Iraqi-Indian trade reaching $520 million
Trade between Iraq and India has equaled $520 million since the UN oil-for-food program was launched in December 1996, according to Amer Rashid, an Iraqi who visited the Indian capital of New Delhi as part of an official delegation, accompanying Iraqi Vice-President Taha Yassin Ramadan. The Iraqi vice president is the highest-ranking Iraqi leader to have visited New Delhi in 25 years.
According to the INA news agency, India and Iraq have reached an agreement over a wheat-for-oil deal that will go to the UN sanctions committee for approval. If approved, India will export more wheat to Iraq in exchange for additional Iraqi crude oil.
The spokesperson for the Indian foreign ministry would not give exact details about the deal, but oil industry sources said that Iraq was likely to supply one million tons of crude oil more than the five million contracted for the 2000/01 fiscal year, which will end March 2001. — (Albawaba-MEBG)