for Iranian gas for a period between 5 and 10 years.
For his part, Iranian Oil Minister Javad Oji announced the extension of his country’s gas exports to Iraq for the next five years, after the arrival of gas was delayed for more than two months, due to “gas pipeline maintenance,” which led to a reduction in Iran’s gas exports to Iraq.
And Prime Minister Muhammad Shia’a al-Sudani had previously confirmed that Iraq would depend on associated gas to provide the internal need for gas used in generating electric power.
https://baghdadtoday.news/224194-احتياطي-العراق-من-الغاز-يعادل-مايستورده-سنويًا-لـ200-عام.html
The Possible Economic Effects Of The Iranian-American Agreement On Iraq (Details)
Economy |06-17-2023, 11:26 | Baghdad today – Baghdad Economic expert Nabil Al-Marsoumi explained today, Saturday, the possible economic effects on Iraq after the Iranian-American agreement.
Al-Marsoumi said in a post that I followed (Baghdad Today) that “there are many indications that the announcement of an interim agreement between Iran and the United States will soon be announced, after the International Atomic Energy Agency announced the resolution of outstanding issues with Iran related to uranium enrichment rates that reached 83%, as well as issues related to the discovery of nuclear activities.” nuclear weapons at some undeclared sites by Iran.
He pointed out that “this means that the contentious issues between Iran and the agency have been resolved,” noting that “any US-Iranian agreement would lead to an increase in Iranian oil production and exports between half a million and one million barrels per day, which would lead to a decrease in oil prices.” And that will negatively affect oil revenues in OPEC countries, including Iraq.”
He continued, “But on the other hand, if this agreement leads to the abolition of restrictions on bank transfers in dollars to Iran, this will lead to a significant improvement in the exchange rate of the dinar against the dollar, and
the parallel exchange rate will come very close to the official rate as a result of the shift in the payment of Iranian merchants’ dues from cash dollars to remittances.” banking”.
And he indicated that “it will also result in an increase in Iranian gas releases to Iraq, as the agreement will lead to the possibility of paying Iran’s debts to Iraq in dollars.”
Earlier, media sources announced an imminent agreement between the US and Iran regarding the nuclear file. https://baghdadtoday.news/224112-الآثار-الاقتصادية-للاتفاق-الإيراني–-الأميركي-المحتمل-على-العراق-(تفاصيل).html
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