Thread: Iraq/Dinar News. 09/05 to 01/14/07

I love it! This is the baby to keep an eye on for Monday..........


20 november beginnen handelsbesprekingen met Irak (en)


Taal: en - Engels
Met dank overgenomen van EU Press Room, gepubliceerd op 20 november 2006.
On 20 November, the Commission and the Iraqi government will launch the negotiations for a Trade and Cooperation Agreement between the EU and Iraq. This first round of negotiations will be kicked off by Commissioners Ferrero-Waldner and Mandelson, on behalf of the Commission, and by Barham Salih, Iraqi Deputy Prime Minister for Economic Affairs, on behalf of Iraq. By entering into contractual negotiations with Iraq, the Commission aims to:
Facilitate Iraq’s engagement with the international community and with the EU in particular, to the benefit of the internal and regional stabilisation process.
Stimulate and anchor ongoing institutional and socio-economic reforms at both policy and operational levels, favouring an inclusive reform mechanism at a crucial historical moment for the country;
Contribute to the socio-economic development of Iraq and to the improvement of living conditions in the country;
Promote bilateral trade relations in accordance with WTO principles based on the expansion of harmonious economic relations between the parties; and
Ensure a minimum level of predictability, transparency and legal certainty for economic operators.
The objective of entering into contractual relations with Iraq was set out in the Commission Communication “The European Union and Iraq: a strategy for engagement” of June 2004. This strategy envisages that the EU should put forward a framework for progressively closer relations with Iraq at a pace determined by the progress achieved in the political process.
The events:
First round of negotiations with Iraq for a Trade and Cooperation Agreement will be held in Brussels. After the meeting, there will be a VIP corner at the Berlaymont.
The sources:
http://ec.europa.eu/comm/external_relations/iraq/doc/com04_417_en.pdf
http://ec.europa.eu/comm/external_relations/iraq/doc/com04_417_fr.pdf
European Commission website:
The EU's relations with Iraq - Overview

Originally Posted by Adster

I love it! This is the baby to keep an eye on for Monday..........


20 november beginnen handelsbesprekingen met Irak (en)


Taal: en - Engels
Met dank overgenomen van EU Press Room, gepubliceerd op 20 november 2006.
On 20 November, the Commission and the Iraqi government will launch the negotiations for a Trade and Cooperation Agreement between the EU and Iraq. This first round of negotiations will be kicked off by Commissioners Ferrero-Waldner and Mandelson, on behalf of the Commission, and by Barham Salih, Iraqi Deputy Prime Minister for Economic Affairs, on behalf of Iraq. By entering into contractual negotiations with Iraq, the Commission aims to:
Facilitate Iraq’s engagement with the international community and with the EU in particular, to the benefit of the internal and regional stabilisation process.
Stimulate and anchor ongoing institutional and socio-economic reforms at both policy and operational levels, favouring an inclusive reform mechanism at a crucial historical moment for the country;
Contribute to the socio-economic development of Iraq and to the improvement of living conditions in the country;
Promote bilateral trade relations in accordance with WTO principles based on the expansion of harmonious economic relations between the parties; and
Ensure a minimum level of predictability, transparency and legal certainty for economic operators.
The objective of entering into contractual relations with Iraq was set out in the Commission Communication “The European Union and Iraq: a strategy for engagement” of June 2004. This strategy envisages that the EU should put forward a framework for progressively closer relations with Iraq at a pace determined by the progress achieved in the political process.
The events:
First round of negotiations with Iraq for a Trade and Cooperation Agreement will be held in Brussels. After the meeting, there will be a VIP corner at the Berlaymont.
The sources:
http://ec.europa.eu/comm/external_relations/iraq/doc/com04_417_en.pdf
http://ec.europa.eu/comm/external_relations/iraq/doc/com04_417_fr.pdf
European Commission website:
The EU's relations with Iraq - Overview

Exactly. This is an important one. It could be a good reason to RV this weekend!

