Iraq Economic News and Points To Ponder Wednesday Afternoon 12-2-25
Iraq Embarks On A New Partnership With The United Nations Immediately After The End Of UNAMI's Mission.
December 3, 2025 Washington – Morsi Abu Touq Iraq is preparing to close one of the most prominent UN files, with the end of the UNAMI mission, opening the door to a new partnership phase with the United Nations based on development cooperation instead of political oversight.
Iraq’s Permanent Representative to the United Nations in New York, Ambassador Luqman Faily, stated in his address to the Security Council yesterday that “UNAMI was not merely a special political mission, but a dynamic, influential, and effective mission that was able to adapt and redirect its course to meet Iraq’s changing needs as it began to recover and transition to a self-reliant state.”
He added that “the mission’s activities have witnessed a remarkable shift in recent years, focusing on supporting government ministries in aligning national development goals with the UN’s 2030 Agenda for Sustainable Development.”
He emphasized that “cooperation between the two sides contributed to Iraq’s transition from crisis management to long-term development planning.”
He noted that “Baghdad looks with gratitude upon its history of cooperation with UNAMI and is proud of the successful partnership that has united the two parties, and that the end of the mission’s mandate represents the beginning of a new phase in the relationship through joint programs that support the path to sustainable development.”
Faily explained that “these programs are fully consistent with Iraq’s pursuit of expanding the frameworks of balanced international cooperation in line with its national priorities in administrative and economic reform and capacity building.”
He expressed Iraq’s aspiration for a new sectoral cooperation relationship with the United Nations based on a balanced partnership. (and mutual respect). For his part, the Special Representative of the Secretary-General of the United Nations in Iraq,
Mohammed Al-Hassan, during his briefing to the Security Council, suggested that the formation of the new Iraqi government would not be delayed, expressing his hope that the outstanding issues between the governments of Baghdad and Erbil would be resolved before the end of UNAMI’s mandate on December 31.
Al-Hassan confirmed that “this briefing is the last before the mission’s end,” stressing that “UNAMI’s departure does not mean the end of UN cooperation in Iraq, but rather the beginning of a new chapter.”
He emphasized that “Iraq has triumphed over terrorism thanks to its people and international support, and has succeeded in holding transparent elections with a high voter turnout, and has shown a clear commitment to repatriating its citizens from Al-Hol camp.”
He added that he “expects the formation of the new government to be swift,” noting that “Iraq has overcome difficult circumstances on its path to stability.” He expressed his hope that “the outstanding issues between the central and regional governments will be resolved.”
Al-Hassan expressed his “concern about attacks on vital facilities and installations, including the recent attack on the gas field in the Kurdistan Region,” calling for “the need to track down those responsible for the incident and bring them to justice.”
Al-Hassan congratulated “Iraq on its election as a member of the UN Human Rights Council,” adding that “this development reflects the international community’s confidence in Iraq’s political and human rights trajectory.”
Meanwhile, caretaker Prime Minister Mohammed Shia al-Sudani emphasized his commitment, since assuming office, to building friendships that serve the country. In a post on the X platform yesterday, al-Sudani wrote, "Since taking on responsibility, I have been keen to build friendships that serve Iraq."
He added, "I realized from the beginning that friendships, not enmity, are what guarantee our country's stability, growth, and prosperity." Earlier, US President Donald Trump had stated that since the destruction of Iranian nuclear facilities, Iraq has become a completely different country, and its relations with the United States have improved. LINK
General Authority Of Customs: Our Current Procedures Are Now In Line With International Standards
Baratha News Agency1682025-12-03 The General Authority of Customs confirmed on Wednesday that Iraq is implementing WCO and WTO standards and is moving towards active international membership, while indicating that current procedures have become in line with international specifications.
The director of the Customs Automation and Modernization Project, Muhammad Mazen, told the official agency that "the ASYCUDA program was established by the United Nations, and now we are open to all international organizations," noting that "the most important achievement of the program is that current procedures have become in line with the international specifications set by the World Customs Organization (WCO) and the World Trade Organization (WTO)."
