Commerce and Trade
The Gulf of Aden is a vital waterway for shipping, especially for Persian Gulf oil, making it an integral waterway in the world economy. Approximately 11 percent of the world's seaborne petroleum passes through the Gulf of Aden on its way to the Suez Canal or to regional refineries. The main ports along the gulf are Aden in Yemen, Djibouti City in Djibouti, and Zeila, Berbera, and Bosaso in Somalia.
In earlier history, the city of Crater, located just south of the modern city of Aden, was an important port in regional trade. Crater was the principal harbor of the pre-Islamic kingdom of Awsan, and after its annexation by the kingdom of Saba at the end of the 5th century, played a significant role in connecting Africa with Arabia.
India receives USD 50 billion in imports and sends USD 60 billion in exports through this area annually. Because of this and for the sake of protecting the trade of other countries, India keeps a warship escort in this area.
Read more about this topic: Gulf Of Aden
Famous quotes containing the words commerce and trade, commerce and, commerce and/or trade:
“Here, the churches seemed to shrink away into eroding corners. They seem to have ceased to be essential parts of American life. They no longer give life. It is the huge buildings of commerce and trade which now align the people to attention. These in their massive manner of steel and stone say, Come unto me all ye who labour, and we will give you work.”
—Sean O’Casey (1884–1964)
“Here, the churches seemed to shrink away into eroding corners. They seem to have ceased to be essential parts of American life. They no longer give life. It is the huge buildings of commerce and trade which now align the people to attention. These in their massive manner of steel and stone say, Come unto me all ye who labour, and we will give you work.”
—Sean O’Casey (1884–1964)
“Practically speaking, the opponents to a reform in Massachusetts are not a hundred thousand politicians at the South, but a hundred thousand merchants and farmers here, who are more interested in commerce and agriculture than they are in humanity, and are not prepared to do justice to the slave and to Mexico, cost what it may. I quarrel not with far-off foes, but with those who, near at home, coöperate with, and do the bidding of, those far away, and without whom the latter would be harmless.”
—Henry David Thoreau (1817–1862)
“Experience has shown that the trade of the East is the key to national wealth and influence.”
—Chester A. Arthur (1829–1886)