Home / Knowledge / News / Textiles / WTO's Bali Package to push GCC petrochemical exports: GPCA
WTO's Bali Package to push GCC petrochemical exports: GPCA
03
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

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search