TEHRAN: During the past eight months of the current Iranian year (ending March 20, 2004), the total revenues of Iran’s customs offices aggregated $2 billion. It corroborated approximately 80% growth in comparison with the corresponding period last year, according to the report released by the Customs Office of the Islamic Republic of Iran. Some 75% of the whole amount is deposited in the government’s treasury while the remainder is allocated to the bank vouchers

RIYADH: The Ministry of Commerce in Cairo will tackle the problems of Saudi businessmen whose exports to Egypt have fallen as a result of red tape there, Egypt’s commerce minister has vowed. Dr. Yousuf Boutros Ghali was in Riyadh for talks at the Council of Saudi Chambers of Commerce and Industry, leading an 18-member Egyptian business delegation. He told reporters the Saudi-Egyptian Businessmen’s Council would be revived as part of a joint drive to boost bilateral trade, which at $2.2 billion looks insignificant compared to the Kingdom’s bilateral trade with Bahrain at $11 billion.

TEHRAN: Iran’s carry-on luggage exports from boarder customs to middle Asian countries mounted to about $32 million in the past eight months of the current Iranian calendar year of 1382 (started March 21, 2003). Iran's Customs Office has reported that carry-on luggage exports have experienced a slight fall down, registering 21.7% decline compared to the corresponding period last year

AMMAN: Belarus has exempted Jordanian goods from 25 per cent of customs duties imposed by the east European country on its imports, a senior government official said. "This move comes in line with a trade agreement signed between both countries nearly one year ago," said Ministry of Industry and Trade Secretary General Farouq Hadidi. The exemption, explained Hadidi, will help Jordanian exporters to better compete in Belarus which is considered "one of the promising markets in Europe. Jordan exports medicines, vegetable oil, detergents and textiles to Belarus but imports from that country are almost nil.

BEIRUT: Lebanon and the four nations of the European Free Trade Association are holding negotiations to conclude a free trade agreement along the lines of Lebanon’s association agreement with the European Union. Economy and Trade Minister Marwan Hamade said, “We hope to conclude a free trade agreement with the EFTA soon.” Lebanon signed last year an association agreement with the European Union that frees trade in industrial, agricultural and agro industrial products gradually over a 12-year period.  

TEHRAN: Tehran province shared 20 per cent of Iran’s non-oil exports during the first six months of the current Iranian calendar year (ending March 20, 2004), Deputy Head of 'Tehran’s Trade Organisation' said. It comprised about $700 million worth of various goods, Mohammad Faqihi added. The country’s non-oil exports in the period totaled $2.8 billion, he stated. The customs office of Western Tehran was reported to have passed the major proportion of the provincial exports with a total $237 million value

MUSCAT: The Oman-India joint committee has held its fourth session at Al Bustan Palace Hotel. The Omani side, led by Maqbool bin Ali Sultan, minister of commerce and industry discussed customs tariffs and especially customs duties imposed by India on Omani dry dates. He said the Omani side asked for reducing these tariffs and proposed that a way is to be found to bring down customs duty on commodities of Oman origin exported to India. Also discussed in the meeting, he said, was co-operation regarding the World Trade Organisation and how best could developing nations benefit from the organisation.

SINGAPORE: SINGAPORE and Bahrain have agreed to launch negotiations towards a bilateral free trade agreement (FTA) following talks between leaders of the two countries. A joint-statement issued after the substantive discussions between Prime Minister Goh Chok Tong and his Bahraini counterpart Shaikh Khalifa bin Salman Al Khalifa noted that an FTA would have a “catalytic effect” in encouraging further economic co-operation between South-east Asia and countries in the Gulf Co-operation Council. The two leaders also witnessed the signing of an investment protection and promotion agreement and agreed to commence negotiations on a double taxation avoidance agreement.

TABRIZ: Over $2.81 billion worth of non-oil commodities were exported in the first six months of the current Iranian year of 1382. Director of Customs Administration Massoud Karbassian, addressing the 9th confernce on expansion of non-oil export recently, said the figures for exports show a 23 per cent boost compared to the same period the previous year. He added that some $289 million worth of goods have been exported via border markets over the same period, showing a 23 per cent increase compared to the previous year.

