Trade Council Suggests US Review of Libyan, Iranian Sanctions
The National Foreign Trade Council, a US business organization, Wednesday urged Congress to review the effectiveness of sanctions against Iran before considering any new legislation blocking American companies from trading with that country, reported Oil and Gas Journal Online.
The group said an evaluation of what the sanctions cost, as well as how well they work, should be conducted before more policies or laws are enacted.
The NFTC referred to a proposed renewal of the Iran-Libya Sanctions Act, which will expire Aug. 5.
In a letter addressed to lawmakers, the group stated that significant changes have occurred in Iran since the act came in effect in 1996. NFTC said a review of sanctions policy should reflect those changes.
"Our allies and trading partners have not followed our lead in sanctions policy toward Iran, and it is important to evaluate whether unilateral US sanctions on Iran can be effective in a globalized world economy," said the letter.
The group added that it was important for Congress to give the Bush administration time to take a "fresh look" at existing policies and develop its own approach – Albawaba.com