Guest blog post by Cameron F. Kerry, Department of
Commerce General Counsel
On June 28, 2004, Iraq's first democratically elected government assumed full
sovereign authority. Eight years later, I joined Iraqi counterparts to
discuss Iraq's next great challenge: integrating itself into the world economy.
Overcoming this challenge is a critical step in Iraq's transition since, as
President Obama has noted, “Iraq is assuming its rightful place among the
community of nations.”
The Department of Commerce mission in Iraq is to help the country assume this
role while working to expand and facilitate increased U.S. business
opportunities. As part of this mission, I had the honor of co-hosting
two conferences focused on Iraq’s economic growth strategy. Iraq faces the
challenge of generating trade and investment at the same time as managing the
expansion of its resource wealth to ensure economic diversification. While
these challenges are significant, I was encouraged by the universal agreement
between panelists, government officials, and private sector representatives
that these challenges can be overcome by the adoption of a commercial law
framework that emphasizes predictability, transparency, and economic security.
The first of these conferences, co-hosted by Iraq’s Minister of Finance Rafi
al-Issawi, brought together experts from U.S., multilateral, and private institutions
to discuss with Iraqi counterparts how under-developed commercial law and
financial mechanisms can act as barriers to trade and investment. A common
theme in the two days of discussion was how the rule of law is vital to a
welcoming economic environment in Iraq in which U.S. and Iraqi businesses can
predict and plan their investments, purchases, and sales with greater
certainty.
The second conference was the US-Iraq Business Dialogue co-hosted by Iraq’s
Minister of Trade Khayrallah Hasan Babakir, brought U.S firms doing business in
Iraq together with private sector representatives from Iraq to share concerns
on private sector development in Iraq and recommend policies to improve
commercial relations between our two countries. The U.S. and Iraqi private
sector representatives advised that the two governments work together on key
challenges to doing business, such as issuing visas, business registration, and
trade financing. Both sides view Iraq as a valuable business partner in the
region, and we hope to continue this dialogue well into the future.
The United States welcomes and celebrates Iraq’s efforts to foster economic
growth. We will continue to support these efforts under the U.S.-Iraq Strategic
Framework Agreement. Under this agreement, the US and Iraq are collaborating to
integrate Iraq into the global economy and expand its private sector. The
focus on commercial rule of law and access to financing is a direct response to
concerns raised by US companies doing business in Iraq. Overcoming these
barriers will widen the door for US companies to pursue economic opportunities
in Iraq, driving exports and American job growth.
I am particularly proud of the work of the Department of Commerce’s Commercial
Law Development Program (CLDP), which is working across Iraq’s ministries,
judiciary, and legislature to strengthen the business environment, foster
innovation, and expand trade. I am also grateful for the American
companies and experts that brought their business and finance skill to the discussions.
In my experience as General Counsel, I often see close up how pursuit of
commercial rule of law can lay the foundation for economic prosperity. I have
enjoyed the opportunity to share this experience with my Iraqi colleagues over
the last few days and to contribute in some way to Iraq's rebuilding.
This collaboration will continue through the efforts of CLDP and the Commerce
Department Iraq Task Force to foster greater economic ties between the U.S. and
Iraq. My sincere hope is that, through this collaboration, we can enhance the
Iraqi government’s efforts to promote commercial rule of law and, in
partnership with U.S. businesses, generate economic opportunity in both
countries for generations to come.
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