Tehran: Iran's customs administration have reported that over 330,800 tonnes of agricultural products valued at $418 million were exported in the first five month of the current Iranian year (stared March 21). The exports were 7.2 per cent and 48.9 per cent higher in terms of weight and value respectively compared to the figure for the same period last year. In the same period, the average per tonne price of exports stood at $1,263 which was close to 38 per cent higher compared to the amount recorded in the first five month in the previous Iranian year. Also, the share of the agricultural exports's weight and value in the county's total non-oil exports stood at 5.7 per cent and 20.4 per cent respectively.

MUSCAT: The Sultanate and the Republic of Seychelles have signed an agreement on
avoidance of double taxation of income and prevention of income tax evasion.
The pact was signed by Ahmed bin Abdulnabi Macki, minister of national economy and deputy chairman of the Financial Affairs and Energy Resources Council, for the Sultanate and the finance undersecretary and central bank governor of Seychelles. According to the agreement, companies subject to income tax in the Sultanate shall be exempted from paying tax on the same income once again in the Seychelles. Companies of the Seychelles will receive the same treatment in Oman. The pact also provides for preferential treatment with regard to taxes on share profits and loan interests. Gulf Air and Oman Air will be exempted from tax in Seychelles, and Air Seychelles will not pay tax in the Sultanate.

MANAMA: A total of 44 tenders valued at more than BD17 million were opened in Bahrain this week. The bids were opened in public at the Bahrain International Exhibition Centre at a meeting chaired by Minister of State and Tender Board chairman Dr Abdul Hussain Mirza. The major tender was related to the marine and civil works of harbours at Sitra, Muharraq and Budaiya. Ahmed Mansoor Al A'ali quoted the lowest price for the combined work, giving two options of BD4,710,268 and BD4,085,268. It was followed by A A Nass Contracting which quoted BD5,994,591, Wade Adams & Athena JV BD6,573,553 and Ebrahim Abdul A'al BD7,874,878. Seven contractors submitted bids for the Shaikh Khalifa Bin Salman Causeway work, extending from Hidd junction to the marine bridge.  

TEHRAN: The size of cargo transferred via Iranian oil has doubled over the past seven years, said head of Iran's Customs Administration Masood Karbasian on Wednesday. Karbasian told a group of customs officials at the Second Seminar on “Transit” that Iran's geopolitical conditions have caused  such an increase. To gain further share in cargo transit worldwide, said Karbasian, Iran needs to provide further facilities.    He said that 98 per cent of customs related affairs are now  being handled automatically in Iran.  

TEHRAN: Minister of Economy and Finance Tahmasb Mazaheri and Spanish Minister of Economy Rodrigo Rato on Saturday  signed an agreement to avoid double taxation for trade exchanges. Mazaheri told reporters that the agreement has envisaged regulations for tax duties on investment in either country.He said that both Iranian and Spanish companies would be required a single tariff for investment.
Elaborating on the amount of the single tariff, he said that when Iranian or Spanish companies agreed to undertake over 20 percent of a specific project, about five percent of the gross income should be paid for tax. But 10 percent of the gross income will be paid as tax if investment is less than 20 percent of total budget of a project.He said that the investment companies from both Iran and Spain would pay tax no more than 7.5 percent of their total gross income.  

TEHRAN: Minister of Economy and Finance Tahmasb Mazaheri and Spanish Minister of Economy Rodrigo Rato on Saturday  signed an agreement to avoid double taxation for trade exchanges. Mazaheri told reporters that the agreement has envisaged regulations for tax duties on investment in either country.He said that both Iranian and Spanish companies would be required a single tariff for investment.
Elaborating on the amount of the single tariff, he said that when Iranian or Spanish companies agreed to undertake over 20 percent of a specific project, about five percent of the gross income should be paid for tax. But 10 percent of the gross income will be paid as tax if investment is less than 20 percent of total budget of a project.He said that the investment companies from both Iran and Spain would pay tax no more than 7.5 percent of their total gross income.  

MADRID: Iran's Ambassador to Spain Morteza Alviri has announced that Tehran and Madrid will soon sign protocols for avoiding double taxation, guaranteeing mutual investment, and  customs co-operation and explore ways to promote bilateral ties in the field of tourism. Alviri told IRNA that the visit of Spanish Economy Minister Rodrigo Rato to Iran, at the head of a high-ranking delegation, would give a fresh impulse to Tehran-Madrid ties, in economic field in particular.  

