Kurdistan Region, Iraq reach landmark economic agreements
ERBIL (Kurdistan24) - The Economic Councils of the Kurdistan Region and Iraq have reached a series of significant agreements aimed at resolving long-standing economic disputes, including the pressing issue of salary payments.
After extensive negotiations, both sides have come to a consensus on several key points:
- Single Taxation: Companies will now be subject to taxation by only one government, either the Iraqi government or the Kurdistan Regional Government, eliminating the burden of double taxation.
- Investment Cooperation: The Kurdistan Regional Government's Investment Board will send a delegation to Baghdad next week to address and resolve mutual investment concerns.
- Salary Resolution: The salary issue has been resolved, with the August salary list set to be sent to Baghdad on Monday or Tuesday.
- Customs Checkpoint Removal: A joint committee will be formed to oversee the removal of customs checkpoints between the Kurdistan Region and Iraqi cities, facilitating smoother trade and movement.
#BREAKING Historic Accord Reached as KRG and Baghdad Find Common Ground.
— Kurdistan 24 English (@K24English) September 9, 2024
PM Masrour Barzani led a productive meeting between the KRG, Iraqi Economic Councils.
A Kurdistan24 reporter revealed a palpable sense of optimism, concrete agreements were reached on multiple fronts. pic.twitter.com/zOQtUEAkEf
These discussions, which began on Sunday in Erbil, mark a crucial step in strengthening economic ties between the Kurdistan Region and the rest of Iraq.
The agreements reached are expected to promote greater economic cooperation, enhance investment opportunities, and improve the overall financial well-being of citizens.
The Kurdistan Region's Economic Council, chaired by Prime Minister Masrour Barzani, includes Deputy Prime Minister Qubad Talabani, Minister of Trade and Industry Kamal Muslim, Chairman of the Kurdistan Board of Investment Mohammed Shukri, President of the Diwan of the Council of Ministers Umed Sabah Othman, and other key ministers and officials.
The Iraqi Economic Council, led by Deputy Prime Minister and Minister of Planning Fuad Hussein, consists of Deputy Prime Minister and Minister of Finance Muhammad Ali Tamim, Governor of the Central Bank of Iraq Ali al-Alaq, Iraqi Minister of Trade Athir Daoud Salman, and several other ministers.
Chairman of the Iraqi Economic Council told Kurdistan24: Most of the problems will be solved
Dr. Fuad Hussein, the head of the Federal Economic Council and Deputy Prime Minister of Iraq, expressed confidence that the bilateral meetings with the Kurdistan Regional Economic Council will successfully address most of the pending issues between the two governments.
In a statement to Kurdistan 24 on Monday, September 9, 2024, Dr. Hussein characterized the discussions with the Kurdistan Regional Government's economic delegation as "very good," with a "very good understanding" on the path to resolving outstanding matters.
Dr. Hussein emphasized that the meetings between the two councils are expected to provide solutions to a majority of the financial and economic challenges faced by the federal government and the Kurdistan Region.
KRG Finance Minister: I think the meetings in Erbil will end positively
Kurdistan Region's Finance and Economy Minister Awat Janab Noori expressed optimism about the ongoing meetings with the Iraqi Economic Council in Erbil, stating that they "will end positively."
Speaking to Kurdistan24 correspondent Nawras Abdullah on Monday, Minister Janab, a member of the KRG's economic delegation, revealed that discussions had encompassed a wide range of topics, including salaries, trade, agriculture, and other key issues.
When asked about the Kurdistan Region's expectations from these meetings, the Minister expressed hope that all pertinent matters had been addressed and anticipated a positive outcome.
The meetings between the two economic councils commenced on Sunday and are scheduled to continue on Monday, with an estimated duration of over eight hours.