Originally Posted by Adster

Iraqi Kurdistan says it’s open for business


Semi-autonomous region woos the West with high-profile ad campaign
By Michael E. Ross
13 November 2006 (CBNNews.com)

While other parts of Iraq remain mired in unrest, the northern region known as Kurdistan is touting itself as an oasis and aggressively courting businesses and tourists.
The push for development includes a Western-style advertising strategy with ads on cable TV, in radio and magazines, and a new investment law approved by the region's National Assembly to attract money from foreign investors. The region's economy already is one of the strongest in the Middle East.
But the semi-autonomous ethnic enclave - the ads call it “the other Iraq,” — is faced with realities that could undermine its aspirations.
Kurdish terrorist groups with separatist goals and a deadly history have taken responsibility for recent bombings. That fact, tied to the violence in greater Iraq and a government with a reputation for corruption, has dampened investment enthusiasm.
Full-court press
The U.S. ad campaign, which has a counterpart in Europe, is underwritten by the Kurdistan Development Corporation, with offices in London, Berlin and Erbil, in Iraqi Kurdistan. It emphasizes a region ready for economic development.
In a TV commercial, people of all ages are seen building a community — planting trees, driving bulldozers, working in a laboratory — in images meant to convey a model of modernity, an area bustling with industry.
“See the promise,” intones the ad's narrator. “Share the dream,” says a young girl, who walks toward the viewer bearing a bright, glowing globe.
On a companion Web site, investors and tourists are invited to “a place where the universities, markets, cafes and fair grounds buzz with progress and prosperity.”
Bayan Rahman, chairman of the corporation, said the ad campaign's purpose was “to raise awareness of the Kurdistan region among the grassroots of America, to make people aware that the Kurdistan region exists - some people still mix us up with Kyrgyzstan and Kazahkstan — and that the region is peaceful and stable, and we are rebuilding.”
“There’s a misperception of what northern Iraq is,” said Sal Russo, president of the Russo, Marsh & Rogers ad agency, which created the ads. “This is going to be a long-term project, to educate Americans to the realities of the region."
Business and tourism
Under the new investment law, foreign investors have the same rights as Iraqi investors, with full ownership of their projects. Companies may transfer profits or income abroad without having to pay taxes or customs.
The law also gives foreign investors major incentives, including exemptions from all noncustoms taxes and duties for 10 years. Imported equipment, machinery, tools, parts and other expenses are now largely exempt from taxes.
Iraqi Kurdistan also hopes to increase tourism to its historical attractions — museums, castles, mosques and other architectural sites, some dating to the 12th century.
‘An emerging market’
Several U.S. companies have paid a visit, including Ford, General Motors, Cummins, Motorola, Federal Express and DaimlerChrysler. Investors from the Middle East, including the United Arab Emirates, Kuwait and Lebanon, already are in the region. The leading British trade association, representing engineering, healthcare and oil production companies, also has visited.
The oil-rich north, the heart of Iraqi Kurdistan, is certainly an incentive for investment. One Kurdish oil official estimated the region has reserves of 45 billion barrels of oil, and 100 trillion cubic feet of natural gas. But some U.S. oil companies have been reluctant to invest in refineries there because of fears of sabotage or injuries to their workers.
“We are interested and they are interested,” Shell Oil Co. president John Hofmeister said in July, of Shell's investment in the region, depending on safety for its employees. “We need those conditions in place to take it to the next level,” he said. “It's too soon to make a judgment on how close we are. I suspect we could be a few years away.”
“The Kurdistan region is secure,” Rahman insists. “It doesn't mean we're immune from terrorist attacks but in terms of all-out civil war, there's no insurgency, there's no terrorism.”
“Property prices are going up. People who invested a few years ago are doing very well,” said Rahman, who is based in Iraqi Kurdistan. “Today we have five universities and soon we'll have six. Compare that with 1991, when we had one.”
“People recognize that Kurdistan represents an emerging market,” she said. “There are risks that go with that.”
‘A virtual oasis,’ or not
Americans, Russo added, “haven't heard the story, the heroic story, of Iraqi Kurdistan. It's a virtual oasis in the middle of an area with pretty nasty neighbors.”
But other observers don't buy such rosy scenarios. For them, the main obstacle to more U.S. investors is Iraqi Kurdistan’s government and its history of corruption.
The region's government is controlled by the Barzani family, which includes President Massoud Barzani, who leads the ruling Iraqi Kurdistan Democratic Party, and Prime Minister Nechirvan Barzani. Both are descendants of Mustafa Barzani, who founded the party in 1946.
The Barzani tribe has been accused of using murder, torture and intimidation to solidify its hold on power. In 2005, mobs believed to be KDP sympathizers stormed the offices of another rival, the Kurdistan Islamic Union, killing some of that group's members.
Last October, the KDP’s intelligence service, the Parastin, arrested and imprisoned a Kurdish journalist for writing articles critical of the government. The Parastin has also been blamed for arrests of other scholars and intellectuals for criticizing the Barzani dynasty.
On Sept. 1, Massoud Barzani banned all government offices from flying the Iraqi tricolor flag.
‘The elephant in the room’
“In a lot of ways it's like a Mafia-run state,” said Michael Rubin, a Middle East scholar with the American Enterprise Institute in Washington.
“Corruption is a huge problem in Kurdistan — it's the elephant in the room,” he said. “That doesn’t mean that foreign investment won't work out. Investors want a return on their money. Big businesses will want some protection from shenaningans in the ruling family. With foreign investments, the more the better. But there are still unresolved questions about the rule of law.”
“It's sort of like investing in Chicago in the 1930's,” Rubin said, comparing the region to the American city where organized crime once ran rampant. “It's not a capitalist paradise yet.”

