Iraq return as a member of the Gulf Cooperation Council

واع/ بغداد /ح.ب Conscious / Baghdad / h. B

22/8/2009 22/8/2009 1:07pm 1:07 pm



قال Said رئيس Chairman اتحاد الغرف التجارية Federation of Chambers of Commerce العراقية Iraqi جعفر رسول محمود Messenger Mahmoud Gaafar الحمداني Hamdani ان مجلس التعاون That the GCC الخليجي GCC العربي Arab وبعد مفاوضات After negotiations استمرت Continued أكثر More من عام Of وبإصرار الاتحاد Persistently Union قرر المجلس Council decided ضم اتحاد الغرف التجارية العراقي ليعود Annexation of the Iraqi Federation of Chambers of Commerce to return من جديد لدوره الفاعل Of a new active role على الخارطة On the map الاقتصادية Economic العربية Arabic ". ".

وأضاف الحمداني في تصريح خص به مراسل Hamdani said in a statement singled out by the reporter ( ( وكالة انباء الاعلام العراقي/واع ) "خلال News Agency, Iraqi Information / conscious) "during the الأيام Days القادمة Next سيكون هناك There will be a اجتماع Meeting للمجلس وستكون هناك Of the Council and there will be مشاركة Share فاعلة للعراق Effective for Iraq كما وسيتخذ It also will المجلس قرار بتبديل Council's decision to switch اسم Name مجلس Council التعاون إلى غرف الخليج العربي Cooperation to the chambers of the Arabian Gulf ،مشيرا إلى ان عودة العراق He pointed out that Iraq's return كعضو فاعل As an active member في مجلس Council التعاون الخليجي GCC تعيد العراق الى آفاق Return Iraq to the prospects استثمارية Investment تجارية مع جميع الدول ". Trade with all countries. "

How can they return with worthless currency? I thought they had to have a valid currency first?

another translation.........

Iraq is a member of the Gulf Cooperation Council
Said President Federation of Chambers of Commerce Iraq Mahmoud Gaafar Messenger Hamdani That the GCC Gulf Arab After negotiations Continued More Of At the insistence of the Union Council decided Annexation of the Iraqi Federation of Chambers of Commerce in order to return to Of a new actor for his role On the map Economic Arabic ".

He singled out al-Hamadani, told the correspondent "during the Days Next There will be Meeting Of the Council and there will be Share Actors in Iraq It also will be Council resolution to replace the Name Council Cooperation to the chambers of the Arabian Gulf He pointed out that Iraq's return Active member Council GCC Iraq to reconsider the prospects for Investment Trade with all nations."

http://209.85.227.132/translate_c?hl...8ix49LA35V9Adw

Is this a good thing???

azdinar wrote:Is this a good thing???

well....would you want to be joining the counsel if your currency value sucked as bad as Iraq's?

thumper wrote:

azdinar wrote:Is this a good thing???

well....would you want to be joining the counsel if your currency value sucked as bad as Iraq's?

I understand that but could it be they would not have to do anything with the value of their currency until the New GCC currency came out?? It that be the case?

azdinar wrote:

thumper wrote:

azdinar wrote:Is this a good thing???

well....would you want to be joining the counsel if your currency value sucked as bad as Iraq's?

I understand that but could it be they would not have to do anything with the value of their currency until the New GCC currency came out?? It that be the case?

that is a possibility.....that we hope doesn't come to pass.......

I mentioned that a few weeks ago and everyone laughed at me.......well, looks like they will join and change currencies

http://www.worldtradelaw.net/fta/agreements/gccfta.pdf

THE UNIFIED ECONOMIC AGREEMENT
BETWEEN THE COUNTRIES OF THE GULF COOPERATION COUNCIL

ARTICLE 22
Member States shall seek to coordinate their financial, monetary and banking policies and enhance cooperation between monetary agencies and central banks, including the endevour to establish a joint currency in order to further their desired economic.


ARTICLE 26

a. This Agreement shall enter into force four months after its approval by the Supreme Council.
b. This Agreement may be amended by consent of the Supreme Council.

ARTICLE 27

In case of conflict with local laws and regulations of Member States, execution of the provisions of this Agreement shall prevail.

ARTICLE 28

Provisions herein shall supersede any similar provisions contained in bilateral agreements. Drawn up at Riyadh on 15 Muharram 1402, corresponding to 11 November 1981.



