Shwan Ibrahim Taha
Shwan Ibrahim Taha Image Credit: Supplied

Iraq has confirmed that it has fulfilled the requirements for joining the World Trade Organization (WTO) after implementing economic reforms and improving the business environment. Iraq submitted its request to join the WTO back in 2004. The Iraqi Minister of Trade, Atheer Al-Ghurairi, affirmed that Iraq has met the necessary conditions for WTO membership following the completion of economic reforms and the enhancement of the investment climate.

The Iraqi Trade Minister made these remarks during his participation in the 13th Ministerial Conference of the WTO held in the UAE capital, Abu Dhabi.

Shwan Ibrahim Taha, an expert in Iraq’s finance and investment affairs, stated, “Iraq's business sector needs significant reforms and changes to boost its private sector, which still lags behind despite the opportunities and resources available in the country.”

“To comply with WTO rules, Iraq must align its trade policies with international standards. This process not only enhances the efficiency of domestic industries but also attracts foreign investments. Investors have more confidence in transparent and consistent regulatory environments, something Iraq's SMEs desperately need.”

WTO membership promotes transparency and predictability in trade relations. The organization provides a rules-based system that ensures fair competition. By adhering to established trade norms, countries can resolve disputes through the WTO's dispute settlement mechanism, ensuring a level playing field for all members.