DOHA: International rating agency Standard & Poor's has raised its long-term foreign currency sovereign credit and senior unsecured debt ratings on the state of Qatar to 'A+' from 'A-', and its long-term local currency sovereign credit rating on Qatar to 'A+' from 'A'. The outlook is stable. Standard & Poor's also affirmed its 'A-1' short-term local and foreign currency sovereign credit ratings on the State. At the same time, Standard & Poor's also raised its long-term foreign currency issuer credit rating on Qatar Petroleum to 'A+' from 'A-', in line with that on the sovereign, its sole shareholder. The outlook is stable.  

MUSCAT : A $250 million issue of Islamic leasing bonds (Ijara sukuk) was recently listed on the Bahrain Stock Exchange (BSE). The listing brings to a total of $1.25 billion the value of bonds listed on the BSE. The bonds, which were issued on May 27, carry a maturity of five years. The rental return on the sukuk is 60 basis points over the London inter-bank offered rate (Libor) for six months. The Bahrain-based Liquidity Management Centre in co-ordination with the Bahrain Monetary Agency arranged the issue. It was the largest-ever offering of Bahrain Government Islamic bonds

SANAA: Yemen has allocated $50 million to be deposited with a global underwriter as an indemnity to reduce the war-risk premiums imposed on the international ships following a terrorist attack on a French oil tanker Eng. Omar Muhsen Al Amoudi, Yemen's Minister of Transportation, has said, that the procedures of remitting the indemnity amount are being finalised according to a prior agreement with world insurers in return for reducing the percentage of insurance imposed on the ships bound for the Yemeni ports.

MUSCAT : A section of the wholesale traders at Al Mawaleh fruit and vegetable (central) market in Mawaleh are calling for an alternative method to the currently employed dual inspection of the fruit and vegetable land imports, which they claimed were destroying a major portion of their goods. Currently, the bulk fruits and vegetable imports were being unloaded for inspection at the Saudi border and then again in Muscat at the Mawaleh market itself. This has proven to be a major setback for the wholesale fruits and vegetable importers, who claim that this was damaging their goods, most of which had to be thrown away. They note that according to the AGCC customs union rule, which came into effect in January, this year, there is one-point entry for the AGCC states. The rule notes that any land, sea or air custom exit point of the council states that has link with the outside world shall be considered the entry point for foreign goods to any of the AGCC states.

TEHRAN : Uzbekistan trade rose by 50 per cent to $189 million in 2002, the Deputy Head of State Customs Committee in Uzbekistan Sadir Khan Nassirev has said. Nassirev said  that trade with Iran constituted 4.32 per cent of his country's trade with foreign countries. He said balance of trade with Iran in 2002 had been a about $35 million in his country's favour. He added that cotton, zinc ingot and ironware constituted more than 59 per cent of Uzbekistan's exports to Iran in 2002.The republic imported equipment, machinery, foodstuff, edible oil, fruits and detergents from Iran in the period under investigation, said the official.

MANAMA: An official at the Gulf Co-operation Council (GCC) General Secretariat has said the council is about to form a Gulf specifications authority to deal with a number of complications at the GCC customs border outlets in terms of the flow of goods among the GCC states. Assistant Secretary General for Economic Affairs in the GCC Mohammad Al Mazrouee said at a seminar hosted by the Bahrain Chamber of Commerce and Industry that efforts are being made by the secretariat to adopt a decision from the GCC Higher Council to simplify the reciprocal recognition of national specifications of any GCC products.   

DUBAI: The Board of Directors of Arab Insurance Group (Arig) has elected board member and executive committee chairman Khalid Ali Al Bustani as group vice-chairman. Bustani is UAE Finance and Industry Ministry revenue and budget assistant under-secretary.  He joined Arig's Board of Directors last October (2002) representing the UAE government and brings with him a wealth of experience in board directorship and corporate governance. Bustani is the Arab Bank for Investment and Foreign Trade deputy chairman and a board member of several organisations in the UAE, including Emirates Telecommunication Corporation, the Federal Customs Authority, General Information Authority and Dubai Department of Health and Medical Services  

MANAMA: Bahrain's new law regulating government tenders and purchases has resulted in substantial savings over the past two months, said Minister of State Abdulhussain Ali Mirza. The newly established Tenders Board oversees all government tenders and purchases, estimated between BD200 million and BD300m every year, he said. Overall project costs have slid due to the transparency, he told the Bahrain Management Society (BMS). The new law is based on the best clauses from similar laws enacted in the US, Singapore, Oman and Kuwait and organisations like the United Nations and World Bank, the minister said. It covers all government purchases, construction and services.

