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Oct 22 2024

New Iraqi customs agreement opens door to huge trade growth

The Republic of Iraq has achieved a key milestone with the signing of the Guarantee Agreement between the General Authority of Customs and the TIR national association. This agreement will pave the way for the implementation of the United Nations TIR transit system in Iraq.

 

The TIR system cuts border waiting times significantly by enabling goods to be shipped from a country of origin to a country of destination in sealed load compartments that are controlled by customs via a multilateral, mutually recognised system.

 

In essence, TIR allows trucks to cross borders efficiently – and securely – without having to queue for hours and days on end.

 

TIR also provides a financial guarantee, managed by IRU, for the payment of customs duties and taxes.

 

Iraq’s accession to the TIR Convention anchors its strategic role as a transit hub and supports the country’s economic vision to expand its non-oil sectors. Read more

 

Source: IRU