Friday, October 14, 2005

Training of customs officials hoped to boost Iraqi investment

Monday, October 10th 2005

The U.S. Agency for International Development (USAID) Izdihar project trained 40 Iraqi customs officials. The recently completed project trained Iraqi customs officials from around the country to increase their awareness of new methods of revenue collection and their familiarity with World Trade Organization (WTO) requirements. The training was an initial step to assist the Customs Department’s seamless transition to using WTO-accepted tariff and customs valuation procedures at border points throughout the nation.

Based in Geneva, Switzerland, the WTO is the only global organization dealing with the rules of trade between nations. It consists of 148 member nations, including Egypt, Jordan, Pakistan, Bahrain, Qatar, Oman, Kuwait and the United Arab Emirates. Accession into the WTO would increase Iraq’s foreign direct investment and lay the foundation for a globalized economy.

Although actual accession may take years, the economic reforms that Iraq will implement to be eligible for membership promote economic freedom and growth which will stabilize the country’s economy.

USAID’s Izdihar project works to provide businesses with reliable access to credit through the Micro, Small and Medium Enterprise (MSME) initiative, encouraging the growth of sustainable jobs and assisting with investment promotion, capital markets, privatization and trade policy.

Taken from PortalIraq