top-rated free essay

Counter trade

By katronius Nov 13, 2013 250 Words
Countertrade means exchanging goods or services which are paid for, in whole or part, with other goods or services, rather than with money. A monetary valuation can however be used in counter trade for accounting purposes. In dealings between sovereign states, the term bilateral trade is used. OR "Any transaction involving exchange of goods or service for something of equal value."

Countertrade also occurs when countries lack sufficient hard currency, or when other types of market trade are impossible.

In 2000, India and Iraq agreed on an "oil for wheat and rice" barter deal, subject to United Nations approval under Article 50 of the UN Persian Gulf War sanctions, that would facilitate 300,000 barrels of oil delivered daily to India at a price of $6.85 a barrel while Iraq oil sales into Asia were valued at about $22 a barrel. In 2001, India agreed to swap 1.5 million tonnes of Iraqi crude under the oil-for-food program.

The Security Council noted: "... although locally produced food items have become increasingly available throughout the country, most Iraqis do not have the necessary purchasing power to buy them. Unfortunately, the monthly food rations represent the largest proportion of their household income. They are obliged to either barter or sell items from the food basket in order to meet their other essential needs. This is one of the factors which partly explains why the nutritional situation has not improved in line with the enhanced food basket. Moreover, the absence of normal economic activity has given rise to the spread of deep-seated poverty."

Cite This Document

Related Documents

  • Counter Trade

    ...Counter Trade Counter Trade: Unquestionably, currency is the preferred payment medium for any export or import transaction—it is easy, fast, and straightforward to transact. Sometimes, though, compa¬nies must adapt to the reality that buyers in many countries cannot do so, whether due to the fact that their home country's currency is nonc...

    Read More
  • Universal Axle Counter for Railyway Signalling

    ...UNIVERSAL AXLE COUNTER SYTEM 1.0 INTRODUCTION : 1. The track circuits are considered as the vital component of signaling system to achieve safety of train operations. Various Accident Enquiry Committees have recommended to bring more and more tracks under track circuiting to safeguard against reception of trains on occupied lines. The t...

    Read More
  • Vlsi Implementation of Serial-Serial Multiplier Based on Asynchronous Counter Accumulation

    ...International Conference on Computing and Control Engineering (ICCCE 2012), 12 & 13 April, 2012 VLSI Implementation of Serial-Serial Multiplier based on Asynchronous Counter Accumulation Y. Arun Benjamin Francis Abstract—Multipliers are the fundamental and essential building blocks of VLSI systems. The design and implementation approach...

    Read More
  • Evolution of Counter Terrorism

    ...Since the terrorist attacks on the World Trade Center and the Pentagon on September 11, 2001, the United States government has taken steps to reduce the threat of future terrorist attacks and also to apprehend terrorists before they have the chance to commit crimes against the United States and its citizens. Some actions that the United States g...

    Read More
  • Methods to Counter Terrorism

    ...Evidence. It is the reponsibility o the commander on the spot to record accurate evidence of any incident or occurrence which involves or is connected with a civil disturbance. 8. Counter Terrorism Measures. There are two type of counter terrorism measures which can be adopted:- a. General Purpose Measures. The measures which are...

    Read More
  • Counter Terrorism Policy of the Un

    ...that deal with the terrorist threat. And countries are often reluctant to share information, even information about dangerous multinational terrorist groups. Sharing knowledge of this kind might reveal secrets about national security or information-gathering practices. Finally, Resolution 1373 called for the establishment of the Counter-Terro...

    Read More
  • Terrorism: Treaty of Lisbon and European Union Counter-terrorism

    ...[pic] EXECUTIVE SUMMARY INTRODUCTION Before we start to discuss the counter-terrorism strategies of European Union, we have to first answer the question: “What is terrorism?” or “How exactly can be terrorism defined?” When answering this question we will encounter two “problems”. Firstly, it is not straightforward ...

    Read More
  • Global Police Modernization And Counter Terrorism Market 2014-2024 - Country Analysis: Market Profile

    ...This report offers detailed analysis of the global Police Modernization and Counter Terrorism market over the next ten years, and provides extensive market size forecasts by country and sub sector. It covers the key technological and market trends in the Police Modernization and Counter Terrorism market. To Read Complete Report with Toc: http...

    Read More

Discover the Best Free Essays on StudyMode

Conquer writer's block once and for all.

High Quality Essays

Our library contains thousands of carefully selected free research papers and essays.

Popular Topics

No matter the topic you're researching, chances are we have it covered.