Washington, May 28: The United States said today it was lifting most remaining sanctions on Iraq, freeing US companies to do business with the country for the first time in nearly 13 years. The action followed a United Nations Security Council resolution last week that ended UN trade and oil sanctions against Iraq. Under the action being taken by the treasury department's office of foreign assets control, companies and people can engage in many normal trade and investment opportunities with Iraq without first having to obtain government approval. Still barred are trade in arms and in cultural artifacts illegally removed from Iraq, as well as trade with certain officials of Saddam Hussein's Baath party and other blacklisted people, the treasury department said in a statement. Also, exporting of certain goods, such as high-tech equipment that has been restricted for national security purposes would still require companies to obtain a license from the US government.

"Trade and the opportunities and resources that come with it will unleash the force of the free market, bringing a better life for the people of Iraq," treasury secretary John Snow said.

"Oil can now be exported to finance reconstruction and humanitarian needs," he said. "Vital goods and services can be imported."

Bureau Report