Turkey Wins UN Approval For 91% of Pre-War Contracts With Iraq
November 4, 2003 - 0:0
ANKARA (AFP) - Turkey has won UN approval for 91 percent of contracts it had agreed with Iraq under the oil-for-food program prior to the U.S.-led war in the country, officials said Monday.
Foreign trade undersecretary Tuncer Kayalar said 199 out of 218 export contracts had been given the go-ahead by the United Nations as of last week.
"The amount of exports... reached $670 million (580 million euros) last week when contracts worth $32 million were approved," Kayalar said.
Iraq was one of Turkey's main trading partners prior to the 1991 Gulf War, but the ensuing UN embargoes hit the Turkish economy, with Ankara putting its losses at up to $40 billion.
Turkey is now hoping for a share in the rebuilding of post-war Iraq, especially in the construction sector.