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27 May 2003

Snow Urges Other Nations to Restart Trade With Iraq

(Statement on lifting of sanctions) (450)
Following is the text of a May 27 statement prepared by Treasury
Secretary John Snow announcing the lifting of most U.S. economic
sanctions on Iraq:
(begin text)
STATEMENT PREPARED BY SECRETARY OF THE TREASURY JOHN SNOW ANNOUNCING
THE LIFTING OF U.S. SANCTIONS AGAINST IRAQ
Good Afternoon. I am pleased to announce that Treasury's Office of
Foreign Assets Control has issued a general license lifting most U.S.
economic sanctions against Iraq. Today's action represents President
Bush's commitment to return the Iraqi people to the family of trading
nations as soon as possible and marks a new beginning for liberated
Iraq. Saddam Hussein's regime and the command economy he forced on the
Iraqi people is now merely a painful memory. As other nations follow
the lead of the United States and implement the resolution passed by
the United Nations Security Council last Thursday, the Iraqi people
can look forward to an end to the crippling economic deprivation they
suffered under Saddam Hussein.
For the first time in over two decades, Iraq will trade freely. Trade
and the opportunities and resources that come with it will unleash the
forces of the free market, bringing a better life for the people of
Iraq. Oil can now be exported to finance reconstruction and
humanitarian needs. Vital goods and services can be imported and the
entrepreneurial spirit, inherent in people everywhere, can flourish
once again in Iraq. For example, Iraqi entrepreneurs, innovators and
dreamers, no longer stifled by a Stalin-esque command economy, can now
access capitol abroad to make their vision a reality.
Today's action follows general licenses issued by the Office of
Foreign Asset Control May 7 permitting activities related to
humanitarian relief and reconstruction efforts in Iraq. The license
announced today allows all transactions with the exception of trade in
arms, stolen cultural artifacts and trade with Baath party officials
and certain other Iraqi officials and agents.
Today is an important day for the Iraqi people. It is no longer a
crime for U.S. companies and individuals to do business with Iraq. The
United States has taken steps to rapidly implement the lifting of UN
sanctions. Now it is imperative that other nations take similar steps
to restart the free flow of commerce with a liberated Iraq. The sooner
the world moves forward to reestablish trade with Iraq, the sooner the
Iraqi people can begin to repair a broken financial system and lay the
foundations for future prosperity.
With that, I turn it over to Treasury's General Counsel David
Aufhauser who will be happy to take your questions.
(end text)
(Distributed by the Bureau of International Information Programs, U.S.
Department of State. Web site: http://usinfo.state.gov)