America and Iraq are close to trade and investment agreement after eight years of negotiation

America and Iraq are close to trade and investment agreement after eight years of negotiation

FRIDAY, 08 MARCH / MARCH 2013 09:06

Twilight News / said the U.S. Trade Representative’s office said an agreement between the United States and Iraq to promote trade and investment links are expected to come into force later this year after eight years of negotiation.

The increasingly active U.S. companies operating in the sectors of energy, defense and information technology, automotive and transportation in Iraq, which the United States invaded 10 years ago.

And the United States negotiated and Iraq on a framework agreement for trade and investment (TIFA) in 2005 to set up a forum that brings together the two governments to discuss how to increase trade and investment flows between the two countries.

He said U.S. Trade Representative Ron Kirk “after an exchange of diplomatic notes put into practice Teva later this year, the first meeting of the Joint Council for bilateral consultations on issues of trade and investment can be held in 2014.”

The volume of bilateral trade between the United States and Iraq last year’s 21.3 billion, including $ 2.04 billion in U.S. exports to Iraq while the value of Iraqi exports to the United States, which is dominated by $ 19.3 billion of oil.

In another step aimed at strengthening trade ties between the United States and the Muslim world Kirk announced plans that would allow for more Egyptian companies qualifying for the exemption of exports to the United States of tariffs as long as the use inputs from Israel.

Kirk said he planned to expand the rating of “Qualified Industrial Zones” menu in Egypt, including making all existing production facilities and future in those areas eligible for exemption exports to the United States from customs duties.

He added that “Egypt and Israel’s desire to add new features to their joint QIZ highlights the success of the program in promoting closer links between people, businesses and governments of these two countries.”

MVA

shafaaq.com