This has probably been covered in the oceans of previous posts, but I've been hearing some rumblings about Kurdistan starting to sue for independence. That probably wouldn't happen any time real soon, but if it did, would they want and get their own currency? Curious.

Originally Posted by ourhouse37

This has probably been covered in the oceans of previous posts, but I've been hearing some rumblings about Kurdistan starting to sue for independence. That probably wouldn't happen any time real soon, but if it did, would they want and get their own currency? Curious.

Nah, can't see it happening kristin. Rest of Iraq will have caught them up before that happens.

Chaaaaa facking chiinnngggggggggggggggggggggggggg. Let me hear you say it?!

Straight from the horses mouth again!!!!!


EU Policy objectives in Iraq:
The Commission strategy for Iraq is firmly anchored in the 2004 Commission Communication “The EU and Iraq: a framework for engagement” (COM (2004) 417/1 of 01/06/2004)which illustrates the EU fundamental interest in seeking a greater engagement with Iraq based on three key objectives:
The development of a secure, stable and democratic Iraq
The establishment of an open, stable, sustainable and diversified market economy
Iraq’s political and economic integration into its region and the international system.
For the realisation of these objectives the Communication which was endorsed by the European Council of 17-18 June 2005 (see Council Conclusions 10255/05) sets out an action framework allowing for progressively closer EU-Iraq relations at a pace determined by the progress in the political transition and the security conditions in the country. The framework for engagement is structured around three distinct phases reflecting the timelines endorsed by the UNSCR 1546:
Phase I – Immediate Actions: for the period between 30 June 2004 until the elections of the Transitional National Assembly (TNA) in January 2005. Humanitarian assistance, support to reconstruction and elections, informal political dialogue, engagement on the part of Iraq’s neighbours and the opening of an Iraq Office in Amman, were the main targets set forth by the Communication. This phase also included support to the creation of a multilateral framework for support to reconstruction under the auspices of the UN and the International Financial Institutions.
Phase II – Post elections: This phase, mainly centred on the constitutional process, was meant to see the intensification of the rehabilitation and reconstruction support, the starting of a formal political dialogue and the beginning of joint working groups in sectors of mutual interest.
Phase III – Medium terms: following the appointment of a constitutionally elected government, the EU would move onto negotiating a bilateral agreement, providing continued assistance for economic diversification and poverty reduction, encouraging the creation of a regional framework, gradually focusing assistance in the field of rule of law, democratisation and human rights, and, finally, the opening of a fully fledged European Commission Delegation.
The Commission so far has delivered on all key actions foreseen in phase I and is well advanced in implementing the actions foreseen for phase II. With specific regard to the political process, barely one month after the formation of the first elected government in Iraq, the first EU Troika visit to Baghdad took place in June 2005. On this occasion the EU indicated that it intended to intensify the dialogue with Iraq with a view to move into a formal political dialogue, culminating eventually into more formalised contractual relations between the EU and Iraq. In this context, the Commission has prepared in 2005 a proposal of negotiating directives for a Trade and Cooperation Agreement with Iraq. This was presented to the Council in December 2005 with the intention to offer the constitutional government the perspective of entering into negotiations on contractual relations with the EU in 2006. Preparations for the opening of a Commission Delegation in Baghdad are also progressing.2. Economic situation

