Germany signs export agreement with Iraq

17th November 2005, Comments 0 comments

17 November 2005, BERLIN - Germany on Thursday became one of the first Organisation for Economic Cooperation and Development (OECD) member states to sign an export guarantee agreement with Iraq.

17 November 2005

BERLIN - Germany on Thursday became one of the first Organisation for Economic Cooperation and Development (OECD) member states to sign an export guarantee agreement with Iraq.

In announcing the agreement, Germany's Ministry for Economics and Labour said the agreement underlined Berlin's commitment to the rebuilding of Iraq by improving risk protection for German companies.

Under the terms of the agreement, cover for short-term export business with Iraq is available as long as it is accompanied by a letter of credit from the Trade Bank of Iraq and that both the Iraqi Finance Ministry and the Trade Bank confirm that the business meets the conditions of the accord.

The German Economics Ministry said the issuing of the export credit guarantees is to be based on a careful examination of the current risks.

The Berlin ministry also sees the agreement as helping to develop a clearer picture of the development of financial and political life in Iraq.

It went on to say that it saw this year's planned bilateral training agreement between Iraq and Germany as an important building block in the two countries' relations.

DPA

Subject: German news

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