The Federation of Indian Chambers of Commerce and Industry (Ficci) has welcomed the UN Security Council resolution lifting economic sanctions against Iraq.
Ficci said the passage of the Resolution No.1483 (2003), lifting the 13-year old sanctions against Iraq, would lead to broad-based participation in the reconstruction of the war-ravaged country.
The resolution would also allow a six-month extension to the oil-for-food programme and thus facilitate the execution of pending export orders, the industry body said.
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Ficci proposes to send a delegation to the US to ensure that Indian contracts are executed within the extended period of six months.
Indian contracts worth Rs 1500 crore for items like food, medicines and other essential supplies have already been approved and funded.