Okay some opinions on the underlined statements.

azdinar wrote:http://www.worldtradelaw.net/fta/agreements/gccfta.pdf

THE UNIFIED ECONOMIC AGREEMENT
BETWEEN THE COUNTRIES OF THE GULF COOPERATION COUNCIL

ARTICLE 22
Member States shall seek to coordinate their financial, monetary and banking policies and enhance cooperation between monetary agencies and central banks, including the endevour to establish a joint currency in order to further their desired economic.


ARTICLE 26

a. This Agreement shall enter into force four months after its approval by the Supreme Council.
b. This Agreement may be amended by consent of the Supreme Council.

ARTICLE 27

In case of conflict with local laws and regulations of Member States, execution of the provisions of this Agreement shall prevail.

ARTICLE 28

Provisions herein shall supersede any similar provisions contained in bilateral agreements. Drawn up at Riyadh on 15 Muharram 1402, corresponding to 11 November 1981.



Okay some opinions on the underlined statements.

AZ--this is the old agreement. It was replaced by one that was signed in 2001. I have a copy of it but do not have the link. I am looking for it but if anyone has the link, please post it.

Iraq soon join the Secretariat of the Federation of GCC Chambers




22/8/2009 - 21:26



BAGHDAD / Aswat al-Iraq: President of the Federation of Chambers of
Commerce, Saturday, that Iraq will be held soon to the Federation of
GCC Chambers.


He said Jaafar
al-Hamdani told (Voices of Iraq) that the meeting of the heads of the
Federation of GCC Chambers to be held in the next few days "will change
its name to the Federation of Chambers of the Gulf region", adding that
Iraq "would be then in the Secretariat of the Council and co-president
in his work."

ي

The name has been transferred from the European Union Chambers of
Commerce to the Federation of GCC Chambers of the GCC countries after
the overthrow of Iraq's membership of the European Union in 1990.


The General
Secretariat of the Federation of Chambers of the Gulf Cooperation
Council has agreed in principle at its meeting held during the month of
March last in Muscat, on the restoration of the Republic of Iraq in the
Federation and in the 24 meeting between officials of the Gulf
Cooperation Council and the heads of the Federation of Chambers GCC.

.

The Hamdani that Iraq's return to the Union
"gives a significant advantage in the center of global economic and
encourages investment companies to come to the country," indicating
that many of the conventions "held in the period preceding the
introduction of Iraq contributed to several associations including the
Federation of Chambers of Commerce of the Islamic and the Arab
Federation of Chambers of Commerce and Industry ".


And stated that he was "the formation
of approximately 12 of the Iraqi trade with countries as diverse",
noting that the Federation of Iraqi Chambers of Commerce had "entered a
trading partner for many chambers of commerce, including German,
Indonesian and Chinese as well as a group of Arab Chambers of Commerce."


The idea of establishing a federation of chambers of
commerce, industry and agriculture in the Gulf Arab countries with
similar economic circumstances after the growing sense of the need to
reaffirm the bonds of brotherhood and unity of purpose and
determination and the support of Gulf economic cooperation steps.


Through the initial meetings and
contacts made between the chambers of commerce, industry and
agriculture and their unions in the Gulf Arab states, was held the
first Economic Development Conference of the Chambers of the Arabian
Gulf in the city of Jeddah - Saudi Arabia, in the period between 16 -
20 October 1976 to discuss ways of economic cooperation among the
people of the Arabian Gulf and the role that can be played by the
private sector in this area.

Have
participated in this conference associations and chambers of the Gulf
Arab states in each of the United Arab Emirates, Bahrain and Saudi
Arabia, Oman, Qatar, Kuwait and the Republic of Iraq.


The result of discussions in the
Conference on the issuance of a number of decisions and recommendations
came in the forefront of the Union of Chambers of Commerce, Industry
and Agriculture for Arab countries to be based in the Gulf city of
Dammam, Saudi Arabia, and the formation of a committee of directors of
associations and chambers of members of the Conference to draft the
Statute of the Union to be presented to the Second Conference to be
held in Kuwait .


At the
time of the Second Conference of Chambers of Commerce, Industry and
Agriculture Organization of the Gulf Arab states in Kuwait on 14
October 1979 the adoption of the Statute of the Federation of GCC
Chambers and the announcement of his, and signed by the Presidents and
members of associations and chambers of the Gulf Arab participation in
this meeting of the Statute of the Federation and became the state
federations and chambers of United Arab Emirates, Bahrain and Saudi
Arabia and the Republic of Iraq, Oman, Qatar and Kuwait with members of
the Federation Council.

