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Friday, December 28, 2012

WTO MEMBER DISCUSSION, 28 DEC


 SWFloridaGuy: We are hearing a lot of speculation regarding Iraq's accession to the WTO, after the release of several conflicting articles. This is a complex process and the WTO is currently negotiating their terms with Iraq. WTO membership is considered on an individual, case-specific basis.

There are private requirements and stipulations in addition to the basic, general guidelines we see in print. Iraq has to lay out all their economic and trade policies that relate to WTO agreements. When Iraq submits this memorandum a panel will consider the application.

When the principles and policies are in place, additional negotiations will commence between Iraq and other countries. Once the terms are finalized, they are submitted to the WTO's General Council. If two-thirds of the members vote in favor, than Iraq may accede to the WTO. 
SWFloridaGuy Continues:  So, as you can see, it's not a simple process. To convolute matters, since Iraq's plan is to dedollarize and not continue using the USD as their primary currency, they need to make the IQD a convertible one as accession stipulates.

Other than seeing WTO accession as general progress for Iraq, this issue in particular (convertible currency) is something we as Dinarians find may have some applicability.

Roadrunner: Good post SWFG. I like the way you condensed it. This is the basics copied from the WTO site;

.UNDERSTANDING THE WTO: THE ORGANIZATION

Membership, alliances and bureaucracy

All members have joined the system as a result of negotiation and therefore membership means a balance of rights and obligations. They enjoy the privileges that other member-countries give to them and the security that the trading rules provide.

In return, they had to make commitments to open their markets and to abide by the rules — those commitments were the result of the membership (or “accession”) negotiations. Countries negotiating membership are WTO “observers”.

Any state or customs territory having full autonomy in the conduct of its trade policies may join (“accede to”) the WTO, but WTO members must agree on the terms. Broadly speaking the application goes through four stages:

First, “tell us about yourself”. The government applying for membership has to describe all aspects of its trade and economic policies that have a bearing on WTO agreements. This is submitted to the WTO in a memorandum which is examined by the working party dealing with the country’s application. These working parties are open to all WTO members.

Second, “work out with us individually what you have to offer”. When the working party has made sufficient progress on principles and policies, parallel bilateral talks begin between the prospective new member and individual countries.

They are bilateral because different countries have different trading interests. These talks cover tariff rates and specific market access commitments, and other policies in goods and services. The new member’s commitments are to apply equally to all WTO members under normal non-discrimination rules, even though they are negotiated bilaterally.

In other words, the talks determine the benefits (in the form of export opportunities and guarantees) other WTO members can expect when the new member joins. (The talks can be highly complicated. It has been said that in some cases the negotiations are almost as large as an entire round of multilateral trade negotiations.)

Third, “let’s draft membership terms”. Once the working party has completed its examination of the applicant’s trade regime, and the parallel bilateral market access negotiations are complete, the working party finalizes the terms of accession. These appear in a report, a draft membership treaty (“protocol of accession”) and lists (“schedules”) of the member-to-be’s commitments.

Finally, “the decision”. The final package, consisting of the report, protocol and lists of commitments, is presented to the WTO General Council or the Ministerial Conference. If a two-thirds majority of WTO members vote in favour, the applicant is free to sign the protocol and to accede to the organization. In many cases, the country’s own parliament or legislature has to ratify the agreement before membership is complete.

TO READ MORE: http://www.wto.org/english/thewto_e/whatis_e/tif_e/org3_e.htm

 MORRE COMMENTS & DISCUSSION:

Luigi1:  Iraq came to the WTO table empty handed & unprepared. They just expected WTO membership to drop right in their lap.

Iraq can't move forward until a new government is formed, all ministers are named & seated & key Bills are passed.

This is why WTO talks went nowhere & C7 talks may be set up for another failure.

If C7 talks end in failure...the next UNSC meeting won't be till Jan. Another sqandered opportunity slips right between their fingers.

No doubt the USA will once again be blamed for their own lack of resolve.

Either way...Iraq will form a government & pass key Bills or the UN will do it for them.

