Trading With Kuwait

Trading With Kuwait

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Trading with Kuwait

Kuwait is one of the world's richest countries. Kuwait is a small nation located in the Middle East at the northwestern tip of the Persian Gulf. The nation of Kuwait dates back to the 17th century. Kuwait is considered a small country that has a considerable amount of petroleum. In the past, Kuwait was engaged in several wars over territory but the country was able to overcome the downfalls.
Kuwait is a small country with an area of land measuring 6,880 sq miles. The terrain of Kuwait is considered a flat desert plain with several small hills. Kuwait is located north and west of Iraq; south and west of Saudi Arabia; and East of the Persian Gulf. Kuwait has two seasons, summer and winter. The summer months are extremely hot and dry with average highs ranging from 108 degrees to 115 degrees Fahrenheit. The temperatures during the winter months range from 50 degrees to 80 degrees Fahrenheit. Kuwait usually receives a small amount of rain during the winter months.
Failaka is a Kuwaiti island that was founded in the 17th century by the Bronze Age settlement. During this time, the island of Failaka served as a trading post for the country. During the 18th century, the city of Kuwait was founded, which was the beginning of the country's modern age. During the 19th century, the Kuwaiti nation signed a treaty with the Trucial States (UAE) and Bahrain due to the threats made by the Ottoman Turks and several other r Arabian Peninsula groups. In 1899, the ruler at the time signed an agreement with the British Government, where Kuwait could not relinquish any of its territory, nor receive guidance from any foreign government without the approval of the British government first. This treaty lasted until 1961, when Kuwait gained independence from the British government. In 1990, Kuwait was invaded by Iraq, because Iraq claimed that the northern Kuwaiti border was released to them by the Turkey government in 1932. The war ended with the help of the United States in 1991, in which Kuwait was liberated.
The Kuwaiti government is considered to be a constitutional monarchy. The people of Kuwait, through the National Assembly, have the right to vote and to run for government offices. For one to become an emir, the person must be a male descendent of Mubarak al-Sabah, the founder of Kuwait.

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Due to the wealth of oil revenues, Kuwait provides its people with free medical care, housing, education (including higher education) and several other benefits. Due to this, the Kuwaiti people depend upon the Kuwaiti government for support.
The natural resources of Kuwait are oil, natural gas, and fish. The oil industry is Kuwait's main resource which has made the country one of the world's wealthiest countries. Kuwait owns 10% of the world's oil reserves. During the Gulf War, Iraq caused Kuwait to lose a lot of its capital by setting ablaze 749 of Kuwait's oil wells. Kuwait was able to recover because the country did not rely only on oil for revenue, Kuwait also invested abroad. Kuwait invested in the United States, the United Kingdom, Japan, Southeast Asia and Germany. The Kuwaiti dinar is one of the strongest currencies to the US dollar.
There are advantages and disadvantages with trading with Kuwait. Kuwait is a free trade zone. Before a country can trade with Kuwait, the country must obtain a license from the Kuwait Free Trade Zone (KFTZ). Kuwait has a significant amount of petroleum One advantage of trading with Kuwait is gaining access to the country's oil supply. Kuwait is in need of a lot of resources that the country is unable to produce due to the country's hot climate. Kuwait imports food, construction materials, vehicles and parts and clothing. Due to these scarce items, a country that owns the resources needed by Kuwait has an opportunity to build a trading relationship that can increase their exports as well. The United States has a strong political and social relationship with Kuwait; therefore, the United States has a better advantage of trade than some countries. One of the disadvantages of trading with Kuwait comes from the possibility of terrorism from the bordering state of Iraq. History shows that the two countries have been engaged in war before stemming from the bordering oil wells. During that war Iraq damaged a substantial amount of oil wells in Kuwait that caused the country to lose a lot of money. Another disadvantage of trade is the high temperatures in Kuwait. The hot weather can cause production to slow down if it is too hot for the people to work. Overall, trading with Kuwait would be very beneficial if the country is in need of oil and the country has resources to trade with Kuwait, this could increase that country's revenues as well.
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