Iraq Documents and Publications
Constitution of Iraq
Full text of the Constitution of Iraq, ratified on October 15, 2005. Although the document represents a landmark achievement in modern Iraqi history, some significant issues still remain to be resolved. Oil is constitutionally defined as the property of the Iraqi people, but there are differing interpretations of the proper administration of the oil sector. The lack of a clearly defined framework has hindered development of Iraq's oil resources. Furthermore, the constitution prescribes a referendum to determine the administrative status of the ethnically mixed and resource-rich province of Kirkuk, the deadline for which has come and gone.
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Iraq Investment Law
This law was approved in October of 2006 in order to encourage private investment as a cornerstone of development, technology transfer, and rebuilding the Iraqi economy. It establishes the National Investment Commission, a body tasked with organizing the promotion of investment opportunities in Iraq and approving requests for investment project licenses in all sectors except oil and gas and banking and insurance, sectors which do not fall under the purview of the law. The law offers various guarantees to foreign and Iraqi investors including: the right to repatriate capital and profits in any currency; the right to open bank accounts within Iraq; a ten-year exemption from taxes and fees on licensed projects; for foreign investors, the right to establish residency in Iraq and the right to own and exchange shares listed on the Iraq Stock Exchange. It allows for long-term leases to foreign investors but not land ownership.
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Kurdistan Region Investment Law
Issued in July 2006, months in advance of the Iraq Investment Law, the Kurdistan Region Investment Law accords privileges and incentives to private investors conducting investment projects in order to encourage their participation in the development of the Kurdistan Region economy. Although similar to the national Investment Law, the Kurdistan Regional Investment Law offers more favorable terms to investors. Banks and insurance companies are included within the purview of the law (although oil and gas is not). Significantly, foreign investors are permitted to own and lease land, where such privileges are not permitted under the national Investment Law.
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Status of Forces Agreement
Ratified by the Iraqi Parliament on November 27, 2008, this agreement establishes a definitive time frame for the ultimate withdrawal of all United States Forces from Iraqi territory. According to the document this must occur no later than December 31, 2011; however, the agreement can be terminated with one year's notice, and observers expect that popular Iraqi (but also American) opposition to the US presence may force an expedited withdrawal. Previously, US and coalition forces had been present in Iraq pursuant to UNSCR 1790, which expired on Dec 31, 2008. The document also establishes the terms under which United States Forces remain in Iraq until their withdrawal. Notably, the agreement renders United States contractors subject primarily to Iraqi jurisdiction. United States military personnel and all personnel within agreed upon facilities are primarily subject to US jurisdiction.
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