Overall, the December data was broadly in line with consensus forecasts, except for trade.

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Iraq has already rejected an extension of the current oil-for-food program and the new British proposal that would loosen restrictions on trade with Iraq, except for a list of restricted items.

CNN: Iraq rejects proposed changes to new sanctions

Business travellers, who until recently had no business being downtown except for daytime meetings in skyscrapers or trade shows in the convention centre, are increasingly likely to end up sticking around.

BBC: Business trip: Los Angeles

This, together with restrictive labour regulations, means that there is little non-oil foreign direct investment in Iran, except for pilot projects in the free-trade zones.

ECONOMIST: Iran��s economy

Since the start of this year trade between Argentina and Brazil has been tariff-free (except for cars and sugar).

ECONOMIST: Mercosur’s malaise | The

Currently, almost everything except labour mobility is up for liberalisation, making the TPP one of the most comprehensive free-trade treaties yet conceived.

ECONOMIST: A battle over American-led free trade brews in Asia