PM: Four measures to address the impact of the US tariff increase
PM Muhammed S. Al-Sudani chaired a meeting on Saturday to discuss the economic and commercial implications of the US government's decision to increase customs tariffs.
The meeting reviewed the economic and trade implications of the decision by the United States government to increase customs tariffs on imports from various countries, the resulting effects on the global economy and crude oil prices, as well as the potential impact on the Iraqi economy, according to a statement by the PM Media Office - received by the Iraqi News Agency - INA.
They handled the data provided by the Ministry of Trade, which revealed that the U.S. tariff increases on Iraqi goods were based on the trade balance disparity between the two countries and not due to customs duties imposed by Iraq on American goods.
The data further indicated that the majority of Iraq's imports of U.S. goods are routed through markets in third countries due to specific commercial practices followed by American companies in their dealings with Iraq.
"In light of this, and to ensure the best course for the growth of the Iraqi economy, PM Al-Sudani directed that necessary measures be taken in line with the higher interests of the national economy," included in the statement.
The measures included the following:
1. Work on developing trade relations by opening channels for U.S. distributors and commercial agencies, activating Iraqi commercial agencies, and facilitating direct trade between corresponding sectors in Iraq and the United States.
2. Enhance banking services between the financial and banking sectors of Iraq and the United States to ensure the achievement of mutual economic interests.
3. Instruct the negotiation team engaging with the U.S. side to review the foundations of the trade relationship with the aim of improving it and ensuring a balanced economic and trade partnership that serves the mutual interests of both sides.
4. The Ministry of Foreign Affairs, the Ministry of Finance, and the Ministry of Trade, along with relevant stakeholders, will initiate dialogue with their respective American counterparts to strengthen trade relations, monitor financial markets and economic consulting firms, and submit weekly reports to the Prime Minister's Office.
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