Minister of Commerce confirms the need for a new law to regulate trade in Iraq

The Minister of Trade Khairallah Hassan Babiker, on Wednesday, the need for a new law to regulate trade in Iraq, saying that the old includes several ramifications can not work out.

Said Babiker said in a statement released today, “The Ministry of Commerce has a special program operates according to his plans and vision, a program that works to regulate trade within the country and needs to be law,” stressing that “the old law is no longer relevant because it contains the ramifications can not work in it. ”

Babiker explained that “among those ramifications execution trader who imported materials from outside the country and does not contain good specifications and this is not possible at the present time.”

He added Babiker that the “circle of commercial control of the ministry collected the applicable laws of neighboring countries and that fit with Iraq’s environment in addition to quote old laws which favor the ministry and citizens alike to regulate trade,” noting that “The ministry plans to send it to the Council of Ministers and the Economic Commission in order to be place in it. “

He said Babacar in another context that “the Ministry of Commerce called the Federation of Chambers that nominates a number of employees within the registrar of companies in the ministry and convenience for citizens and this is what has been working the road, as well as the establishment of a branch of the Rasheed Bank to facilitate open a bank account for companies. “

It is noteworthy that Prime Minister Nuri al-Maliki described in (1 November 2012), the Iraqi economy to “strong and solid”, while pledged to amend the investment law if blocked entry of foreign capital, demanded the Ministry of Commerce sent a letter to the world for growth processes taking place in the economy.