ABU DHABI: The GCC countries are likely to achieve their goal of a single currency ahead of schedule, experts told a conference in the capital. Experts also cautioned that banks in the GCC must prevent erosion in loan quality and strengthen their financial capital to achieve greater efficiencies. "GCC countries have expressed a desire to achieve this target and the process shall become easier after pegging their currencies with the US dollar in early 2003. It was also found that all six countries' financial indicators are very much in line with euro convergence criteria," according to their study presented at the International Conference on Financial Developments in Arab countries.  

ANKARA: Turkey has outlined a set of measures it hopes will strengthen the position of its firms in the US-led reconstruction of Iraq and kick-start once-thriving trade with its southern neighbour. Ankara aims to open a second customs gate on the Iraqi border and appoint a representative to the Pentagon's Office of Reconstruction and Humanitarian Assistance (ORHA), officials present at a meeting of officials and business groups have said. Scheduled flights to Baghdad by the state-owned Turkish Airlines will also resume shortly and Turkish Eximbank could soon begin financing the Iraqi reconstruction projects for which Turkey's firms are bidding 

MANAMA: Firms from 10 countries have requested Bahrain to provide investment opportunities in various sectors. The sectors include Banking and Finance, Basic Communication, Civil Aviation, Health, Education and Training, Manpower, Express mail, Contracting, Consultant Engineering, Legal services and Tourism, said Commerce Ministry Assistant Under-Secretary for Foreign Trade Sheikh Daij Bin Salman Al Khalifa. 

TEHRAN: The value of goods and services exported since the beginning of the current Iranian year (started 21 March 2001) reached $4.27 billion, 6% higher than projected in the Third Five-Year Development Plan (2000-2005). The important problems on the way of the exports in the past few months were increase in freight rates, reduction of the traders importing goods into Iran and increase in the rate of commercial risk in the region. According to the above-mentioned statistics the share value of hand-woven carpets and handicrafts fell from 19.3% to 13.1%, while the share value of industrial products exported rose by 6%, reaching 62.1%.

MANAMA: The Bahrain Monetary Agency (BMA) is issuing $100 million of Government Islamic leasing bonds (sukuk). The issue of Ijara sukuk carries a maturity of five years. The issue date is April 2 (2003) and the maturity date is April 2, 2008. The rental return on the sukuk will be 3.25 per cent, to be paid twice a year on October 2 and April 2 each year. The sukuk are being issued by the BMA on behalf of the Bahrain government. BMA will receive subscriptions for the sukuk from Sunday until March 30. All commercial banks, Islamic financial institutions and national insurance companies operating in Bahrain are allowed to subscribe to the sukuk.

SANAA: International maritime insurance firms are expected to lower their insurance premiums on vessels headed for Yemen, following an expert review of the new security measures introduced in Yemeni ports, stated Sea Transport Minister Said Yafaai. Following the October 2002 attack on a French oil tanker Limburg, shipping insurance companies raised their War Risk Surcharges, hiking rates by up to 300 per cent. As a result, many shipping firms decided to bypass Yemeni. Under a recently-concluded agreement with the insurance companies, the Yemeni government opened a $50 million bank account to serve as a guarantee in case of terror attack against tankers arriving at its ports. The government contracted Canada’s Nexen company to supply wireless monitoring systems, vessels and coastguard training.

MANAMA: Bahrain has completed the first phase of a computer network upgrade as part of a move to develop electronic government services.The BD280,000 project was undertaken by the Central Informatics Organisation (CIO).The new technology includes wireless communication to transport data from one location to another, said CIO computer operations director Mohammed Ali Al Qaed. The project was implemented for CIO by Fakhro Electronics and Almoayyed Telecom. Fifteen government applications will benefit from the project immediately. These include the immigration and passport system, Central Population Register, customs and ports, traffic and licensing, commercial registration, labour, financial management information systems, Human Resources Information System, Health Ministry applications, government-wide email and portal, and government-wide secure Internet access.

DAMASCAS: Syria's Minister of Economy and Foreign Trade, Ghassan Rifaee, has described the Syrian new investment laws as positive and generous compared to the existing laws in a number of the world countries.  At a press conference Rifaee called on the local and expatriate Syrians to invest in their home country and participate in building its national economy.  A number of facilities were given to industrial investors by the latest decree of investment system in the Syrian free zones which included the allowance of exporting 25 per cent of their products within the free zones to the Syrian market.

