South Korea increases trade ties with Iraq
In line with the United Nations Security Council resolution, South Korea will ease its trade sanctions against Iraq. The nation will allow the supply of any commodities to be shipped to Iraq, except for items that are banned entry, reported South Korea’s Ministry of Commerce, Industry and Energy.
The initiative follows the ministry's revision of a special decree on trade enacted as a member state of the UN. The decree states that exports of commodities not included on a list of banned products such as arms, and missiles, to Iraq is permissible, providing an approval from the Ministry of Commerce.
Iraq has been under a strict UN embargo since its 1990 invasion of Kuwait. The oil-for-food program, which has been in place since 1996 and allows embargo-hit Iraq to sell oil and buy food, medicine and other essentials for its 22 million people. — (menareport.com)
© 2002 Mena Report (www.menareport.com)