US, Iraq sign MoU on regulatory reform in Iraq

Iraq has signed a Memorandum of Understanding (MOU) with the United States Agency for International Development (USAID), outlining American support for Iraqi efforts to reduce regulatory obstacles in Iraq's private sector. The US Embassy in Baghdad said in a statement that the MOU, signed by USAID Mission Director Alex Dickie and the Chief of Staff of the Office of the Iraqi Prime Minster Dr. Hamid Ahmed, is in line with the Strategic Framework Agreement signed between the two countries. The signing event officially launches USAID's participation in the Iraq Solution for Regulatory and Administrative Reform (ISRAR) project. ISRAR will review and eliminate unnecessary regulations that hinder business and private investment. ISRAR working groups, drawn from both the Government of Iraq and the private sector, will produce reform recommendations to make it easier to start a new business, obtain construction permits, and facilitate trade with regional neighbors and the world, according to the statement. The statement added that these recommendations will help significantly improve the Iraqi private sector, and Iraq's ranking in the World Bank's Doing Business Report, which will assist efforts to expand investment in the economy. It went on saying that implementation of these reforms will send a clear message to the international business community that Iraq is rapidly creating a new economic foundation.