Despite having some of the world’s largest oil reserves and considerable gas reserves, ample water and a tradition of attention to health and education, Iraq is now a country where all development indicators are dismal. There is a perilous mixture of low indicators, heavy dependence on oil, and large numbers of unemployed youth. Years of conflict, mismanagement and sanctions have isolated the country from international experience in most areas of governance.
After falling to US$ 12 billion as a result of the conflict, GDP recovered in 2004 to almost US$ 26 billion and per capita income to about US$ 940. Even if economic growth continues into 2005, GDP per capita will only be one fourth of what Iraq generated 25 years ago.
Although oil production and exports remain considerably below the pre-war levels, the main engine of recovery remains the oil sector, which accounts for about 70 % of GDP and over 98 % of exports and government revenues. The sharp increase in oil prices is having a significant impact on government revenues and public spending. While the international oil price has reached more than 60US$ a barrel, the domestic fuel prices in Iraq are among the lowest in the world, encouraging black market and fuel smuggling outside the country.
Another engine is private spending, which was on the rise because of increases in civil servants’ salaries and remittances from abroad. The extent of this spending is apparent in the increase in private sector imports. But security concerns have slowed down private investment and raised the cost of doing business in Iraq.
In November 2004 Iraq’s public debt was estimated at US$ 120.2 billion, of which almost one third (US$ 38.9 billion) was owed to Paris Club creditors. A major agreement was concluded with the Paris Club for a massive debt reduction plan, which would bring the debt down by 80% in three different phases. The first started immediately at the beginning of 2005, and the two subsequent ones are linked to the approval and completion of the IMF standard programme. The agreement with the Paris Club paved the way for other similar agreements for debt reduction with non-Paris Club countries, some of which were announced at the Iraq conference in Brussels.
Inflation, which spiked in the second half of 2004, has been low thus far in 2005. International reserves, which rose strongly in 2004, have been fairly steady in 2005. Iraq’s exchange rate peg to the dollar has to date been kept relatively stable, but the authorities need to adjust monetary policy to maintain the monetary framework that the peg provides.

Originally Posted by Adster

Chaaaaa facking chiinnngggggggggggggggggggggggggg. Let me hear you say it?!

Straight from the horses mouth again!!!!!


EU Policy objectives in Iraq:
The Commission strategy for Iraq is firmly anchored in the 2004 Commission Communication “The EU and Iraq: a framework for engagement” (COM (2004) 417/1 of 01/06/2004)which illustrates the EU fundamental interest in seeking a greater engagement with Iraq based on three key objectives:
The development of a secure, stable and democratic Iraq
The establishment of an open, stable, sustainable and diversified market economy
Iraq’s political and economic integration into its region and the international system.
For the realisation of these objectives the Communication which was endorsed by the European Council of 17-18 June 2005 (see Council Conclusions 10255/05) sets out an action framework allowing for progressively closer EU-Iraq relations at a pace determined by the progress in the political transition and the security conditions in the country. The framework for engagement is structured around three distinct phases reflecting the timelines endorsed by the UNSCR 1546:
Phase I – Immediate Actions: for the period between 30 June 2004 until the elections of the Transitional National Assembly (TNA) in January 2005. Humanitarian assistance, support to reconstruction and elections, informal political dialogue, engagement on the part of Iraq’s neighbours and the opening of an Iraq Office in Amman, were the main targets set forth by the Communication. This phase also included support to the creation of a multilateral framework for support to reconstruction under the auspices of the UN and the International Financial Institutions.
Phase II – Post elections: This phase, mainly centred on the constitutional process, was meant to see the intensification of the rehabilitation and reconstruction support, the starting of a formal political dialogue and the beginning of joint working groups in sectors of mutual interest.
Phase III – Medium terms: following the appointment of a constitutionally elected government, the EU would move onto negotiating a bilateral agreement, providing continued assistance for economic diversification and poverty reduction, encouraging the creation of a regional framework, gradually focusing assistance in the field of rule of law, democratisation and human rights, and, finally, the opening of a fully fledged European Commission Delegation.
The Commission so far has delivered on all key actions foreseen in phase I and is well advanced in implementing the actions foreseen for phase II. With specific regard to the political process, barely one month after the formation of the first elected government in Iraq, the first EU Troika visit to Baghdad took place in June 2005. On this occasion the EU indicated that it intended to intensify the dialogue with Iraq with a view to move into a formal political dialogue, culminating eventually into more formalised contractual relations between the EU and Iraq. In this context, the Commission has prepared in 2005 a proposal of negotiating directives for a Trade and Cooperation Agreement with Iraq. This was presented to the Council in December 2005 with the intention to offer the constitutional government the perspective of entering into negotiations on contractual relations with the EU in 2006. Preparations for the opening of a Commission Delegation in Baghdad are also progressing.2. Economic situation

