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Legal Frameworks for the Establishment of Free Zones: An Analytical Study of the Case of Iraq
Zainab Hadi Hamid
Volume: 13 Issue: 1 2023
Iraq has legislated Law No. (3) for the year 1998 (the General Authority for Free Zones Law), which stated the reasons for it “a desire to push the wheel of economic and social development forward by attracting national, Arab and foreign capital and industrial investments from developed countries, introducing advanced technology and creating new job opportunities and an increase in the volume of exports and foreign exchange resources, and for the management and investment of free zones as an Iraqi investment that serves national, Arab and international purposes.” Therefore, there was a need to review the General Authority for Free Zones Law No. (3) of 1998, which was brief, and to issue a new law for the purpose of working to impose mechanisms for adjudicating disputes arising from investment in them, while defining clear mechanisms of action and liberating them from the internal laws and procedures of the host country to give complete freedom for its investors to work without linking it to secondary parties as it is an international area subject only to its own law. Where these regions play a major role in stimulating the foreign trade of the host countries, not to mention their important role in stimulating the movement of internal trade and national industries, in addition to their role in attracting foreign investments and transferring technology to those host countries.
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