More News, Rumors and Opinions Tuesday PM 10-22-2024
KTFA:
Clare: New Iraqi customs agreement opens door to huge trade growth
10/22/2024
Having acceded to the TIR Convention, Iraq is now poised to enhance its position in regional trade following the signature of a significant customs agreement.
The Republic of Iraq has achieved a key milestone with the signing of the Guarantee Agreement between the General Authority of Customs and the TIR national association. This agreement will pave the way for the implementation of the United Nations TIR transit system in Iraq.
The TIR system cuts border waiting times significantly by enabling goods to be shipped from a country of origin to a country of destination in sealed load compartments that are controlled by customs via a multilateral, mutually recognised system.
In essence, TIR allows trucks to cross borders efficiently – and securely – without having to queue for hours and days on end.
TIR also provides a financial guarantee, managed by IRU, for the payment of customs duties and taxes.
Iraq’s accession to the TIR Convention anchors its strategic role as a transit hub and supports the country’s economic vision to expand its non-oil sectors.
Globally recognised for its 75 years of high security standards and efficiency, the TIR system has been rapidly expanding in the Middle East. From Oman and the United Arab Emirates to Saudi Arabia, and most recently in Qatar, TIR is already reducing border-crossing times by up to 92% and costs by 50% while boosting trade in the region. LINK
************
Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man This is October 2024 and they still have yet to expose the 2024 investment side of the budget, yet they're talking about the 2025 budget now. [The 2024 budget] adjusted amendments haven't been published in the Gazette just yet. Hopefully they'll expose that at any time.
Frank26 [Iraq boots-on-the-ground report] FIREFLY:Mr Sammy [Iraqi bank manager friend] wants you to know one of the things they strongly talk about is that currency flotation, and stop the currency auctions, it will be a big solution to help end the black market. FRANK: The currency flotation will be big to end the black market because the CBI auctions, let's say that would be to the left, but no more. That road to the left has been shut down...So which way can it go? Only to the right. What is to the right? An international float. If it has an international float it's going to go up in value because everybody's going to use it buying, selling, trading with the currency adds value as it goes into the float.
************
TNT:
Tishwash: Minister of Communications: We will start negotiating with international companies to operate the fifth generation of mobile phones
Minister of Communications Hiyam Al-Yasiri explained the contents of the Cabinet’s decision to negotiate with international companies on fifth-generation technology. While confirming that the ministry will proceed with this, she explained that it will include the national license that the ministry is working on, revealing positives related to internet speed, electronic payment services, and cybersecurity.
Al-Yasiri said in an official statement, followed by "Al-Eqtisad News", that "today the Council of Ministers took an important decision regarding the national mobile phone license, as the Council of Ministers had previously issued a decision to grant the license for the mobile phone opportunity with fifth-generation technology to the Ministry of Communications to establish a government company and launch a government license with modern technology
And today, after efforts that lasted several months, the Council of Ministers issued a decision to form a direct negotiation team with global operators and authorize the team to negotiate directly in person with a number of global operators with experience, competence and specialization in the field of the national license with fifth-generation technology, as well as those who have extensive experience and those who have the desire to work in Iraq and those who have experiences in Middle Eastern countries."
She added, "The decision authorized the Ministry of Communications to negotiate with these international companies to choose the best of them, as well as to provide financial support to prepare the preliminary procedures for launching the project, which will be completed, God willing, in the coming months. Iraq, thank God, and with the strenuous efforts of the National Services Government, succeeded in convincing international operators to work in Iraq, as it is an attractive environment for investment and supports foreign investors, and provides investors with all the possibilities for success, developing Iraqi infrastructure, and providing the best services to citizens.
We succeeded in convincing a number of international operators who are among the first class in terms of experience and specialization, and the global name. On the other hand, during that period, we were also in direct contact with the Communications and Media Commission to prepare the technical requirements necessary to launch the license, and the Commission is still carrying out some procedures in terms of calculating the license price, determining frequencies, etc., and in a continuous and strenuous effort in this field. On the other hand, we worked with the Retirement Fund and the Guarantee Fund to secure the necessary funding for the project, ensuring that a wide segment of the Iraqi people benefit from the revenues of this project."
She added, "This project is distinguished by the fact that for the first time in the history of Iraq, there will be a government mobile license with modern technology, which is the fifth generation technology, which differs from the current fourth generation technology and previous generations in terms of providing very high internet speeds, as well as other advanced services that support digital transformation, cybersecurity, artificial intelligence, and others. In addition, this license is distinguished from all licenses currently operating in Iraq in that its revenues return entirely to the state in reality, and it will be directed towards maximizing the state's financial resources in order not to keep oil as the only primary source of income for the Iraqi state. Today, most countries in the world have begun to move towards launching government licenses in order to maximize their revenues and increase the state's resources through the communications sector. Iraq was also one of the pioneering countries in this, and in reality, there is great support from the Prime Minister and daily follow-up."
The Council of Ministers decided today, Tuesday, that in order to proceed with the procedures for implementing the national mobile phone license project, the Council decided to form a team headed by the Minister of Communications to negotiate with global operators from reputable international companies, with experience and competence in the field of building, operating and managing mobile phone networks with fifth generation technology (5G), who have expressed interest and desire to work in Iraq, and to choose the best in terms of the global brand and the breadth of work experience in the Middle Eastern countries, and other selection quality criteria. link
************
Goodbye, dollar dominance: BRICS plans 'multi-currency system' to transform global financial order
Geo Flux: 10-22-2024
BRICS nations are making bold moves to challenge the dollar's dominance in global finance. The recent introduction of the BRICS Pay Card and upcoming summit in Kazan signal a push towards a multi-currency system.
This initiative aims to reduce dependence on the US dollar and create a more equitable global financial order. The proposed system would allow BRICS countries to trade in their local currencies, potentially saving billions in conversion fees and reducing vulnerability to US sanctions.
Central Bank Digital Currencies (CBDCs) are expected to play a crucial role in this new financial architecture. However, challenges remain. Technical hurdles, regulatory complexities, and geopolitical tensions could impede progress.
Despite these obstacles, the BRICS proposals represent a significant shift in global economic power dynamics, with far-reaching implications for international trade, developing economies, and the future of finance.