THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community, and in particular Articles 60 and 301 thereof,

Having regard to Common Position 2003/495/CFSP on Iraq and repealing Common Positions 1996/741/CFSP and 2002/599/CFSP [Note: See page 72 of this Official Journal.],

Having regard to the proposal from the Commission,

Whereas:

(1) Further to United Nations Security Council Resolution 661 (1990) and subsequent relevant Resolutions, in particular Resolution 986 (1995), the Council imposed a comprehensive embargo on trade with Iraq. This embargo is at present laid down in Council Regulation (EC) No 2465/96 of 17 December 1996 concerning the interruption of economic and financial relations between the European Community and Iraq [Note: OJ L 337, 27.12.1996, p. 1. Regulation as last amended by Commission Regulation (EC) No 208/2003 (OJ L 28, 4.2.2003, p. 26).].

(2) In its Resolution 1483 (2003) of 22 May 2003, the Security Council decided that, with certain exceptions, all prohibitions related to trade with Iraq and the provision of financial or economic resources to Iraq should no longer apply.