ve Council (10 seats - 2 ex
officio, 8 elected by popular vote, members serve four-year terms);
presided over by the governor elections: last held 22 November 2001
(next to be held NA November 2005) election results: percent of vote -
NA%; seats - independents 8; note - 71% voter turnout

Judicial branch: Supreme Court (chief justice is a nonresident);
Magistrates Court (senior magistrate presides over civil and criminal
divisions); Court of Summary Jurisdiction

Political parties and leaders: none; all independents

Political pressure groups and leaders: none

International organization participation: ICFTU

Diplomatic representation in the US: none (overseas territory of the UK;
also claimed by Argentina)

Diplomatic representation from the US: none (overseas territory of the
UK; also claimed by Argentina)

Flag description: blue with the flag of the UK in the upper hoist-side
quadrant and the Falkland Island coat of arms in a white disk centered
on the outer half of the flag; the coat of arms contains a white ram
(sheep raising is the major economic activity) above the sailing ship
Desire (whose crew discovered the islands) with a scroll at the bottom
bearing the motto DESIRE THE RIGHT

Economy Falkland Islands (Islas Malvinas)

Economy - overview: The economy was formerly based on agriculture,
mainly sheep farming, but today fishing contributes the bulk of economic
activity. In 1987 the government began selling fishing licenses to foreign
trawlers operating within the Falklands exclusive fishing zone. These
license fees total more than $40 million per year, which goes to support
the island's health, education, and welfare system. Squid accounts for
75% of the fish taken. Dairy farming supports domestic consumption;
crops furnish winter fodder. Exports feature shipments of high-grade
wool to the UK and the sale of postage stamps and coins. The islands
are now self-financing except for defense. The British Geological
Survey announced a 200-mile oil exploration zone around the islands in
1993, and early seismic surveys suggest substantial reserves capable of
producing 500,000 barrels per day; to date no exploitable site has been
identified. An agreement between Argentina and the UK in 1995 seeks to
defuse licensing and sovereignty conflicts that would dampen foreign
interest in exploiting potential oil reserves. Tourism is increasing
rapidly, with about 30,000 visitors in 2001. The second largest sour