Need to boost intra-Arab trade, says QC chairman

Satyendra Pathak Doha Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim bin Mohammed Al Thani has highlighted the need to revitalise intra-Arab trade...

Satyendra Pathak Doha Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim bin Mohammed Al Thani has highlighted the need to revitalise intra-Arab trade that curretly represents just about 10 percent of the total Arab trade.In an article for the August edition of Al-Moltaqa magazine issued by Qatar Chamber, Sheikh Khalifa stated that despite the existence of tremendous facilities and the complete customs exemptions provided by the Greater Arab Free Trade Area (GAFTA) established two decades ago, the intra-Arab trade still requires measures to return back on track.He praised the meetings of the 131st session of the Board of Union of Arab Chambers held last June with the participation of union heads, heads of Arab chambers of commerce and industry that highlighted important issues necessary for enhancing intra-Arab trade.Sheikh Khalifa stressed that there is continuous coordination between Arab chambers of commerce and industry to enhance the intra-Arab trade and mutual investments. Moreover, the General Union of Chambers of Commerce, Industry and Agriculture of the Arab Countries works along with its members to encourage the intra-Arab trade and supporting The Greater Arab Free Trade Area to reach a joint Arab market.“The Arab countries are committed to enhance the joint Arab investments by identifying the business opportunities in each country, facilitating the exchange of investments, and establishing joint investments, pursuing the achievement of the Arab economic integration,” Sheikh Khalifa said.He, however, said that these efforts are still lacking the Arab businessmen’s interest in directing their investments to Arab countries, the Arab governments’ intention to enact legislation for facilitating the import of Arab goods, and the willingness of Arab consumers to buy Arab products.“By achieving the above, the intra-Arab trade will meet the Arab countries’ aspirations for economic integration, which makes them an Arab economic bloc,” Sheikh Khalifa said.This bloc could have an important impact on the international economic decisions, he said.In another article in the magazine, Qatar Chamber General Manager Saleh bin Hamad Al Sharqi said that Qatar Chamber has started issuing TIR Carnets.Qatar joined the International Road Transport agreement in January 2019, whereby Qatar Chamber was nominated to be the guarantor that issues TIR Carnets.TIR stands for Transports Internationaux Routiers. It is an international customs transit system that allows the goods to transit from a country of origin to a country of destination in sealed load compartments with Customs control along the supply chain. TIR is globally applicable, and uses a single international guarantee, thus eliminating the need for costly guarantees in each country of transit.This allows transport companies and custom authorities to significantly cut down on time and money at the borders. The TIR guarantee covers the customs duties and taxes at risk, up to maximum protection of EUR 100,000 per transport operation. Originally, the TIR system was established to facilitate trade and transport whilst implementing an international harmonized system of Customs controlThe international road transport system includes about 76 countries from all over the world, and its number is constantly increasing with more countries looking to join.“Members companies of Qatar Chamber can use the system and benefit from it,” Sharqi said.