WTO deal to spur GCC petrochemical exports

Updated 02 February 2014

WTO deal to spur GCC petrochemical exports

The GCC petrochemical industry is set to record an increase in exports in 2014 due to the World Trade Organization’s (WTO’s) Bali Package.
The prediction came from the Gulf Petrochemicals & Chemicals Association (GPCA).
The Trade Facilitation Agreement, adopted as part of WTO’s Bali Package at the end of 2013, creates binding commitments among member countries to increase customs efficiency and revenue collection by reducing bureaucratic procedures.
“The WTO’s deal on trade facilitation, if implemented in its true spirit, will reduce the cost of all GCC petrochemical exports, thus easing the flow of goods across borders and cutting delays in international shipments, especially in the countries where Gulf chemical exporters have encountered difficulties in the past,” said GPCA Secretary General Abdulwahab Al-Sadoun.
According to the WTO, the benefits accruing to the world economy from the Trade Facilitation Agreement are estimated to be between $400 billion and $1 trillion as costs of trade are set to decrease by 10 percent to 15 percent, contributing to increased trade flows and higher revenues while creating a stable business environment.
The Gulf’s petrochemical industry is an export-oriented sector, according to GPCA statistics.
In 2012, the GCC’s petrochemicals industry exported 60.7 million tons of chemicals, equivalent to 75 percent of its output valued at $52.7 billion.
“The Trade Facilitation agreement will provide GCC petrochemical exporters with an opportunity to reduce costs and time delays through simple and uniform customs procedures,” said Al-Sadoun.
“The agreement removes major obstacles for petrochemical exporters from the Gulf, and will be directly responsible for the increased chemical trade, leading to the growth of the industry.”
Export barriers against GCC petrochemicals will only be eased in the second half of the year, as the Bali Package is set to be ratified by the WTO General Council by July 2014.
The GPCA, however, is hopeful for the future of the Gulf’s petrochemical exports.
“The Bali Package was approved by all 159 members of the WTO, which means worldwide attitudes are swaying in favor of multilateral trade liberalization,” stated Sadoun.
“As the GPCA advocates for free trade, we welcome the Trade Facilitation Agreement as it will surely open access to export markets for the Gulf’s petrochemical producers.”


Dubai launches economic program for post COVID-19 recovery 

Updated 05 August 2020

Dubai launches economic program for post COVID-19 recovery 

  • “The Great Economic Reset Programme” is part of a “COVID Exit initiative” to help the recovery and reshaping of the economy
  • The economic program will feature analyses of current and future policies

DUBAI: Dubai launched an economic program as part of its efforts to reshape the emirate’s economy for a “sustainable” and “resilient” future post the coronavirus pandemic, the government said. 
The Dubai government partnered with the Mohammed bin Rashid School of Government (MBRSG) to launch “The Great Economic Reset Programme” as part of a “COVID Exit initiative” to help the recovery and reshaping of the economy, state news agency WAM reported on Tuesday. 
The economic program will feature analyses of current and future policies, research and extensive stakeholder consultation to set the direction and tone of future economic policies, regulations and initiatives.
The government plans to use local and international experts for economies and societies to create growth strategies for the Dubai economy.
The MBRSG held a “Virtual Policy Council,” with global experts and thought leaders to discuss the impacts of COVID-19 on the economy and potential policy responses and initiatives. 
Chief economists, senior practitioners and researchers from leading global institutions including the World Bank, joined experts from Dubai Economy and the MBRSG at the first roundtable.
“I believe the triple helix collaboration between public, private and academia stakeholders have always produced the best solutions in the past. In the highly uncertain environment now, extensive collaboration and cooperation between all stakeholders are vital to our future prosperity. The Virtual Policy Council will propose the best approaches Dubai and the UAE can adopt to address the risks and opportunities in the next normal economy,” said Mohammed Shael Al-Saadi, CEO of the Corporate Strategic Affairs sector in Dubai Economy.
“This Virtual Policy Council is a key component of the whole process where global experts and thinkers share their views on the future economy. In this new era, the role of governments in enabling the new economic actors is becoming increasingly central, and Dubai is well-positioned to lead the way with innovative models of growth post COVID19,” said Professor Raed Awamleh, Dean of MBRSG.
The roundtable also discussed the impact of the pandemic on international trade, foreign investment and tourism, as well as the rise of digital globalization.