KamelKeeper:  I would like to think that the US will get credit for holding back on things Iraq does not deserve, and at this point if international memberships are granted, they would corrupt them, a few would gain, and the people would be left out of any gains. Until the time that Iraq can establish a democracy and help their people, screw them. I realize much of this is a Catch 22, but something has to get these guys attention. I have always been supportive of what the Iraqis are doing, but at this point they need to get it together.

IMHO I think the US is holding up the UN and the WTO, and good on us. If you want a cookie, you had better sit and behave. Now go fetch.

Jackster:  Here are 2 links to WTO's official website:

Membership, alliances and bureaucracy  http://www.wto.org/english/thewto_e/whatis_e/tif_e/org3_e.htm#top

ACCESSIONS Iraq    http://www.wto.org/english/thewto_e/acc_e/a1_iraq_e.htm         

I don't know about this speculation or conflicting articles, but these directly from the WTO. These should resolve this speculation.

(This next reply may have been posted already but left  for reference in this thread) 

SWFloridaGuy:  It doesn't have to be a RV. It could be a RV/RI/RD/Float (which would take longer), change in peg etc. They could also use the USD as their primary currency but that's not their goal. We're hoping for and expecting a RV.

For WTO accession they do have to have a convertible currency. I pulled my information right out of their membership laws. To answer your question about China, membership is considered on a case-specific basis. Certain member countries have to agree in the affirmative as I explained.

Accession could be right around the corner or a ways down the road, I've seen conflicting reports about this but what matters to us is they need to raise the exchange rate prior. So, the fact that they are even being considered is a great sign the CBI is getting ready to make their move.

That is also why we speculate that Iraq RVing their currency may be an obligatory stipulation where they are concerned. That part is my own opinion but them having a convertible currency comes straight from WTO membership requirements.

Here's a link from the WTO showing an agreement on a case specific basis and convertible currency. You will find it's a stipulation common in almost all member countries and also is in Iraq's case. http://www.wto.org/e..._cambodge_e.htm

Iraq must have a convertible currency. I'm positive about this. What I'm not sure about is if they will be accepted and how they will achieve it. They have many different options as I'm sure DV members are well aware.

HYDRANT:  iraq is still in the third stage and has been their for the last three years-when they will compleat the forth stage is anybody guess-i get daily e-mails from the wto and so far iraq is not on the list for anything----do we wait

SNOOZ:   Hi SWFG,  I'm not so sure about having a convertible currency but one thing is sure, a country wanted to be integrated in the WTO as to have a plan towards the incertion of TAX and DUTY laws......Custom laws will be implemented in Iraq as soon they are part of the wto and this, not just partialy or participating observer group, but they need to be fully member !!!   SnooZ  

SWFloridaGuy: 
 Hey there Snooz. Yes, great point. That is one of many stipulations. They vary between countries but one thing I've found consistent with most is they must have a convertible currency. Tax and duty laws are also very important.

There's no way of knowing for sure everything that is required in Iraq's case. This is where the speculation comes into play. The closest we can get is to look at other member countries and what was required of them. Great post

CAN HAPPEN AT ANY MOMENTO , WE ARE LOOKING FOR IT TONIGHT THRU SUNDAY, 28 DEC

terryk 9:56pm 12/27/2012
 [TERRYK] OK WANT YOU TO KNOW THAT I HAVE NOT GOTTEN ANY WORD OF A RV AS OF RIGHT NOW
[TERRYK] BUT IT CAN AND I REPEAT CAN HAPPEN AT ANY MOMENT
[TERRYK] WE ARE LOOKING FOR IT TONIGHT , THRU SUNDAY
[TERRYK] THURSDAYS ALWAYS THE BEST AS TOMORROW IS THE HOLY DAY FOR IRAQ
[TERRYK] AND THEY ARE CLOSED FOR BUSINESS GIVES THEM TIME TO RE STRUCTURE EVERYTHING
[TERRYK] BUT AS OF NOW THERE IS NOT A RV
[TERRYK] UNLESS SOMEONE FORGOT TO CALL ME
[TERRYK] I JUST WANTED TO POP IN FOR A MIN
[TERRYK] SORRY TO HEAR THAT HE PASSED
[TERRYK] THANKS GARY DOING BETTER
[TERRYK] DRUGS KICKING IN
[TERRYK] JUST SORE THROAT ANYMORE
[TERRYK] SO ANYTHING ELSE GOING ON