The Middle East is one of Australia's major export markets and any war-related disruption could result in billion dollar losses.  Wheat worth $1.8 billion has been ordered by Gulf states this year, more than a third of Australia's total exports. Countries including Iran, Kuwait, Oman, the United Arab Emirates and Saudi Arabia are all major customers. Five hundred thousand tonnes is also bound for Iraq. Experts said Australia's political allegiances were unlikely to interfere with wheat trade, but they are concerned military activity might disrupt shipping.

TEHRAN: Iranian Customs seizes $300-400 million in smuggled goods every year, but this represents just 10 per cent of total contraband, a top customs official was quoted as saying by local media. “We estimate that three to four billion dollars of products enter the country each year, mostly by our southern and eastern borders,” he added. Iran’s legal imports over the past 12 months amounted to over $20 billion. The official said the bulk of illegally imported products were staple goods such as sugar, tea, rice and cloth, although he said electrical and auto goods also accounted for a large chunk of the contraband. Illegally imported cigarettes alone are valued at $600 million  each year.

TEHRAN: Iran an Yugoslavia finalised an agreement on customs co-operation here recently. The agreement was drafted by Deputy Customs Director for International Cooperation Affairs Parvin Farrokhzaad and the Yugoslavia’s Deputy Director of Customs Organisation for Legal Affairs. The agreement is slated to be signed in the near future by the head of the two country’s customs organisation. The agreement stipulates for the two customs to exchange information on trade, train personnel and co-operate on technical matters.  The agreement vows to herald a new chapter in the two nations'  economic and trade ties.  

MUSCAT: Though the Arab Gulf Co-operation Council Customs Union came into effect from Jan.1, 2003, protection duties for goods such as dry lemon, dates, “bisoor” (dry dates) and fresh bananas would continue to exist till 2005-end, according to the Directorate-General of Customs in Oman. In line with customs protection currently valid in Oman for goods such as dry lemon, dates and bisoor and fresh bananas, customs duties will be collected for a period of three years, ending December 2005. It is said that the protection duties imposed on goods such as dry lemon, dates and bisoor and fresh bananas would continue at 100 per cent, 20 per cent and 25 per cent, respectively.

KISH: Chairman of the Board of  Directors and Managing Director of Export Development Bank of Iran  (EDBI) Norouz Kohzadi has said that for the first time in the country, hard currency will be exchanged at Kish Island banks at free market rate. Inaugurating EDBI's Kish Island branch, Kohzadi added that once the hard currency project becomes operational, the island will become the hub of forex transactions. Referring to the significance of the conversion of Iranian national currency to other leading world currencies, he said, "It is hoped that this will be materialised domestically under normal conditions.”  

MUSCAT: Oman and other Arab Gulf Co-operation Council states began implementing the customs union from New Year. According to the decision, the AGCC states will apply a unified customs law, which imposes a five per cent customs tariff on all foreign goods imported from outside the AGCC countries. Ahmed Bin Abdulnabi Macki, minister of national economy and deputy chairman of the Financial Affairs and Energy Resources Council, said the Sultanate was keen on forming the union because it would, in the first place, boost the gains of the free-trade zone, help remove any obstacles to trade exchange with other AGCC states and reduce differences in incentives and co-ordinate investment policies.

TEHRAN: Iranian customs officers are to use data and  regulations put into compact discs for evaluation of imported goods in line with uniform customs evaluation policy.
Announcing this, the head of Iran's Customs Administration Masoud Karbasian said in Tehran on Tuesday that the CDs, which contain updated information and data on value of 120,000 goods, would remove any differences in the evaluation process caused by old-fashioned reference to due listings

RIYADH: Gulf Arab states, preparing to launch a customs union on Jan.1, have decided to put off the implementation of parts of the pact, a senior Gulf official as been reported as telling Asharq Al Awsat newspaper. Finance ministers of Gulf Co-operation Council (GCC) states who met in Doha, Qatar on Monday finalised procedures for the launch of the customs union without reporting any obstacle. But GCC assistant undersecretary for economic affairs Mohammed Al-Mazroui said the ministers had in fact agreed to delay the application of a number of steps for between one and three years

ABU DHABI: Factories registered with the UAE Ministry of Finance and Industry may apply for their tax exemptions through the ministry's online service at its website, egov.uae.gov.ae. Under UAE federal law No.1/1979, industrial units importing raw materials or half-manufactured materials are exempted from UAE taxes. The duty exemption online service, Dutex, is free of charge and was developed in-house by UAE nationals in five months.