In the wake of the Iraqi invasion of Kuwait on August
1990 was dropped membership of the Republic of Iraq, and edit the name
of the Federation to the Federation of Chambers of the GCC countries.


G, (x) - B x


http://translate.google.com/translate?prev=hp&hl=en&js=y&u=http%3A%2F%2Far.aswataliraq.info%2F&sl=ar&tl=en&history_state0=

These articles do not mean that Iraq is joining the GCC. They are joining the Federation of the Gulf Cooperation Council Chambers (FGCCC) which is a different organization from the GCC.

The following are excerpts regarding the FGCCC. I have provided links so that anyone can review the material in greater depth if they so desire.

Federation of the Gulf Cooperation Council Chambers (FGCCC)

At the Second Conference of the Chambers of Commerce, Industry and Agriculture of the Gulf Arab states held in the State of Kuwait on 14 October 1979, the constitution of the Federation of the Gulf Chambers was approved and the establishment of the Federation was declared. The constitution of the Federation was signed by all the heads and members of the federations and chambers of the Gulf Arab states participating in this meeting and as a result, the federations and chambers of the United Arab Emirates, Kingdom of Bahrain, Kingdom of Saudi Arabia, Republic of Iraq, Sultanate of Oman, State of Qatar and State of Kuwait became members of the Federation Council. After the invasion of the State of Kuwait by Iraq on 2 August 1990, the membership of the Republic of Iraq was terminated and the name of the Federation was changed to the Federation of the Gulf Cooperation Council Chambers (FGCCC).

Cooperation with the General Secretariat of the Gulf Cooperation Council

The cooperation between the General Secretariat of the Federation of GCC Chambers and the General Secretariat of the Gulf Cooperation Council for the Arab States of the Gulf is one of the tributaries of the joint work between the two sides, especially with regard to the affairs of the private sector.

Member Chambers

1. Federation of UAE Chambers of Commerce & Industry (comprising 7 national chambers).
2. Bahrain Chamber of Commerce and Industry
3. The Council of Saudi Chambers of Commerce and Industry (comprising 23 national chambers).
4. Oman Chamber of Commerce and Industry
5. Qatar Chamber of Commerce and Industry
6. Kuwait Chamber of Commerce and Industry

http://www.goic.org.qa/IndustrialistsConference/Organizers.html

http://www.fgccc.org/cms/showpage.aspx?page_id=157

outkastjamz wrote:Boy don't tell that to the other side...They'd have a coronary!!!!!!!!!!!

The "other side" isn't any of my concern, they deal in fantasy and hyped up BS anyways, so who cares?

this was from the 22nd Wind.......

Iraq is a member of the Gulf Cooperation Council
Said President Federation of Chambers of Commerce Iraq Mahmoud Gaafar Messenger Hamdani That the GCC Gulf Arab After negotiations Continued More Of At the insistence of the Union Council decided Annexation of the Iraqi Federation of Chambers of Commerce in order to return to Of a new actor for his role On the map Economic Arabic ".

He singled out al-Hamadani, told the correspondent "during the Days Next There will be Meeting Of the Council and there will be Share Actors in Iraq It also will be Council resolution to replace the Name Council Cooperation to the chambers of the Arabian Gulf He pointed out that Iraq's return Active member Council GCC Iraq to reconsider the prospects for Investment Trade with all nations."

http://209.85.227.132/translate_c?hl...8ix49LA35V9Adw

Also.......


The Economic Agreement
Between the GCC States
Chapter III

Economic and Monetary Union

Article Four: Monetary and Economic Union Requirements

For the purpose of achieving a monetary and economic union between Member States, including currency unification, Member States shall undertake, according to a specified timetable, to achieve the requirements of this union. These include the achievement of a high level of harmonization between Member States in all economic policies, especially fiscal and monetary policies, banking legislation, setting criteria to approximate rates of economic performance related to fiscal and monetary stability, such as rates of budgetary deficit, indebtedness, and price levels.

http://library.gcc-sg.org/English/Bo...nagree2004.htm

"IMF seeks flexible rate for GCC common currency"
An article from gulfbase.com written on August 20, 2009 stated "FOUR Gulf nations are planning to launch the world's second monetary union in 2010 need to adopt a flexible exchange rate for their common currency," said the IMF yesterday.

The article goes on to say that "Saudi Arabia, Kuwait, Qatar and Bahrain have said they are pushing ahead with the monetary union despite the withdrawl of the UAE and Oman." Does this mean that Iraq will become a member to stretgthen the union...? We shall see.

