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, commerce and/or trade:
“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)
“The Great Society is a place where every child can find knowledge to enrich his mind and to enlarge his talents.... It is a place where the city of man serves not only the needs of the body and the demands of commerce but the desire for beauty and the hunger for community.... It is a place where men are more concerned with the quality of their goals than the quantity of their goods.”
—Lyndon Baines Johnson (1908–1973)
“The last job I had, I had to take it out in trade and this is no butcher shop—not yet, anyhow!”
—Robert Pirosh, U.S. screenwriter, George Seaton, George Oppenheimer, and Sam Wood. Dr. Hugo Z. Hackenbush (Groucho Marx)