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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

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