International Trade Center Highlights Iraq's Readiness to Become a Regional Trade and Investment Hub

The Executive Director of the International Trade Center, Pamela Cook Hamilton, confirmed the Iraqi government's commitment to accelerating the process of joining the World Trade Organization, expressing hope to complete membership requirements by 2028. She revealed a proposal to develop a national strategy for trade and investment, emphasizing that Iraq is qualified to become a regional hub for trade and investment. Hamilton explained that the center continues to support Iraq in fulfilling WTO accession requirements through reviewing local legislation and regulations and building the capacities of government institutions and the private sector. She noted that Iraq submitted its goods offer last September and is currently working on completing the services offer. She added that there is a clear governmental commitment to expedite the procedures, which she observed during her discussions with the Ministers of Foreign Affairs and Trade, stressing that the government recognizes the importance of this step and the economic, trade, and investment opportunities it provides. She pointed out that time remains the biggest challenge in completing the required procedures and reforms. Hamilton clarified that WTO membership will enhance international investors' confidence in the Iraqi economy by providing a more stable, transparent commercial environment with clear legislation and economic policies. It will also strengthen Iraq's integration into the global trading system and send a message to the international community about its readiness to attract business and investments. She revealed a proposal submitted to the Iraqi government to prepare a national trade and investment strategy based on the national development plan for 2024–2028. The strategy aims to identify promising economic sectors, develop a roadmap to enhance them, and increase their capacity to attract investments, while supporting existing government plans and expanding job opportunities for youth, women, and vulnerable groups. Regarding economic diversification, she pointed out that developments related to the Strait of Hormuz highlighted the risks of overreliance on oil revenues and the need to build a more diversified economy capable of withstanding crises, estimating economic losses from a single incident related to the strait at around $60 billion. She stressed the importance of developing the construction, tourism, information technology, agricultural, and food industries sectors as promising areas that can contribute to diversifying national income sources and reducing dependence on oil. Hamilton confirmed that small, medium, and micro enterprises are a key driver of economic growth, accounting for about 90% of the economy. The center supports these enterprises by enhancing their production capacities, facilitating market and finance access, and training owners in financial record management and meeting commercial standards. In support of the agricultural sector, she highlighted the success of the (SAFI) project, launched in Iraq in 2020, which supported over four thousand Iraqi farmers and achieved a 70% increase in production and exports. Efforts continue through the (JOBS) project to enhance employment opportunities and capacity building. She explained that the center's programs have contributed to developing Iraqi agricultural and food products, including potatoes, tomatoes, and poultry, assisting producers in meeting required commercial standards, enabling some products to reach modern retail and distribution chains. She pointed out that one of the main challenges facing Iraqi agricultural and food exports is the lack of accredited local laboratories for required international market testing, which forces producers to send samples abroad, increasing costs and reducing competitiveness. She emphasized the necessity of investing in testing laboratories and quality systems, especially to support exports of agricultural products and dates. Regarding trade partnerships, Hamilton announced that the Iraqi National Trade Exhibition achieved sales exceeding $83 million and helped strengthen partnerships and attract the interest of major international companies. She noted that the exhibition recorded participation of over a thousand people in its previous session compared to about 800 participants in the current session, reflecting the scale of trade and investment opportunities available in the Iraqi market. Concerning the construction sector, she confirmed that the International Trade Center is working on developing the sector by introducing green building standards and energy efficiency, implementing training programs for Iraqi youth on modern construction techniques, solar panel installation, and climate-smart building development. These efforts aim to support sustainable reconstruction and enhance the competitiveness and attractiveness of the construction sector for investment. She added that Iraq possesses significant historical, cultural, and civilizational assets that qualify it to transform tourism into an industry capable of generating billions in revenue. She stressed the importance of investing in developing youth skills in hospitality, tourism services, and digital technologies to exploit untapped tourism potential and create new job opportunities. Hamilton indicated that digital transformation and information and communication technology are among the most promising sectors in the Iraqi economy, as digital platforms offer local companies opportunities to access global markets and expand exports. She emphasized the importance of developing digital skills and artificial intelligence applications, particularly in tourism, services, and trade sectors. She revealed the continuation of implementing the (Masar) project to prepare Iraqi youth for the labor market through technical and vocational training in construction, tourism, and hospitality sectors, aligned with market needs and local conditions. She highlighted that building human capacities and providing practical training are essential foundations for job creation and economic development. Hamilton concluded by affirming that Iraq has significant economic and human potential enabling it to transform into a distinguished regional center for trade and investment. She noted that the International Trade Center supports the Iraqi government's vision to build a strong and diversified economy, enhance the private sector's role, empower youth and women, and expand partnerships between Iraqi companies and international investors.