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.