AMMAN: The American Chamber of Commerce in Jordan (JABA) announced that it is hosting the second American Jordanian Expo (AJEX) in Amman, from March 26 – 28, 2003. AJEX aims to reflect the positive developments in trade, economic and investment relations that exist between Jordan and the United States, and which have experienced exponential growth since the signing of the Free Trade Agreement (FTA) last year. The event will bring together key Jordanian, US and international business-leaders, government officials and civic society representatives to network and discuss trade and investment opportunities in Jordan, vis-à-vis the US market

Islamic Common Market one step closer

KUALA LUMPUR : The heads of the central banks of seven Islamic countries and the president of the Islamic Development Bank gathered recently in Kuala Lumpur for the first meeting of the Islamic Financial Services Board (IFSB), which was established by an agreement signed by the eight central bankers. The stated goals of the new body include devising standards for financial and trade transactions between financial organiSations of Islamic countries throughout the world and drawing up a framework for monetary and banking activities conducted according to Islamic law. Monitoring Islamic banks is another duty of the IFSB. Iran, Malaysia, Bahrain, Indonesia, Kuwait, Saudi Arabia, Pakistan and the Islamic Development Bank are the founding members. At the OIC Summit in Tehran, Iran suggested forming financial/banking facilities and reducing customs red tape among OIC members.

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posted 18^th November 02

Iran woos Bahrain investors

TEHRAN: Iran is poised for a massive inward investment scheme and is targeting Bahrain investors as both countries forge stronger economic bonds. Iran will soon unveil a six-point plan to stimulate additional bilateral economic investments, the country’s top officials have been quoted as saying. "We have always recognised Bahrain as a vibrant banking and financial centre, and as a regional transportation gateway, notably for our market as we continue to open up to new commercial possibilities," they explained. "Bahrain is our logical choice to funnel a surge in commerce and trade between Iran and the rest of the world."

G020-181102
posted 18^th November 02

GCC begins countdown for customs union

ABU DHABI: Six Gulf Co-operation Council (GCC) oil producers have begun a countdown for an historic customs union with a flurry of meetings. As the heads of state of the 21-year-old political, economic and defence group prepare for their annual summit in late December, GCC economy and finance ministers and their customs experts and directors have been holding marathon negotiations to resolve issues and present a clean document. The ministers have already met twice and two other meetings are planned by the customs chiefs to work out reports on progress made in tackling such outstanding problems as trade agencies, distribution of customs tariff revenues and entry of alcohol and other items which are banned by some members. Officials expect GCC heads of state to give their final approval of the customs union, which could be officially declared on January 1.

G019-041102
posted 4^th November 02

Iran’s customs proceeds up by 50%

TEHRAN: The earnings of Iran Customs Administration (ICA) in the first half of the current Iranian year (started March 21, 2002) show a 50% increase over the same period last year, which amounted to Rls6.1 trillion ($762 million). According to a report released by ICA, total proceeds from customs duties over the said period amounted to Rls821 billion ($103 million), which shows an increase of 94.5% compared to last year's. It said that 70.4% of the nation's entire customs revenue for the said period came from commercial profit. The figure experienced an increase of 65.3% compared to last year's income for the same period to reach $537 million.

G018-041102
posted 4^th November 02

Syria liberalises currency exchange regulations

DAMASCUS: Syria’s Ministry of Economy has authorised the purchase and exchange of foreign currency for non-commercial purposes. The Syrian Commercial Bank would set currency exchange rates. The new regulations allow Syrian residents to obtain up to $20,000 in foreign currency for medical treatments abroad. Syrians who wish to travel to Saudi Arabia for the Haj are also now entitled to withdraw a predetermined amount of dollars to cover their travel expenses. The import of foreign currency by non-residents into Syria remains unrestricted, as prior to the publication of the new regulations, as is the commercial exportation of Syrian currency abroad.

