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1. GENERAL PRESENTATION:  1.1 General characteristics 1.2 General Information 1.3 Legal Framework of Trade Relations

2. TRADE STRUCTURE:   2.1 Main Imported and exported products (1995)  2.2 Trading partners (1996)

3. FOREIGN TRADE REGULATIONS:   3.1.Imports regulations 3.2 Exports regulations 3.3 Other formalities and documents

4. FINANCIAL REGULATIONS OF FOREIGN TRADE OPERATIONS:   4.1 Banking system 4.2 Foreign exchange system 4.3 Methods and means for international settlement

5. CUSTOMS TAXATION:   5.1 Applicable duties and taxes

6. FOREIGN TRADE LOGISTIC:   6.1 International Transports 6.2 Telecommunications

7. USEFUL ADDRESSES

1 GENERAL PRESENTATION:  

1.1 General characteristics:

^(*) Variable dates

1.2 General Information:

1.3 Legal Framework of Trade Relations 

Iraq is member of the following international organizations:

Organization of the Islamic Conference (OIC);

United Nations Organization (UN);

Organization of Petroleum Exporting Countries (OPEC)

League of Arab States

G77

Iraq is a member of the Arab Common Market and the Arab Cooperation Council. Iraq also is a signatory to inter-Arab trade and transit agreement.

2.1 Main Imported and exported products (1995):

2.2 Trading partners (1996):

3 FOREIGN TRADE REGULATIONS: 

3.1.Imports regulations:

The ministry of trade is responsible for formulating the import policy and the annual import program.

All the imports of the private sector require a license except basic products for some development projects; special licenses are issued for imports financed by foreign exchange obtained by non-resident Iraqis. 

At import level the following documents are required:

There is no special form of invoice required, but generally it should state a detailed description of the merchandise, the full name and address of the manufacturer and the country of origin.

Generally not required, but a country of origin statement must appear on the commercial invoice, but if requested, it must be certified by a recognized chamber of commerce.

Two copies of a packing list are requested. It should specify the contents of each shipping container.

Three copies must be prepared. A bill of lading customarily shows the name of the shipper, the name and address of the consignee, port of destination, description of goods, listing of the freight and other charges, the number of bills of lading in the full set, and the date and the signature of the carrier’s official acknowledging receipt on board of the goods for shipment;

3.2 Exports regulations:

Exports of certain goods to all countries are prohibited. All exports are licensed through the general company for exhibitions and trading services. Exporters of products manufactured by public sector companies must undertake to repatriate 60 percent of their foreign exchange proceeds through the Rafidain Bank or the Rasheed Bank.

3.3 Other formalities and documents:

In compliance with the Export regulations, the following documents must be prepared:

an English copy is required for all imports of antibiotic products, compounds and preparations.

This document is issued by an Iraqi consular representative and should state that the steamer carrying the goods is not on the Iraqi government’s blacklist.

Goods destined for Iraq are permitted to transit neighbors countries.

4.1 Banking system:

The Rafidain Bank and the Al-Rasheed Bank are the two state- owned commercial banks, the Rafidain is by far the biggest commercial bank in terms of assets. It is also one of the largest Arab financial institutions. 

Since 1991, six new private banks have been established, these were: 

The Socialist Bank, Iraqi Commercial Bank, Baghdad Bank, Dijla Bank, Al-Itimad Bank and the Private Bank.

4.2 Foreign exchange system:

The board of Directors of the central bank is in charge of the foreign exchange control. The department of Foreign Exchange and Banking Supervision of the Central Bank and licensed dealers have a specific approval authority.

4.3 Methods and means for international settlement:

The payment of imports must be made in Iraqi dinars or in specified currencies. The most used method of payment is the letter of credit.

Iraq has a single-column import tariff based on the Customs Cooperation Council Nomenclature.

5.1 Applicable duties and taxes

Duties on Ad-Valorem basis are predominating, although many are specific. 

Arab common Market members including Iraq have removed, with a few exceptions, the tariffs on manufactured products. The Inter-Arab Trade and Transit agreement, of which Iraq is a signatory provides for duty-free entry of some non industrial products and duty reduction on certain industrial products from member states.

The net weight is the dutiable weight in evaluating specific duties but some items are evaluated on the basis of gross weight.

In assessing ad-valorem duties, the basis of CRF value is used. The goods are assessed at the estimated value at the time of the transaction if the authorities are 

There is a tax at the rate of 0,5 percent on imports of capital goods and 0,75 percent on imports of consumer goods.

All dutiable imports are subject to a surcharge.

6.1 International Transports:

The ports of Basra and Umm Qasr are the commercial gateway of Iraq. They are connected by various ocean routes with all ports of the world. With the beginning of food imports under UN security council resolution, Umm al Kasr became the major port of Iraq.

There are international airports near Baghdad at Bamernui and at Basra, and smaller civil airfields at Hadithah, Kirkuk and Maosul. 

Railways: The railway system has three major routes, the Baghdad-Kirkuk-Irbil, the Baghdad-Mosul-Yurubiyah, line which is linked with the Turkish system, and the Baghdad-Maaqal-Ummal qasr standard line. 

Roads: There were 36438 km of roads. The border roads linking Iraq with its western neighbors were much improved. Post-war reconstruction efforts have been successful. A major new bridge across the Tigris was completed in 1993.

6.2 Telecommunications

By mid-1992, telephone lines in the main cities, especially Baghdad had been restored.