The governments of Oman and Iraq recently signed an agreement to establish a free trade zone, in a bid to enhance bilateral trade exchanges, reported the KUNA news agency. Lebanon and Iraq signed an FTA earlier this month. Paired with the FTA, was Iraq’s decision to export approximately 150,000 to 200,000 barrels of oil to Lebanon per month at a reduced price.
The new accords comply with the United Nation’s sanctions imposed on Iraq since its 1990 invasion of Kuwait. The Oil-for-Food Program launched in 1996 allows Iraq to sell some of its oil to buy food, medicines and other essentials to offset the impact of the sanctions. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
