Analysis of Turkey and China's Economic Partnerships With Iraq In Trade Exchanges

Abstract

International economic interactions are now essential to both developed and developing countries to achieve economic growth and, thus, growth. New marketplaces for the discharge of goods are created by international commerce and foreign direct investment as part of international economic cooperation. Country-to-country trade occurs between nations that produce specific items or provide certain services and other countries that do not. In the shadow of the profound economic transformations produced by globalization and the revolution of communications and information, and the disappearance of such partnerships in the fields of trade, finance, production, and market creation, cooperating countries have achieved a range of positive advantages: gaining experience in the conditions of domestic and foreign markets through exports and direct investment, and sharing experiences and technology between those in the center countries (parent companies) and those emerging in various branches in foreign countries. After the political change that took place in Iraq after 2003, Iraq went to conclude trade and economic agreements with Turkey and China with the aim of strengthening economic, trade, scientific and technical relations between the two parties, and encouraging and expanding foreign exchange, by abolishing or reducing trade restrictions and removing non-tariff barriers in their bilateral trade, and the cooperation of the two parties in the field of expanding investments and investment opportunities, but the Iraqi side was the weakest in achieving the economic goals of these agreements, Due to the underdevelopment of the supply side of the Iraqi economy and its inability to compete with international economic partners, as its weak production capacity in its economic sectors stems from the lack of adequate economic and trade policies due to the security and political challenges that the country is going through and its weak production base, and in order to find a balance between these agreements and economic relations, a national economic strategy based on diversifying the productive base of the Iraqi economy must be adopted to make it able to compete with international partners. Due to these interactions and agreements with Turkey and China, Iraq's economy has been exposed to the rest of the globe by 68 percent. It signifies that the economy is susceptible to changes in global commerce. Economic growth is harmed when countries open themselves up to the outside world by signing agreements on economic and investment cooperation with other countries. International agreements and the enactment of laws and legislation that would preserve the interests of foreign investors, in addition to overcoming the shortage of infrastructure, would help attract foreign direct investment and promote investment in manufacturing due to Iraq's abundance of raw materials and low-wage workforce.