Home / Knowledge / News / Textiles / WTO's Bali Package to push GCC petrochemical exports: GPCA
WTO's Bali Package to push GCC petrochemical exports: GPCA
Feb '14
The exports of petrochemicals from GCC countries of Bahrain, Saudi Arabia, Oman, Qatar, Kuwait and the UAE is expected to increase, once the Bali Package is ratified by the World Trade Organisation (WTO) General Council later this year, predicts the Gulf Petrochemicals & Chemicals Association (GPCA), Arab News reported.
Last year, at the WTO meet in Bali, Indonesia, a Trade Facilitation Agreement was adopted as part of the Bali Package. The Agreement creates binging commitments among WTO member countries to improve customs efficiency and revenue collection by minimizing bureaucratic procedures.
GPCA secretary general Abdulwahab Al-Sadoun said the WTO’s deal on trade facilitation, if implemented efficiently, would reduce the cost of all GCC petrochemical exports. It would ease the flow of goods across borders and reduce delays in international shipments, particularly in those countries where Gulf chemical exporters have encountered difficulties in the past, he added.
The WTO estimates the benefits accruing to the global economy from the Agreement between US$ 400 billion to 1 trillion, as costs of trade would decline by 10-15 percent, resulting in increased trade flows and higher revenues, which in turn would contribute to creating a stable business environment.
The GCC petrochemical industry would benefit as a major part of its production is exported.  Simple and uniform custom procedures under the Trade Facilitation Agreement would present GCC petrochemical exporters with an opportunity reduce costs and shipment delays, said Mr. Al-Sadoun.
The GPCA welcomes the Trade Facilitation Agreement as it would definitely open access to export markets for GCC petrochemical producers, he added.

Fibre2fashion News Desk - India

Must ReadView All

President Donald Trump; Courtesy: White House

Textiles | On 23rd Jan 2017

US textile industry eager to work with President Trump

The US textile industry is eager to work with President Donald Trump...

Textiles | On 23rd Jan 2017

LyondellBasel expands Texas plant ethylene capacity

US based producer of petrochemicals and speciality chemicals...

Textiles | On 23rd Jan 2017

China’s cotton imports down 39% in 2016

China’s total cotton imports declined by 39.1 per cent to ...tons in...

Interviews View All

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search