By Iraq-Localize
Baghdad, Iraq – In an official statement released today, the Iraqi Ministry of Trade emphasized the importance of complying with the Commercial Agency Regulation Law No. 79, issued in 2017.
The ministry highlighted the specific requirement for commercial agents to submit their renewal applications within a designated period of 60 days. This timeframe, according to the announcement, starts from the beginning of the year 2024. It is essential for commercial agents to ensure that their applications are accompanied by the necessary documentation, including the recorded commission and financial records for the concluded fiscal year, which ends on December 31, 2023.
The Commercial Agency Regulation Law is a crucial legal framework that governs the activities of commercial agents in Iraq. By adhering to the specified renewal procedures, agents contribute to the transparency and accountability of their business operations, fostering a healthy and regulated commercial environment.
Failure to comply with the renewal requirements within the stipulated timeframe may result in penalties or the suspension of commercial agent licenses. The Ministry of Trade emphasized its commitment to upholding the law and encouraged all commercial agents to promptly initiate the renewal process to avoid any potential disruptions to their business activities.
