Iraq Becomes Part Of TIR Transport Convention

by

Iraq, sitting at the crossroads of multiple Middle Eastern trade routes, has become the 78th country to accede to the United Nations TIR Convention. Iraq’s accession to the TIR anchors its strategic role as a transit hub and supports the country’s economic vision to expand its non-oil sectors.

The TIR is the world’s only global transit system. It enables goods to be shipped from a country of origin, through transit countries, to a country of destination, via a secure, multilateral, multimodal and mutually recognised system. TIR also provides a financial guarantee, managed by IRU, for the payment of suspended duties and taxes.

It will boost regional trade and stimulate economic development and stability in Iraq and the wider region. IRU Secretary General Umberto de Pretto said, “We are thrilled that Iraq has joined the TIR system. This development will allow Iraq to fulfil its huge potential as a regional trade hub, supporting east-west and north-south connectivity. Iraq’s accession to the TIR Convention is a golden opportunity to confirm the country’s readiness to leverage the potential of international trade in supporting economic growth and driving prosperity and development.”

Globally recognised for its high security standards and efficiency, the TIR system has been rapidly expanding in the Middle East. From Oman and the United Arab Emirates to Saudi Arabia, and most recently in Qatar, TIR is already significantly reducing border-crossing times and boosting trade in the region.

Related Reading

 

About Us

Middle East Briefing is produced by Dezan Shira & Associates. We provide foreign investment market intelligence about doing business in the region as well as provide updates on investments into Asia for Middle eastern based international companies from our offices in Dubai. Our firm was established in 1992 and has 28 offices and several hundred research, legal, tax and compliance professionals in our offices through the Asian region.

For assistance with establishing business in the Middle East, or for assistance in analyzing and entering markets elsewhere in Asia, please contact us at dubai@dezshira.com or visit us at www.dezshira.com.

Related reading
Back to top