Bahrain
forum, fair to help boost inter-Islamic trade (Bahrain
Tribune, 12/02/2004)
MANAMA:BAHRAIN
will host the 10th Islamic Countries' Trade Fair
and Islamic Countries' Private Sector Forum in
February next year. The events will be held on
February 12-14, and February 12-16, 2005,
respectively. The Trade Fair will be organised by
the Bahrain Chamber of Commerce and Industry in
co-operation with the Islamic Centre for
Development of Trade Rabat and the Pakistan-based
Islamic Chamber of Commerce and Industry.
TEHRAN:More
than 854,000 tonnes of various types of
agricultural products, worth up to $1billion and
194 million, were exported between March 2003 and
January 2004. According to a report released by
Iran's Customs Administration, the figure showed a
rise of 2.3% in terms of weight and 6.43 in terms
of value against last year's figures. The same
report put the average price of Iran's
agricultural exports at $1,397 per tonne during
the period. According to statistics, agricultural
exports showed an 11-per cent growth against the
targets of the Third Five-Year Plan(2000-2005).
G074-080304
Posted
8th March 04
Customs
increase income by 80% (Iran
Mania, 22/12/03)
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
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
CAIRO:A
World Bank official has urged Egypt to speed up
economic reform in order to attract the foreign
capital needed to give the struggling economy a
boost. "The question is why has Egypt not
been better in terms of attracting more direct
foreign investment?" the World Bank's
director for Egypt, Mahmud Ayub, asked at the
opening of a conference aimed at attracting
investment. Egypt should take steps to free up
trade and ease customs duties and lighten the
burden of bureaucracy, he added.He complained that there were 13
formalities needed to register a company in Egypt,
compared with seven in Western countries.
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
G066-241103
Posted
24th November 03
Oman,
India mull ways to boost trade exchange (Times
of Oman 25/10/2003)
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.
G065-101003
Posted
10th November 03
Singapore,
Bahrain to launch talks on free trade agreement (The
Business Times, 28/10/03)
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.
G064-101003
Posted
10th November 03
Non-goods
exports revenue up (IRIB
News, 15-10-03)
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.
G063-201003
Posted
20th October 03
Bahrain-Thailand
trade set to double this year (The
Nation/ 3-10-03)
MANAMA:Trade
with Bahrain will increase by 100 per cent by the
end of the year, the Thai ambassador to Bahrain
was quoted as saying in the Bahrain Tribune. Widhya
Bhoolsuwan told the newspaper that trade volume
had surged to $90 million in the first six months
of the year, compared with $84 million for the
whole of last year. He said the visit to Thailand
of Bahrain Prime Minister Shaikh Khalifa Bin
Salman Al Khalifa would open up new vistas of
co-operation and development. The FTA, to be
implemented by 2010, will offer investors enormous
growth opportunities in economic, trade,
commercial and social sectors. The countries are
also keen to reach an agreement on the avoidance
of double taxation. "Under the FTA, Bahrain
and Thailand will reduce customs duties on 642
items, from 3 to 0 per cent within a stipulated
period," Widhya said.
G062-061003
Posted 6th October 03
Iran
agro exports value up by 49% (IRIB
News, 18-9-03)
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.
G061-061003
Posted
6th October 03
Double
taxation avoidance pact with Seychelles
(Times
of Oman, 14-9-03)
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.
G060-220903
Posted
22nd September 03
Tenders
worth BD17m opened (Gulf
Daily News, 18-9-03)
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.
G059-220903
Posted
22nd September 03
Saudi
signs trade deal with EU
(Gulf
Daily News, 1-9-03)
RIYADH:Saudi Arabia and the European Union have signed an
agreement ensuring the free access of goods and
services between the Kingdom and the European
bloc, the official Saudi Press Agency reported.
The signing brings Saudi Arabia a step closer to
joining the World Trade Organisation. Saudi is the
only country in the 15-member Gulf Co-operation
Council without a place in the WTO. Saudi
Arabia’s commerce minister, Hashem Yamani, and
Pascal Lamy, the EU trade commissioner, who
arrived here on Saturday, signed the agreement.
Under WTO rules, a country wishing to join the
organisation must agree on arrangements with its
main trading partners on market access and customs
duties.
G058-80903
Posted 8th September 03
OCCI
conducts seminar on AGCC Customs Union (Times
of Oman, 1-9-03)
SUR:The Oman Chamber of Commerce and Industry (OCCI)
organised recently an introductory seminar on AGCC Customs Union under the
auspices of Sheikh Khalid Bin Mohammed Al Battashi, wali of Ja’alan Bani
Bu Ali. Ali Bin Ahmed Al Harthy, board member of the OCCI and head of its
Sur and Ibra branches, delivered a speech stressing the need for spreading
awareness among businessmen on latest developments in the economic field.
The AGCC Customs Union is expected to play a pivotal role in facilitating
the trade movements among AGCC member states and in dealings with other
states, especially the giant economic blocs.
G057-80903
Posted
8th September 03
Turkey-Northern
Cyprus Customs Union Framework Agreement
(Turkish
Press, 13/8/03)
ANKARA:The
''Customs Union Framework Agreement'' which was
signed between Turkey and the Turkish Republic of
Northern Cyprus (TRNC) last week targets to get
the TRNC economy ready for a comprehensive and
lasting compromise and solution within the EU
perspective and facilitate lifting of commercial
embargoes and restrictions imposed on the TRNC.
Diplomatic sources said that the commercial part
of the ''Proposal Package'' that the EU Commission
had prepared for the TRNC last month could not
been put into practice due to objection of the
Greek Cypriot side to the exportation of goods to
the EU from the ports and airports in the TRNC.
The Customs Union Framework Agreement had the
intention of getting the Turkish Cypriot economy
ready for a comprehensive and lasting compromise
and solution within the EU perspective.
G056-180803
Posted 18th August 03
2-fold rise in cargo transit via Iranian soil in 7 years (IRNA,
13-8-03)
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 causedsuch 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 nowbeing 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.