G017-211002
posted 21^st October 02

Bahrain enacts trade union law MANAMA: King Shaikh Hamad Bin Isa Al Khalifa has ratified a trade union law in Bahrain on September 24, 2002. The law considers strikes ‘a legitimate means for workers to defend their rights and interests.’ The King also declared May 1, the international Labour Day, as an official holiday. The law exempts trade unions from municipal taxes for property owned or rented by them as well as from customs duties on goods imported to serve their activities. It also stipulates that no more than one trade union shall be set up for each establishment and there will be no trade unions formed within government ministries. Nonetheless, government employees would be given the option to join other unions. G016-211002 posted 21st October 02

aCreek customs handles over 2,000 vessels DUBAI: The Dubai Creek dock customs handled 2,196 small to middle size cargo vessels in August at the creek dhow wharfage. The dhows are used for re-exporting goods between the GCC states, India, Africa, and Iran. Ibrahim Salim, director of Dubai Creek dock customs centre, has said that the ship traffic between Dubai and Iran dates back more than 100 years. He said 1,331 ships used this route during August. This number constitutes 60.8 per cent of the ships, which called at the dhow wharfage. The number of dhows arriving from Iran was 610. In the same period, 721 ships departed from the dhow wharfage. G015-071002 posted 7th October 02

Maragheh customs posts 75 % export increase TEHRAN: Iran’s Maragheh Customs Office recorded a 75 per cent volume increase in exports in the first seven months of Iranian the calendar year, beginning March 21. The southwestern province exported 9,224 tonnes of goods valued at $6.7 billion. This year’s exports consisted mainly of raisins, dried fruits and dates and were shipped to the United Arab Emirates (UAE), Belgium and Canada. G014-071002 posted 7th October 02

a Bahrain crackdown on pirated goods pays off MANAMA: Bahrain's Customs department is cracking the whip. Its crackdown on pirated goods is paying off, with record seizures at Customs points. The authorities seized a record 40,692 pirated items last month from incoming visitors and residents coming home from abroad, at Bahrain's two major entry checkpoints. The Information Ministry Publications Directorate spearheads the war on fake goods. Most of the items were pirated DVDs, CDs, a range of other audio and video cassettes, playstations and other types of software purchased abroad. The figure brings the total number of pirated goods seized this year at the national borders to more than 70,000 items. G013-230902 posted 23rd Sept 02

Saudi customs duty exemption sought RIYADH: The Dubai Chamber of Commerce and Industry (DCCI) has stressed the need to ensure that national products entering Saudi Arabia should be exempted from Customs duties. The DCCI told Saudi Consul-General Hamoud F. Bin Nader during a recent meeting that these products were manufactured at industries owned by local citizens or gulf authorities. The Saudi Consul general demanded that bill of ladings for good consigned to Saudi Arabia should include an official statement that the goods are produced by an industry owned by a national party. G012-230902 posted 23rd Sept 02

a Muscat port looks at new tariffs Muscat: Port Sultan Qaboos is likely to revise port service charges before the end of the year. The ministry is now reviewing a study prepared by local consultants Moore Stephens and a tariff revision is at hand. The Omani port was taking its cue from a similar plan at the Dubai Ports Authority, which is set to raise marine charges from September 1. Port Sultan Qaboos officials have already sounded out the industry about the proposed tariffs.Asia-Pacific cargo figures up G011-090902 posted 9th Sept 02

Asia pacific cargo figures up LONDON: The Asia-Pacific region, which includes the Gulf States, showed a quick recovery in cargo and freight movement after September 11 last year, according to sources in the freighter industry. With upward mobility in the Gulf and other parts of the Middle East, the Asia Pacific region picked up quickly from the fallout of the September 11 events. By February/March this year, the freighter market showed an increase in flow of goods movement compared to the same period in 2001. In 2000, 18.8 million tonnes were moved globally, which came down to 17.3 million. By the end of the current year, it will rise to 17.9 tonnes and come back to the 2000 year's level of 18.8 tonnes in 2003, said the International Air Transport Association. G010-090902 posted 9th Sept 02

a Ports authority launches e-payment system Abu Dhabi :The Ports, Customs and Free Zone Corporation (PCFC) and HSBC have set up a new e-payment system to improve the efficiency of refunding of deposits to consignees. Consignees or their clearing agents usually deposit customs security against the completion of either transit or export documents for destinations outside the UAE. This deposit is refunded after completion of all the customs formalities. Under the new system consignees who receive their refund in their bank accounts are notified about it through e-mail, thus saving time for them or their clearing agents. PCFC has also issued two CDs for Dubai's cargo and trade community. Although the two CDs of DPA and Jafza share information on each other, yet they are going to target different markets. Both CDs are available free of charge at sales and marketing departments of both DPA and Jafza in Jebel Ali and at the information centre located at the main gate of Jafza. G009-180802 posted 18th Aug 02

