Iraq ready to implement free-trade zone with Egypt
Iraq-Egypt, Economics, 7/5/2001

Iraq is ready to implement the agreement on a free-trade zone with Egypt as soon as Baghdad receives a formal notification in this respect from Cairo, a Trade Ministry source said Wednesday.

In statements to Middle East News Agency's correspondent in Baghdad, the source added that the Iraqi authorities concerned were ordered to give Egypt top priority with regard to trade dealings.

On Monday, the Egyptian People's Assembly approved the executive protocol on the establishment of a free-trade zone between Egypt and Iraq.

The protocol stipulates the cancellation of all customs duties and tariffs on all commodities of national origin exchanged by both countries.

It prohibits the imposition of any new tariffs or restrictions after the protocol comes into effect.

The provisions of the protocol do not apply to products and materials banned from being imported into either of the two countries for political, health, security or environmental considerations.

According to the protocol, in case an imported commodity causes dumping in the market of one party, both parties should take the necessary measures to contain such a problem via consultations.

When coming into force, the protocol will invalidate any previous agreements between both countries that run counter to its provisions.

The Egyptian charge d'affaires in Baghdad, Mahmoud Sherif Rihan, said the agreement would give a push to the volume of trade exchange.

Cairo's contracts with Baghdad within the framework of the oil-for-food programme were estimated at a total of dlrs 2,5 billion, according to Rihan.

"The agreement would serve the best interests of the peoples of both countries and be a step on the road to a hoped-for Arab common market," Rihan said.

Previous Stories:
  Egyptian parliament approves trade agreement with Iraq   (6/27/2001)
  Trade exchange between Egypt, Iraq   (6/16/2001)
  Egypt third largest trade partner with Iraq after France, Russia   (4/18/2001)

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