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US, Iraq TIFA To Enter Into Force This Year

by Mike Godfrey, Tax-News.com, Washington

08 March 2013


Following the Iraq Council of Representatives’ recent ratification of the text of the Trade and Investment Framework Agreement with the US, and bilateral meetings in Baghdad, the United States and Iraq announced on March 6 that the FTA, first negotiated in 2005, is likely to enter into force later this year.

After an exchange of diplomatic notes brings the TIFA into force later this year, the first meeting of the Joint Council for bilateral consultations on trade and investment issues can take place in 2014, providing a forum devoted to fostering greater trade and investment between the two countries.

Intended to continue efforts to improve the economic relationship between the United States and Iraq, Joint Council meetings will provide a permanent forum for annual senior-level discussions on trade and economic issues including services, transparency, worker rights and intellectual property.

Two-way trade between the US and Iraq in 2012 was USD21.3bn, with US exports to Iraq at USD2.04bn, and Iraqi exports to the US at USD19.3bn. Over the past several years, US companies in the energy, defense, information technology, automotive and transportation sectors have become increasingly active in Iraq.

TAGS: tax | export duty | energy | trade treaty | Iraq | oil and gas | agreements | manufacturing | United States | import duty | trade | services

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