Thread by @Prolotario1

Iraq must be Article 8 compliant in order to be a member of the World Trade Organization (WTO).

Article 8 of the WTO Agreement on Import Licensing Procedures (IPL) sets out the requirements for WTO members' import licensing procedures.

The IPL is where the IQD comes in.

Article 8 of the WTO Agreement on Import Licensing Procedures (IPL) does not explicitly mention the need for a country to have an international tradeable currency. However, the IPL does require that countries use "market-based" exchange rates for the purpose of customs valuation.

This means that the exchange rate used to convert the value of imported goods into the currency of the importing country should be based on the prevailing market rate.

In practice, most countries that are members of the WTO have international tradeable currencies.

Understand?

Iraq paid their debts to Iran.

Iraq approved their 2023-2025 budget

Iraq paid their dues/Fees to the WTO

All of this in the same month tells me they are trying to meet a deadline. Does this have to do with SOFR? Not sure.

But the timing is notable.

search4dinar.wordpress.com/2023/06/19/ira…

Remember, the 2023 Budget is an investment budget. Iraq wants to trade with other countries to bolster their economy.

This is because having an international tradeable currency makes it easier for countries to trade with each other and to attract foreign investment.

Which is why Iraq and India signed a memorandum of understanding in all fields recently.

Deputy Prime Minister for Energy Affairs stressed the importance of expanding the horizons of cooperation between the two countries and considers India an important trade partner for Iraq.