The Iraqi-American Chamber of Commerce and Industry has joined ICC as a step toward promoting trade and investment in Iraq.  The two groups pledged to work together to bring stability to Iraq’s business climate and improve the country’s capacity to attract much-needed trade and investment.
 
“The challenge of making Iraq a safe and conducive location for business is enormous,” said Raad Ommar, CEO of the Iraqi-American Chamber.  “But partnerships with groups like ICC are crucial to the process.  Iraq has tremendous natural and human resources.  We are confident that, with a little help, Iraqi entrepreneurship can be channeled for real growth and development.”

The chamber, headquartered in Southern California, with a field office in Baghdad, expects to cooperate with the Paris-based ICC in implementing a number of additional steps to improve conditions for business in the war-torn nation.  Iraq’s re-entry into the world business organization is an eventual possibility once the private sector is back on its feet, according to ICC officials.  Iraq’s ICC national committee ceased functioning in 1974. 

An initial priority will be to secure Iraq’s adherence to the New York Convention, a key international treaty allowing for recognition of foreign arbitration awards in the country.  Such recognition is often critical in securing international contracts and investment.  ICC’s International Court of Arbitration is the world’s most well-respected forum for the settlement of commercial disputes.

The Iraqi-American Chamber of Commerce joined ICC through the USCIB Associates Program, which was launched earlier this year to facilitate membership by chambers and related business groups.

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