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Due
to the constantly changing situation in Iraq, Gulf Law are
providing regular updates on the situation, from a legal perspective
and how it effects business and corporate law in Iraq. Click
here for the latest update.
General
Background on Law in Iraq.
1.
Iraq: Country Profile
Present
day Iraq (historically also known as Mesopotamia) was until the
end of W.W. I part of the Ottoman State. During W.W. I it was occupied
by British forces, made a Monarchy and placed under British Mandate
by the League of Nations. In 1932 the Mandate was terminated when
Iraq joined the League of Nations as an independent Monarchy. A
violent revolution in 1958 toppled the Monarchy and Iraq became
a Republic.
Geographically
Iraq is located on the northern tip of the Gulf with an area of
over 434,000 square kilometres and a population of over 21 million.
Historically Iraq's economy was based on agriculture benefiting
from the waters of the two main rivers which pass through it. Early
in this century oil was discovered in Iraq which later became a
major producers. Iraq was one of the founder members of OPEC. However,
in spite of its success in developing significant resources, including
substantial proven oil reserves, and an impressive infrastructure,
Iraq's economic development was hampered by political instability
and major military conflicts.
The
last conflict was the invasion of Kuwait with its known devastating
effects on the economy and society in Iraq. The imposition of UN
sanctions, which still prevail, has had serious consequences, not
only by limiting Iraq's oil exports to quantities specified
by the UN and allocating the revenue to the purchase of essentials
such as food and medicines in accordance with the oil for food UN
Resolution, but created very serious economic and environmental
problems. Iraq now exports an average of 2.1 million bpd with a
revenue of $9.5 billion depending on the price of oil. Rampant inflation
is one of the prevailing economic difficulties. The rate of exchange
of the Iraqi Dinar was, prior to the Gulf Crisis, $3 to each
Dinar. Now it is 2,000 Dinars to the Dollar.
Since
the Gulf crisis in Iraq, the socialist economic policies previously
implemented, became less stringent and a privatisation programme
began especially in agriculture, transport and industry. This
could provide trade and management opportunities for specialised
companies upon the lifting of sanctions.
2. Legislative Procedures
3.
The Judicial System
4.
The Judiciary
5.
The Legal Profession
6.
Laws Regulating Litigation
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