Economist: India's proposal to deal in rupees and the dinar between the two countries a big loss for Iraq

26-08-2013 01:08 PM





Promised economic expert Dr peace Sumaisem the trade agreement between Iraq and India a big loss for Iraq because Iraq lacks Industries domestic analogy India.

Uncertain «It will increase the trade surplus in the last budget because Enkhavd local currency compared to the dollar. She Sumaisem (the citizen) yesterday if we look at the diversity of trade exchange between the two countries, India has a diversity of commodity so large that you can export a lot of goods unlike Iraq, what can be released, and if we think of oil exports to India, the Iraqi dinar is a disaster and cause a big loss Iraq.

She added Sumaisem «India is a winner because the surplus commodity launched by Iraq and this will bring it a trade surplus in the budget and we achieved the opposite of us.

And followed Sumaisem «The Indian rupee is low now compared to the dollar and thus can invest this opportunity to gain business in the case of import.

The Sumaisem «It can achieve benefits for both sides in terms of trade, citing Iraq if imported from India rupee will benefit because the price is low and vice versa.

Uncertain «It is possible to be a future step to revitalize other sectors and linking trade agreements with the development plans of certain plants can invest and export of goods in accordance with this Convention. Through this agreement to try to reduce the impact of the dollar both currencies Takiman the dollar.

Was described as an economist Najm al-Moussawi proposal of the Minister of Trade Indian Rupee deal and the dinar instead of the dollar in trade transactions between the two countries smart and important step in that one.

Moussawi said the source told the News «that India's proposal in this aspect a smart move to get rid of American hegemony as well as important because it will revive the economy between the two sides.

He added that the proposal is still under study and we call on the Iraqi government to accept and support for it is in the interest of the country and stimulating the economy between the two countries.

The Minister of Indian Commerce and Industry Anand Sharma said that his country was considering the possibility that the bilateral trade with Iraq both rupee المحليتين currencies and the dinar instead of the dollar in order to meet the devaluation of the Indian rupee and volatile exchange rates.

The al-Moussawi said the economic movement between India and Iraq and dealing large currency of the two countries is something essential and will rise in Iraqi currency in global markets.

He pointed out that Iraq needed for such a move at this time and we have to broaden prospects for trade with the countries of the world and not India alone ».

Musawi praised the visit of Prime Minister Nuri al-Maliki to India because it comes at a time Iraq has suffered from economic crises, especially following the adjournment of the seventh item of it ».

Experts believe the Indians to pay in local currencies will help to some extent India in dealing with exchange rate fluctuations and the devaluation of the rupee which fell to its lowest level ever and said «We explore the possibilities of (payment in local currency, the dinar and the rupee) we have imported large and we will certainly discuss this issue.

It is known that the bilateral trade between India and Iraq have now reached about 21 billion U.S. dollars. The Indian Minister of Commerce has announced that the issue of payment in local currencies in trade between the two countries will be discussed during the bilateral meetings between Iraqi Prime Minister Nuri al-Maliki and Minister Indians.

A member of the Committee on the economy and investment parliamentary Salman al-Moussawi said in press statements «that the visit of Prime Minister Nuri al-Maliki to India will yield for the conclusion of a series of economic agreements beneficial to the country and stimulate the Indian companies to work in Iraq, especially that India is one of the states that have evolved and progressed economically in recent years.

He pointed out: that the Indian companies have a strong desire to enter the Iraqi market, but they need to communicate to the signing of agreements guarantee the rights of its work in the country, especially that of the Iraqi delegation that went to India was accompanied by traders and businessmen and companies from the private sector to enter into agreements company with the Indian side .

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