Parliamentary debates on Iraq’s accession to the New York Convention to encourage investment

Posted: July 9, 2013 in Iraqi Dinar/Politics
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07/09/2013 12:00 AM

BAGHDAD – Shaima Rashid
after rid Iraq of the limitations of Chapter VII is looking forward to entering into the realm of the global economy, especially with the growing desires International seeking to double the volume of trade exchange with Iraq and this is what called االى thinking about the country’s accession to the New York Convention to encourage investment.

members of the Economic Committee in House of Representatives varied views on Iraq’s accession to the New York Convention, while counting some of it, “a good step” in order to preserve the rights of Iraqis and local investors in disputes International, had others some reservations, which stressed the need to study and clarify before issuing a final decision.

encourages Agreement New York air investment of its Member States, they represent a point of arbitration between the investment companies and between countries working in it if they have a dispute between the parties. decision of the Economic Commission Mahma Khalil stressed the importance of Iraq’s accession to the New York Convention of International Arbitration in order to maintain the rights of Iraqis and local investors in disputes International.

said Khalil that his committee held a hearing Astmaih with the participation of representatives of the American Chamber of Commerce and the presence of other members of the United Nations, as well as the presence of judges from different disciplines to learn the importance of this agreement, especially with the increasing desires International seeking to double the volume of trade exchange with Iraq.

said Rep. In a statement »Center Brief for the Iraqi Media Network»: that many countries have benefited from this agreement, indicating that the interests of Iraq today require join them, especially since the time is right after his release from Chapter VII, and the increasing desire of investors and companies to work in Iraq.

, and pointed out that Advantages of accession to this Convention is greater than the disadvantages, ruling out at the same time that there is objection by the political blocs on them., in turn, noted member of the Economic Committee Abdul Salam al-Maliki government’s reservation to accede to this Convention despite the transformation of the economic system in the country, to the market Open, which depends mainly on the role of the private sector and investment companies, domestic and foreign.

and said Maliki in a statement »Center Brief for the Iraqi Media Network», that the General Secretariat of the Council of Ministers asked to wait in the subject to join this agreement because of the unresolved issue of Iraqi funds, and the issue of immunity about, where saw it will be exposed to more suits counterfeit, or sentencing of some of the parties to control the money.

pointed deputy to the State Council did not support the accession to this Convention, to his conviction possibility attached to harm the money of Iraq, launched from its forecast in the possibility that attached to this Agreement damage matters of arbitration issued on matters of trade and finance, adding that more than 149 countries Anzmt formally to the Convention. For his part, expressed by the Economic Commission Amer Al-Fayez surprise at the sending of this Agreement by the government to the House of Representatives without sending international treaty.
He said Fayez told the «Center Brief for the Iraqi Media Network»: The Economic Commission had not seen this Convention.

between MP that his committee had called on the government in the event of sending any of the laws to the parliament for ratification, to attach the text of the treaty with him, pointing out that This is one of the reasons for the delay in approving a number of laws, wondering about how to vote on the treaty without the knowledge of the original agreement, particularly the House of Representatives has no right to put any note them as Notes International. noted that the New York Convention since its conclusion in 1958 received recognition many countries Arbitral Awards and implementation of the various countries of the world, where the Convention encourages the investment atmosphere of the member states where they represent a point of separating the arbitral investment between companies operating in states if you have a dispute between the parties.

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