Arab Chambers of Commerce officials from more than ten Arab nations began an important meeting in Beirut on Monday (22 October).
Arab Chambers of Commerce officials from more than ten Arab nations began an important meeting in Beirut on Monday (22 October). They discussed the effects of the Middle East War and the possibility of economic retaliation against the United States.
The opening of the conference coincided with the acceptance by Egypt and Israel of the Security Council call for a ceasefire. There was no early indication how this would affect the decisions of eight Arab countries to cut the flow of oil to the United States and other retaliation, to protest its support for Israel. Arab oil ministers meeting last week in Kuwait announced progressive cuts in supplies to unspecified other countries backing Israel, until Israel withdraw from occupied Arab land and restored Palestinian rights.
Iraq on Monday announced the nationalisation of Royal Dutch Shell's interests in the country's oil. This, the Revolutionary Command Council said, was because of the Netherlands' "nostile attitude" to the Arab cause. And in Damascus, there was a call from the Anti-Israel Boycott Office (AIBO) for punitive measures against Dutch firms allegedly helping Israel's war effort. Algeria has already banned oil shipments to the Netherlands.
SYNOPSIS: At the Beau Rivage Hotel in Beirut, Chambers of Commerce officials from more than ten Arab countries on Monday began an important economic conference.
They discussed the possibility of other economic retaliation to back up the oil sanctions against the United States.
The Conference opened on the same day that Egypt and Israel accepted the Security Council's call for a ceasefire.
But there was no indication whether the cessation of hostilities would affect the ban on oil supplies to the United states announced by eight Arab nations. Last week's meeting of Arab oil ministers in Kuwait called for progressive cuts to be continued until Israel withdraw from Arab lands and restored Palestinian rights.
On Monday, Arab anger turned against the Netherlands as well. Iraq nationalised Royal Dutch Shell's interests in that country, and the Anti-Israel Boycott Office called for action against Dutch firms allegedly helping Israel.