Iraq bids for fast-track WTO membership

GENEVA, Switzerland, April 2 (UPI) -- The Iraqi government lobbied the World Trade Organization Wednesday for fast-track membership, pointing to its oil reserves and geopolitical significance.

Iraqi Trade Minister Abed Falah al-Sudani pushed for the membership, saying the country had a huge potential for expansion of commerce in the global community, al-Alam news network said.

"Iraq will be an active and positive member of the world community, and its integration in the international community will help in creating stability and faster development in the country,'' Sudani said.

Iraq received observer status at the WTO when it applied for membership in 2004, and Sudani said Iraq made significant steps in development since then.

The 151-member WTO council told Sudani it needed more evidence of concrete pricing regulation, trade measures and investment rules before full consideration.

Sudani noted Iraq overcame "difficult circumstances" and said Iraq's determination to enter the WTO would further benefit all of its trading partners.