Iraq's Economic Council calls for 20% price advantage for domestic products
Shafaq News/ On Monday, Iraq's Ministerial Economic Council urged granting domestic products a minimum 20% price advantage over imports to stimulate local production.
Ministerial Economic Council stated that "Deputy Prime Minister, Minister of Foreign Affairs, and Chairman of the Ministerial Economic Council, Fuad Hussein, chaired the council's 21st regular session for 2024."
"The session was attended by the Ministers of Planning, Finance, Agriculture, Trade, Industry, Labor, Social Affairs, the Secretary-General of the Cabinet, the Chairman of the National Investment Commission, the Chairman of the Securities Commission, the Deputy Minister of Oil, and the Prime Minister's Legal Affairs Advisor," the statement noted.
The council recommended that the Cabinet reinstate the policy of granting domestic products a competitive price advantage over imports by at least 20% to encourage reliance on local production.
Additionally, the council approved an increase in the total cost for the project addressing electrical system bottlenecks in the northern region. It also canceled work stoppage decisions for two contracts involving specialized equipment supply for asphalt plants and their annexes for the Municipalities of Muthanna and Al-Rumaytha.