Despite having some of the world’s largest oil reserves and considerable gas reserves, ample water and a tradition of attention to health and education, Iraq is now a country where all development indicators are dismal. There is a perilous mixture of low indicators, heavy dependence on oil, and large numbers of unemployed youth. Years of conflict, mismanagement and sanctions have isolated the country from international experience in most areas of governance.
After falling to US$ 12 billion as a result of the conflict, GDP recovered in 2004 to almost US$ 26 billion and per capita income to about US$ 940. Even if economic growth continues into 2005, GDP per capita will only be one fourth of what Iraq generated 25 years ago.
Although oil production and exports remain considerably below the pre-war levels, the main engine of recovery remains the oil sector, which accounts for about 70 % of GDP and over 98 % of exports and government revenues. The sharp increase in oil prices is having a significant impact on government revenues and public spending. While the international oil price has reached more than 60US$ a barrel, the domestic fuel prices in Iraq are among the lowest in the world, encouraging black market and fuel smuggling outside the country.
Another engine is private spending, which was on the rise because of increases in civil servants’ salaries and remittances from abroad. The extent of this spending is apparent in the increase in private sector imports. But security concerns have slowed down private investment and raised the cost of doing business in Iraq.
In November 2004 Iraq’s public debt was estimated at US$ 120.2 billion, of which almost one third (US$ 38.9 billion) was owed to Paris Club creditors. A major agreement was concluded with the Paris Club for a massive debt reduction plan, which would bring the debt down by 80% in three different phases. The first started immediately at the beginning of 2005, and the two subsequent ones are linked to the approval and completion of the IMF standard programme. The agreement with the Paris Club paved the way for other similar agreements for debt reduction with non-Paris Club countries, some of which were announced at the Iraq conference in Brussels.
Inflation, which spiked in the second half of 2004, has been low thus far in 2005. International reserves, which rose strongly in 2004, have been fairly steady in 2005. Iraq’s exchange rate peg to the dollar has to date been kept relatively stable, but the authorities need to adjust monetary policy to maintain the monetary framework that the peg provides.

OK They are saying they need / will do it.....NOW WHEN????????

Are We There Yet! Or Are We Going To Be Rich By Christmas.

Originally Posted by Adster

Chaaaaa facking chiinnngggggggggggggggggggggggggg. Let me hear you say it?!

Straight from the horses mouth again!!!!!


