Iraq’s Trade Import and Export Patterns and their Repercussions

Abstract

Aims: To diagnose the actual situation in Iraq in terms of import and export patterns, taking into consideration both trade agreements and sanctions from the international community, in order to determine whether the needs of its recovery and reintegration are covered or not and what type of future action needs to be taken. Methodology: A thorough analysis of the goods imported and exported by Iraq, respectively their afferent trade formalities, along with the main countries or international organizations having commercial relationships with the Arab country, was undergone. Moreover, in the attempt to relate to the international stage, several comparisons between the current situation in Iraq in terms of trade and the one from its neighboring countries were also made. Results: Iraq’s trade import and export patterns do not fit perfectly the requirements of a country in Iraq’s position, but the mismanagement of the government and the inefficiencies in managing foreign investments are directly responsible for the malfunctioning of trade relationships. Conclusion: The government of Iraq needs to attract importers, foreign investors and business persons by fighting against the lack of transparency and the high level of corruption, and to fund the timely development of the private sector in order to succeed the transition to a real market economy.