United Nations extends oil-for-food initiative with Iraq

Article Abstract:

The United Nations' 'Oil-for-food' initiative with Iraq continues for another six months as member nations of the UN Security Council approved the deal unanimously on June 5, 1996. The initiative, which took effect on Dec 10, 1996, enables Iraq to sell petroleum products worth $2 billion every six months. Earnings from the products will then be used in purchasing important commodities such as medicine, food and health supplies. Despite the approval, the US and Britain are concerned about the initiative with regards to the Iraqi government's competency in ensuring the effective delivery of goods to the civilians.

Crude Petroleum and Natural Gas Extraction, Crude petroleum and natural gas, Crude Petroleum, International affairs, United Nations, Petroleum industry, International relations, Petroleum, Economic sanctions, Sanctions (International law), Iraq, Iraqi foreign relations, United Nations. Security Council, Legislative resolutions

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Turkey: Customs Union brings more pain than profit to textile producers

Article Abstract:

The Customs Union so far has detrimental effect on Turkish textile exporters. It has resulted in a big trade and current account deficit and this is not just in textile industry but in the country's overall export sector. Analysts point out that the cause is not just an exchange-rate imbalance but is also due to other factors. These include reduced demand from Germany, restricted access to European Union markets due to anti-dumping laws and Turkey's overestimation of Customs Union benefits.

Intnl Affairs & Finance, National Security and International Affairs, European Community, Analysis, Economic policy, Turkey, European Union, Customs unions

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Jordan cleared to join WTO; removed from USTR watch list

Article Abstract:

Jordan looks set to join the World Trade Organization. the background to preparations for membership is examined in detail, including the role of the US.

Intnl Commercial Law, Membership, World Trade Organization, Commercial law, Jordan, International trade regulation

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