EU Policy objectives in Iraq:
The Commission strategy for Iraq is firmly anchored in the 2004 Commission Communication “The EU and Iraq: a framework for engagement” (COM (2004) 417/1 of 01/06/2004)which illustrates the EU fundamental interest in seeking a greater engagement with Iraq based on three key objectives:
The development of a secure, stable and democratic Iraq
The establishment of an open, stable, sustainable and diversified market economy
Iraq’s political and economic integration into its region and the international system.
For the realisation of these objectives the Communication which was endorsed by the European Council of 17-18 June 2005 (see Council Conclusions 10255/05) sets out an action framework allowing for progressively closer EU-Iraq relations at a pace determined by the progress in the political transition and the security conditions in the country. The framework for engagement is structured around three distinct phases reflecting the timelines endorsed by the UNSCR 1546:
Phase I – Immediate Actions: for the period between 30 June 2004 until the elections of the Transitional National Assembly (TNA) in January 2005. Humanitarian assistance, support to reconstruction and elections, informal political dialogue, engagement on the part of Iraq’s neighbours and the opening of an Iraq Office in Amman, were the main targets set forth by the Communication. This phase also included support to the creation of a multilateral framework for support to reconstruction under the auspices of the UN and the International Financial Institutions.
Phase II – Post elections: This phase, mainly centred on the constitutional process, was meant to see the intensification of the rehabilitation and reconstruction support, the starting of a formal political dialogue and the beginning of joint working groups in sectors of mutual interest.
Phase III – Medium terms: following the appointment of a constitutionally elected government, the EU would move onto negotiating a bilateral agreement, providing continued assistance for economic diversification and poverty reduction, encouraging the creation of a regional framework, gradually focusing assistance in the field of rule of law, democratisation and human rights, and, finally, the opening of a fully fledged European Commission Delegation.
The Commission so far has delivered on all key actions foreseen in phase I and is well advanced in implementing the actions foreseen for phase II. With specific regard to the political process, barely one month after the formation of the first elected government in Iraq, the first EU Troika visit to Baghdad took place in June 2005. On this occasion the EU indicated that it intended to intensify the dialogue with Iraq with a view to move into a formal political dialogue, culminating eventually into more formalised contractual relations between the EU and Iraq. In this context, the Commission has prepared in 2005 a proposal of negotiating directives for a Trade and Cooperation Agreement with Iraq. This was presented to the Council in December 2005 with the intention to offer the constitutional government the perspective of entering into negotiations on contractual relations with the EU in 2006. Preparations for the opening of a Commission Delegation in Baghdad are also progressing.2. Economic situation

Despite having some of the world’s largest oil reserves and considerable gas reserves, ample water and a tradition of attention to health and education, Iraq is now a country where all development indicators are dismal. There is a perilous mixture of low indicators, heavy dependence on oil, and large numbers of unemployed youth. Years of conflict, mismanagement and sanctions have isolated the country from international experience in most areas of governance.
After falling to US$ 12 billion as a result of the conflict, GDP recovered in 2004 to almost US$ 26 billion and per capita income to about US$ 940. Even if economic growth continues into 2005, GDP per capita will only be one fourth of what Iraq generated 25 years ago.
Although oil production and exports remain considerably below the pre-war levels, the main engine of recovery remains the oil sector, which accounts for about 70 % of GDP and over 98 % of exports and government revenues. The sharp increase in oil prices is having a significant impact on government revenues and public spending. While the international oil price has reached more than 60US$ a barrel, the domestic fuel prices in Iraq are among the lowest in the world, encouraging black market and fuel smuggling outside the country.
Another engine is private spending, which was on the rise because of increases in civil servants’ salaries and remittances from abroad. The extent of this spending is apparent in the increase in private sector imports. But security concerns have slowed down private investment and raised the cost of doing business in Iraq.
In November 2004 Iraq’s public debt was estimated at US$ 120.2 billion, of which almost one third (US$ 38.9 billion) was owed to Paris Club creditors. A major agreement was concluded with the Paris Club for a massive debt reduction plan, which would bring the debt down by 80% in three different phases. The first started immediately at the beginning of 2005, and the two subsequent ones are linked to the approval and completion of the IMF standard programme. The agreement with the Paris Club paved the way for other similar agreements for debt reduction with non-Paris Club countries, some of which were announced at the Iraq conference in Brussels.
Inflation, which spiked in the second half of 2004, has been low thus far in 2005. International reserves, which rose strongly in 2004, have been fairly steady in 2005. Iraq’s exchange rate peg to the dollar has to date been kept relatively stable, but the authorities need to adjust monetary policy to maintain the monetary framework that the peg provides.

That says it all.....when was this written Ads? In '05...or recently? Not that it matters! lol!

Guys, noone knows when it will reval. The facts speak for themselves. Could be tomorrow, next week or next month. Sooner than later is all once can say judging by the events, evidence etc.

Originally Posted by tiffany

That says it all.....when was this written Ads? In '05...or recently? Not that it matters! lol!

Tiff, the first one is new as it discusses the meeting on Monday but this one is old. But goes to show even then they mentioned adjusting monetary policies.