[TERRYK] OTHER THAN THE DONG JUST OVER 1 DOLLAR
[TERRYK] AGAIN TREAT AS RUMOR

I DO KNOW BANKS ARE READY AS OF A WEEK AGO, 28 DEC

[xyz] freedom13 what's your take on ...

xyz] The conference of the Sovereignty and Reconciliation started in Baghdad on Friday. The reporter of All Iraq News Agency AIN stated "The conference of the National Sovereignty and Reconciliation started in Baghdad on Friday in presence of the Premier, Nouri al-Maliki and a number of parliamentary and governmental figures."   http://www.alliraqnews.com/en/index.php?option=com_content&view=article&id=25582

[freedom13] xyz today thru jan 2nd ,,for what i read ,and are told and what do i know anymore ,,i do know banks are ready as of a week ago.  that i do know.   i have bank contacts in WF , so i know this is true

[xyz] freedom13 and i am ready lol

[heartfelt] freedom13 I agree with you.. the articles that xyz and others bring in are great to hear and good news for us. The info pat brought in last night was also good stuff but was making my head spin. The hammer under HLS, I bet he is!!!! lol

[freedom13] we are alllllllllll ready

[freedom13] the fiscal cliff is a joke

heartfelt] freedom13 yes it is. I heard Reid talking on it and others and what a bunch of drama they like to make it to be! Geeez

[willietrader] heartfelt so this was a untrue ? or the whole Reagan-Wanta ?IMF President Christine Lagarde has reached agreement with the U.S. branch of the IMF, U.S. Internal Revenue Service and the Austrian banks on the bilateral tax agreement between the U.S. and European IMF wings that will lead to the final implementation of the Wanta-Reagan-Mitterrand Protocols that will put $1.5 TRILLION back in the U.S. Treasury.
[heartfelt] rustyc that is where those huge numbers came from? Well then... :( :|

[heartfelt] willietrader who knows. I took this as being fact finding with the many things that have been going on.

[willietrader] heartfelt I think things are moving forward faster then ever.

[heartfelt] willietrader the question is "will put" but when? Some of this recovery of funds without ownership have to be court ordered so has it been through the system yet to order the funds back?

[heartfelt] willietrader This could be what we are waiting for POSSIBLY is the secret settlements of funds from the order of the courts.

[ono62] seems to me, that the pot ain't simmering no more..it's beginning to boil :p

 [willietrader] heartfelt could be. I just find it so hard to believe of all the intel we read/hear there so many diffent views of what has to be done. I don't think I'll believe it when I hear the RV has happen till I see greenbacks in my hands

[heartfelt] willietrader same here.. I will have to read it from many sources to believe it enough before I call and make an appointment. I won't be the first to call that is for sure.

[willietrader] heartfelt best news to me is that Iraq went to the WTO asking for membership

RATE DID LOCK IN ON THE FOREIGN CURRENCY DIVISION SCREENS, "NO "HOLD"" WITH A RATE OF $3+ & THIS MAYBE PENDING RELEASE TO THE PUBLIC SOON, 28 DEC

12-27-2012   Blaino   THERE IS NEWS...BUT I HESITATE...I'LL TELL YOU THIS MUCH...RATE DID LOCK IN ON THE FOREIGN CURRENCY DIVISION SCREENS...EXECUTIVE ACCESS ONLY...NO...REPEAT: NO "HOLD"...3+  & THIS MAY BE PENDING RELEASE TO THE PUBLIC, AND APPEARS TO BE AWAITING ONLY A CODE OF SOME KIND, TO RELEASE IT...NOT, REPEAT, NOT AVAILABLE YET!!! THIS IS NOT AN RV...YET.  

