The United States and Iraq on Wednesday announced that the bilateral Trade and Investment Framework Agreement (TIFA) between the two countries, first negotiated in 2005, is likely to enter into force later this year.
The TIFA will provide a bilateral forum devoted to increasing trade and investment between the countries. The announcement follows the Iraq Council of Representatives’ recent ratification of the TIFA text and bilateral meetings in Baghdad this week.
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. “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,” the Office of the U.S. Trade Representative said.
Two-way trade between the United States and Iraq in 2012 was $21.3 billion, with U.S. exports to Iraq at $2.04 billion, and Iraqi exports to the United States at $19.3 billion. “Over the past several years, U.S. companies in the energy, defense, information technology, automotive, and transportation sectors have become increasingly active in Iraq,” USTR said.
U.S.-Iraq TIFA to enter force later this year
