16 November 2010Australia supports Iraq WTO membership
An Iraqi ministry has said that Australia supports its quest for World Trade Organisation membership, according to NINA.
WTO membership will significantly boost investment in Iraq as well as increasing its access to goods and services due to fewer restrictions from WTO member countries.
WTO membership takes almost as long to attain as agreement at a UN meeting. Iraq submitted its application to join in 2004, and it met with the WTO’s working party for Iraq for the first time to discuss the application in 2007. It took Saudi Arabia ten years before its application was granted finally in 2005.
It’s not all bureaucracy that makes the process so slow, by any means. To gain WTO membership there are hundreds of pieces of legislation that a country needs to pass and put into practice, so that it conforms to the standards that make international business easier and more trustworthy.
As Australia and Iraq sign memoranda of understanding to improve trade and investment, the Iraq Ministry of Commerce said: “The meetings included research…in order to activate the memoranda of understanding and urged Australian companies to take advantage of employment opportunities and the huge investment available in Iraq.”
“The Australian side expressed its readiness to support Iraq in building human capacity through intensive training courses. Australia’s support for Iraq in the process of joining the World Trade Organization also showed its great support in the ideas the Iraqi side.”
http://www.iraq-businessnews.com/2010/11/16/australia-supports-iraq-wto-membership/
