Economy Update – Baghdad
On Monday, the Ministerial Council for Economy announced significant developments regarding the implementation of the Iraqi vehicle standards as well as the regulations governing the issuance of auto import permits.
The council convened under the leadership of Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, during its eighth session. This meeting included key figures such as the Deputy Prime Minister and Minister of Planning, along with the Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, as well as the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, the Vice-President of the National Investment Authority, and various advisors to the Prime Minister focused on economic and legal matters.
During this session, the council engaged with the Minister of the Interior to discuss initiatives aimed at rehabilitating vehicle registration sites and issuing market licenses throughout Iraq. The meeting also addressed the smart signaling system and radar project in the capital, Baghdad.
Moreover, discussions ensued between the economy council and the Deputy Prime Minister and Minister of Oil regarding the completion of budget schedules. The Minister of Oil provided an in-depth analysis of the current local and global oil market, covering aspects such as pricing, anticipated production levels, necessary expenses for extraction and marketing operations, and projections for revenue generation from the oil sector.
In its proceedings, the council also welcomed the Undersecretary of the Ministry of Electricity, ministry officials, the Director General of the Iraqi Bank for Trade, and several heads of energy-focused investment companies. The objective was to review investment contracts and delve into strategies to ensure a steady electricity supply, particularly with the summer season approaching.
In addition, the council hosted the head of the Central Agency for Standardization and Specific Control to evaluate the Ministry of Planning’s request for a delay in implementing the Iraqi vehicle standard and to regulate the import licensing process until the end of the current year.
The head of the Central Agency underlined that this postponement would facilitate the responsible authorities in completing essential technical procedures. This is aimed at aligning with the Consumer Protection Law, the Competition Law, and measures to prevent monopolistic practices.
The council has confirmed that this request for postponement has been approved, establishing December 31, 2025, as the final implementation deadline.
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