It goes on to say, " the four members have indicated their currencies would remain pegged to the dollar in the first stages of the monetary union but they would decide on a new peg at a later date. Some officials have spoken of a basket of currencies in which the US dollar would have the lion's share. The currencies of Saudia Arabia, Bahrain, and Qatar are pegged to the dollar.

windreader1 wrote:

azdinar wrote:http://www.worldtradelaw.net/fta/agreements/gccfta.pdf

THE UNIFIED ECONOMIC AGREEMENT
BETWEEN THE COUNTRIES OF THE GULF COOPERATION COUNCIL

ARTICLE 22
Member States shall seek to coordinate their financial, monetary and banking policies and enhance cooperation between monetary agencies and central banks, including the endevour to establish a joint currency in order to further their desired economic.


ARTICLE 26

a. This Agreement shall enter into force four months after its approval by the Supreme Council.
b. This Agreement may be amended by consent of the Supreme Council.

ARTICLE 27

In case of conflict with local laws and regulations of Member States, execution of the provisions of this Agreement shall prevail.

ARTICLE 28

Provisions herein shall supersede any similar provisions contained in bilateral agreements. Drawn up at Riyadh on 15 Muharram 1402, corresponding to 11 November 1981.



Okay some opinions on the underlined statements.

AZ--this is the old agreement. It was replaced by one that was signed in 2001. I have a copy of it but do not have the link. I am looking for it but if anyone has the link, please post it.

Is this it?
http://library.gcc-sg.org/English/Books/econagree2004.htm

azdinar wrote:

windreader1 wrote:

azdinar wrote:http://www.worldtradelaw.net/fta/agreements/gccfta.pdf

THE UNIFIED ECONOMIC AGREEMENT
BETWEEN THE COUNTRIES OF THE GULF COOPERATION COUNCIL

ARTICLE 22
Member States shall seek to coordinate their financial, monetary and banking policies and enhance cooperation between monetary agencies and central banks, including the endevour to establish a joint currency in order to further their desired economic.


ARTICLE 26

a. This Agreement shall enter into force four months after its approval by the Supreme Council.
b. This Agreement may be amended by consent of the Supreme Council.

ARTICLE 27

In case of conflict with local laws and regulations of Member States, execution of the provisions of this Agreement shall prevail.

ARTICLE 28

Provisions herein shall supersede any similar provisions contained in bilateral agreements. Drawn up at Riyadh on 15 Muharram 1402, corresponding to 11 November 1981.



Okay some opinions on the underlined statements.

AZ--this is the old agreement. It was replaced by one that was signed in 2001. I have a copy of it but do not have the link. I am looking for it but if anyone has the link, please post it.

Is this it?
http://library.gcc-sg.org/English/Books/econagree2004.htm

I'm thinking so AZ....just posted it above, post #19

thumper wrote:

outkastjamz wrote:Boy don't tell that to the other side...They'd have a coronary!!!!!!!!!!!

The "other side" isn't any of my concern, they deal in fantasy and hyped up BS anyways, so who cares?

It was a joke!!!!!!!!

thumper wrote:

azdinar wrote:

windreader1 wrote:

azdinar wrote:http://www.worldtradelaw.net/fta/agreements/gccfta.pdf

THE UNIFIED ECONOMIC AGREEMENT
BETWEEN THE COUNTRIES OF THE GULF COOPERATION COUNCIL

ARTICLE 22
Member States shall seek to coordinate their financial, monetary and banking policies and enhance cooperation between monetary agencies and central banks, including the endevour to establish a joint currency in order to further their desired economic.


ARTICLE 26

a. This Agreement shall enter into force four months after its approval by the Supreme Council.
b. This Agreement may be amended by consent of the Supreme Council.

ARTICLE 27

In case of conflict with local laws and regulations of Member States, execution of the provisions of this Agreement shall prevail.

ARTICLE 28

Provisions herein shall supersede any similar provisions contained in bilateral agreements. Drawn up at Riyadh on 15 Muharram 1402, corresponding to 11 November 1981.



Okay some opinions on the underlined statements.

AZ--this is the old agreement. It was replaced by one that was signed in 2001. I have a copy of it but do not have the link. I am looking for it but if anyone has the link, please post it.

Is this it?
http://library.gcc-sg.org/English/Books/econagree2004.htm

I'm thinking so AZ....just posted it above, post #19

Yes, that is the correct link. This agreement replaced the 1981 agreement. Thanks for locating. This document has a number of stipulations that are a requirement for all member countries. It would appear that Iraq would fall short in many areas and would not be able to comply with the terms of membership.