Insurance cover 'only for ISM vessels' Cargo owners in the Gulf have been advised to ascertain whether the ship carrying the cargo has the mandatory ISM Code certification. Despite the passing of the July 1 deadline, there are vessels reportedly operating across the Gulf without the certification. The new certification is mandatory for vessels above 500 tonnes. This represents a serious risk to those who send goods in such vessels. If such a vessel is involved in a casualty, or is detained as a result of non-compliance, cargo owners may not be eligible to recover their losses from insurers. The ISM (International Safety Management) Code has been developed by International Maritime Organisation to ensure that ship owners make safety a priority. It has also been incorporated into SOLAS (Safety of Life at Sea) agreement, to which all GCC countries are signatories. The ISM Code, therefore, has the force of law. G008-180802 posted 18th Aug 02

a New facilities to pay customs fees planned Manama: Bahrain's businesses may be able to pay many fees related to import of goods through local banks. Customs authorities are discussing the move with Bahrain's banks to avoid delays in the payment of fees. C computerization of many services, currently done manually, was also set to become a reality early next year. Many of the issues raised by the business community have been successfully addressed; there are some outstanding issues, according to government officials. These include computerisation of many services, such the payment of tariffs, handling charges and the handling of import/export documents. "All of this is done manually and the process is very slow. We would like them to speed this up," said a top official. G007-080802 posted 5th Aug 02

Yemen amends investment law Sanaa: Yemen has amended its investment law to offer greater incentives to foreigners and lure much-needed funds. The new law bans the government from seizing or nationalising foreign projects. It also allows investors to transfer profits out of the country without restrictions. Under the law, raw materials for agricultural projects are fully exempted from customs tariff, while fees would be halved for industrial and other projects. It also eases conditions for foreign participation in local firms. G006-080702 posted 5th Aug 02

a Bahrain banks may accept customs fees Bahrain's businesses may be able to pay many fees related to import of goods through local banks. Customs authorities are discussing the move with Bahrain's banks, to avoid delays in the payment of fees. The computerisation of many services, currently done manually, was also set to become a reality early next year. Plans for computerisation of many services, such the payment of tariffs, handling charges and the handling of import/export documents are fast under way. The tender for this project had gone out to 30 companies, of which five have been short-listed. The impending implementation of unified customs tariffs among GCC states, from the beginning of next year, is also under serious discussion. G005-220702 posted 22nd July 02

DHL's new EasyShip saves 'time and money' Saudi Arabia's leading banks are impressed with the newest version of DHL's EasyShip programme, which enables banks to manage their in-bound and out-bound shipments using the latest IT technology solutions. In addition to the totally web-based shipment tracking solution, the programme is also designed to save the user time, money, and effort. Easyship is a windows-based software programme that provides DHL customers with an easy and efficient way to prepare airway bills and process shipments including the preparation of shipments, uploading the daily manifest, preparation of reports, and tracking and tracing shipments. G004-220702 posted 22nd July 02

a Bahrain ratifies GCC customs tariffs Bahrain has taken a major step towards helping to forge the unified GCC customs union. A law by decree approving the GCC unified Customs tariffs system and cancelling the Customs tariffs law of 1950 and related amendments has been issued G003-080702 posted 8th July 02

Investment guarantee in Syria Syria has become the 156th member of the Washington-based Multilateral Investment Guarantee Agency (Miga). Foreign investors looking to do business in the country are now eligible for the agency’s guarantee coverage, which covers transfer restriction, expropriation, breach of contract, war and civil disturbance. Syria companies planning to invest outside the country are also eligible for coverage. G002-080702 posted 8th July 02

Dubai Ports announces rate restoration programmeubai Ports announces rate restoration programme A surge in the cargo traveling from Southeast Asia to the Middle East has caused shipping lines calling upon Dubai Ports to announce a rate restoration programme starting from June 1. As these routes were not included in the rate increases that affected Japan and the Gulf earlier in the year, the move came as a surprise to shippers with the decision being made only in April. According to the new decision the member line of the Informal Rate Agreement covering trades from the Far East to destinations in the Middle East have hiked rates by US$ 100 for all equipment types from North Asia origins including Korea, China, Hong Kong and Taiwan. Rates have leapt $50 from all other Far Eastern origins including Singapore, Malaysia, Thailand and Indonesia. Currently the rates on this route stand at $5550 per TEU  and $ 1,000 per FEU. G001-240602 posted 24th June 02

  - Philbert Suresh
  - Aman Sangar
  - Raman Suri
  - Ranjeev Menon

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