The Regulation of the commercial business is the most important obligations of a successful economy, which all economies in the world seeks to it , Where the field includes all economic transactions, whether internal or external level.
Iraqi market like the others in need to organize the commrecial business, especially with the circumstances of Iraq today, and the suffering of the economy, to be able to adjust the economic process, and to get out of the harsh economic conditions that prevailed.
In a positive step, the Cabinet announced recently about its agreement on a draft of Commercial Agency Regulatory Act, and, as it is well known, this law aims to regulate the commercial agency acts exercised in Iraq by the agent for the benefit of a natural or legal person from outside Iraq, and monitor the activity of commercial agents, as well as to modernize trade legislation and the completion of the legislative system of the commercial business and organize registration of commercial agencies and the relationship between the agent and the principal on its procedural side .
Here we attach the draft of the Act as described in the following documents:
The Act also contributes to encourage the private sector and give it a wider investment opportunities, and regulating commercial work of the Agency in order to achieve the goals of development in accordance with the economic transformations, and lift some restrictions on the exercise of this activity and to reconsider the imposition of sanctions and amounts of fees are met. ”
The spread of dealing by the commercial Agency, resulting in an increase in the number of those involved in this area, so that the practice of business agencies has become the most widespread in the commercial business sector . Therefore it was necessary to keep up with the developments and ensure the protection of workers in this sector, especially with the presence of many of the abuses in this regard.
The importance of finding a new law to regulate commercial agency after widening the activity of services and productive institutions to carry out its activity, in bringing what it need from materials necessary for its production, as well as in the conduct of its products, and this activity extends to foreign countries, if not all countries in the world, so working with the commercial Agency is an important issue .
In conclusion, we can say that this new legislation will contribute for the regulation of work within the government departments and the private sector to meet the development goals and to move the economy towards the development and flourishing , as well as setting the legal requirements and legislation governing the work where it was found the rights and duties of both individuals and institutions, and monitor the activity of commercial agents, hoping this step to be the beginning to regulate various aspects of the Iraqi economy.
Rawabet Center for Research and Strategic Studies