THE RATE IS BELIEVABLE, THE TIMING IS RIGHT, THE DETAILS ARE BELIEVABLE...THE "NO HOLD" CONDITION HAS TO SURVIVE AND BE RELEASED TO THE PUBLIC IT WILL DOUBTLESS REQUIRE SOME MASTER RELEASE FOR ALL BANKS AND FOREIGN CURRENCY BOARDS, ETC...ONE BANK CANNOT RELEASE THE RV ALONE. 

THE FACT THAT WE SEE WHAT WE DO, IS CLEAR EVIDENCE THAT SOMETHING NEW AND DIFFERENT IS AFOOT IN THE GAME OF THE IQD,
 WE KNOW THEY DO NOT RUN "TESTS" OF THIS SORT.   LET'S NOT MAKE TOO MUCH OF THIS...NOT OVER REACT...LET'S MAKE SURE THIS IS SOMETHING AND NOT NOTHING!  WE "MAY" BE IN FAIRLY CLOSE PROXIMITY TO THE REVALUATION AND WE ARE KEEPING OUR READINESS AT OPTIMUM LEVEL.  

Footforward   It's never been a matter of "if", it's a matter of "when".  I know this is going to happen.  I'm not 100% sure it will be before the end of the year.  I never believed we would get into 2013.  Is there potential that this can still go this year?  Yes.  I believe that we are on the threshhold. My guys are saying that they are still looking to push this through as fast as possible, this can go at any moment, quickly.  I still expect the rate to be really good.  The rate needs to come in high, one dollar does not solve Iraq's problems.  

[Precious] [Blaino] did any of you see the star of the recent ncis tv program?.... The "new" $100.00 NOTE... It was an excellent opportunity for "them" to reveal the note, it's interesting history and a good look at the features.... You can watch it on hulu or elsewhere on LINE... It was the dec 17th episode! Blaino: may you all be warmed by the high regard in which we, the blaino's, hold all of you!!! 

 [Lauren305] NOW I actually saw that NCIS episode and found it strange snce it quoted an article posted here in chat abt the new 100 bills having printing problems and being delayed by 18 months. it was verbatim to the article. and I thought, Deja Vu, how weird.

PUERTO RICAN BANKS ARE READY AND HAVE SOME RATES AND TIMEFRAMES FOR THE RV, 28 DEC

HAPPY HOLIDAYS TO ALL, AS THE END OF THE YEAR IS AROUND THE CORNER WE STILL DO NOT SEE THIS RV.  

THE CAUSE IS THAT THE GENTLEMEN FROM THE WHITE HOUSE (AND WASHINGTON) STILL HAVE NOT STRUCK A DEAL ON THE TAXES ON THE FILTHY RICH, THEY ARE TO MEET AT 3 PM EST TODAY TO SEE IF THEY CAN STRIKE A DEAL AND STOP THE CLOWNING AROUND. 

AS SOON AS WE SEE THIS DEAL FROM THEN ON AND ONLY THEN WILL THE INTERNATIONAL RELEASES OF ALL CURRENCIES  OCCUR. 

ON ANOTHER SUBJECT THERE HAVE BEEN TALKS ABOUT PUERTO RICAN BANKS BEING READY AND THERE HAVE BEEN ALSO SOME RATES AND TIMEFRAMES OUT THERE AND THE ISSUERS OF THIS TOPIC STATE THAT IT IS ONLY RUMORS,BARE WITH ME NOW FOR IT IS NOT A RUMOR BUT A KNOWN FACT, THEY ARE MORE THAN READY. 

THE UNITED STATES WILL STRIKE A DEAL TODAY AND FROM THIS DAY FORTH THE RV WILL BE A REALITY FOR ALL, THE DEAD LINE IS IN THE MID OF JANUARY SO EXPECT A WONDERFUL AND PROSPEROUS  NEW YEAR. 

MAY ALL OF YOU BE HEALTHY IN PEACE AND WITH JOY OF THE HEART THIS COMING YEAR AND ALL YEARS COMING IS MY DESIRE AND FROM ALL MY PEOPLE IN PUERTO RICO. 

MAY YOU BE BLESS AND MAY YOU HAVE A BEAUTIFUL DAY.........BLUWOLF