He added that "Iraq is currently implementing all the required standards, and communication with those organizations has become direct," stressing that "work is underway to move towards Iraq becoming an active member of the World Customs Organization in the coming period."
Mazen also explained that "the documents issued by the ASYCUDA system are considered global standard documents, which paves the way for facilitating communication with international organizations and making procedures more streamlined during the next phase." https://burathanews.com/arabic/economic/468509
US Deputy Secretary Of State To Barzani: Opening The Largest Consulate Means "Our Support For A Strong And Stable Kurdistan"
Baratha News Agency150 2025-12-03 The President of the Kurdistan Democratic Party, Masoud Barzani, met today, Wednesday, in Erbil with Michael Regas, the US Deputy Secretary of State.
A statement from the Democratic Party said that the US Deputy Secretary of State expressed his pleasure at visiting the Kurdistan Region and congratulated Barzani on the success of the parliamentary elections, as well as the victory achieved by the Democratic Party in the electoral process.
According to the statement, the American official also expressed "gratitude for Barzani's role and position in the progress of the Kurdistan Region, in confronting terrorism, and in protecting the stability and security of the region."
The US Deputy Secretary of State affirmed the continuation and expansion of bilateral relations between the United States and the Kurdistan Region in all areas, describing the opening of the largest US consulate in Erbil as an important step, stressing that the opening of the largest consulate in the Kurdistan Region is a clear message that the United States stands with a strong, stable, secure and prosperous Kurdistan Region.
He pointed out that "the security and stability of the region is important for the entire Middle East region, and that the United States supports the region in this regard."
The American official, in his remarks, strongly condemned the attack on the Kormor field, demanding an end to these acts of sabotage.
For his part, Barzani described the opening as "a historic day in relations between the United States and the Kurdistan Region with the opening of the largest American consulate in the region."
In another part of his speech, Barzani highlighted a history of persecution suffered by the people of Kurdistan at the hands of successive regimes in Iraq, explaining that “the opportunities that were made available to the people of Kurdistan during the uprising, and the role played by the United States and the Security Council in establishing a no-fly zone to protect Kurdistan, enabled the region to seize this opportunity and build a democratic process through elections, and the formation of the government, parliament and institutions of the Kurdistan Region.”
Barzani touched on the important role played by the United States in the war against ISIS terrorists, stressing that the Kurdistan Peshmerga forces made great sacrifices and a large number of martyrs in that war, but without the support of the United States, the losses would have been much greater.
Barzani praised the important role of the United States in the region, expressing the thanks and appreciation of the people of Kurdistan to the United States. He emphasized that the people of Kurdistan are a loyal people and feel grateful for the solidarity and support that America has provided them. He also expressed his support for strengthening and consolidating relations between the two sides in various fields. https://burathanews.com/arabic/news/468516
Dollar Prices Fall As The Iraqi Stock Exchange Closes
Stock Exchange The exchange rate of the US dollar against the Iraqi dinar fell in Baghdad and Erbil markets on Wednesday evening, coinciding with the close of trading.
In Baghdad, the selling price was 143,000 dinars per 100 US dollars, while the buying price was 142,000 dinars per 100 US dollars.
In Erbil, the selling price was 141,650 dinars per 100 US dollars, and the buying price was 141,550 dinars per 100 US dollars. https://economy-news.net/content.php?id=63007
Basra Crude Falls Amid Global Decline In Oil Prices
Economy | 03/12/2025 Mawazin News - Baghdad: Basra crude oil prices, both heavy and medium, fell on Tuesday, mirroring the decline in global oil prices.
Basra Heavy crude dropped 48 cents, or 0.79%, to $60.29, while Basra Medium crude fell 48 cents, or 0.77%, to $62.40.
Oil prices continued their decline in early trading on Wednesday due to weak demand and ample supply, as investors awaited the outcome of US-Russian peace talks aimed at ending the conflict between Ukraine and Russia.
https://www.mawazin.net/Details.aspx?jimare=271096
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com