Al-Qassabi wants GCC to guard against certain steel imports

Updated 19 June 2016

Al-Qassabi wants GCC to guard against certain steel imports

RIYADH: Minister of Commerce and Investment Majid Al-Qassabi has commended the joint action taken by the Gulf Cooperation Council (GCC) countries to safeguard against importing flat-rolled products of iron and non-alloy steel into the region.
Recently, the GCC unanimously decided to safeguard against the increasing import of flat-rolled products of iron and non-alloy steel into the region.
The case was first reported to the WTO (World Trade Organization) under the unified law of anti-dumping, compensatory and safeguard measures, which announced on the official website of the organization.
Al-Qassabi, who is the chairman of the current session of the Trade Cooperation Committee of the GCC, stressed that the Kingdom in cooperation with the GCC countries has played a significant role and worked very hard over the past years on the completion of unified law approvals and its amendments. “All that to combat the harmful practices to the international trade,” he added.
The minister said his ministry was keen to activate this important law under the understanding of its effect on trading performance, which decrease damages and unfair practices on Saudi Arabia and Gulf manufacturers and industries.
He praised the group initiative of the GCC countries to continue opening investigations to combat unfair practices in international trade and currently investigating GCC markets dumping. He pointed out that it is a sign of GCC countries unity in fair trade and combat against international trade harmful practices that affect the manufacturers.
“These efforts are clear evidence of the desire of the ministers of commerce in the GCC countries to eliminate the damages affecting the manufacturers along with current and new industries. And no doubt that it will protect the GCC markets, leading to a localizing the investments which correspond to the Saudi Vision 2030.”
The minister explained that the collective processing of high-priority issues for the GCC countries, in line with policies of strengthening the Customs Union.
Al-Qassabi said that the current situation was a result of a teamwork effort from all the GCC countries over many years, during which some meetings held under the umbrella of the General Secretariat of the Gulf Cooperation Council.

Nowadays, he added that the GCC countries are harvesting the fruits of the unified system which considered a great historical achievement, and hopefully to continue to do so in the short and medium term.


Trump advisers urge delisting of US-listed Chinese companies that fail to meet audit standards

Updated 12 min 32 sec ago

Trump advisers urge delisting of US-listed Chinese companies that fail to meet audit standards

  • Growing pressure to crack down on Chinese companies that avail themselves of US capital markets but do not comply with rules
WASHINGTON: Trump administration officials have urged the president to delist Chinese companies that trade on US exchanges and fail to meet US auditing requirements by January 2022, Securities and Exchange Commission and Treasury officials said on Thursday.
The remarks came after President Donald Trump tasked a group of key advisers, including Treasury Secretary Steve Mnuchin and SEC Chairman Jay Clayton, with drafting a report with recommendations to protect US investors from Chinese companies whose audit documents have long been kept from US regulators.
It also comes amid growing pressure from Congress to crack down on Chinese companies that avail themselves of US capital markets but do not comply with US rules faced by American rivals.
“We are simply leveling the playing field, holding Chinese firms listed in the US to the same standards as everyone else,” a Treasury official told reporters in a briefing call about the report.
The US Senate unanimously passed legislation in May that could prevent some Chinese companies from listing their shares on US exchanges unless they follow standards for US audits and regulations.
Democratic Senator Chris Van Hollen, who sponsored the bill described the recommendations as “an important first step,” but said that “without the added teeth of our bill, this report alone does not implement the requirements necessary to protect everyday American investors.”
The administration’s recommendations, if implemented via an SEC rulemaking process, would give Chinese companies already listed in the United States until Jan. 1, 2022, to ensure the US auditing watchdog, known as the PCAOB, has access to their audit documents.
They can also provide a “co-audit,” for example, performed by a US parent company of the China-based affiliate tasked with auditing the Chinese firm. However, companies seeking to list in the United States for the first time will need to comply immediately, the officials said.
A State Department official told Reuters the administration plans soon to scrap a 2013 agreement between US and Chinese auditing authorities to set up a process for the PCAOB to seek documents in enforcement cases against Chinese auditors.
China said on Friday that the two countries have “good cooperation” in monitoring publicly listed firms.
“The current situation is that some US monitoring authorities are failing to comply with their obligations, and what they are doing is political manipulation — they are trying to force Chinese companies to delist from US markets,” foreign ministry spokesman Wang Wenbin told a media briefing.
The PCAOB has long complained of China’s failure to grant requests, giving it scant insight on audits of Chinese firms that trade on US exchanges.
The report also recommends requiring greater disclosure by issuers and registered funds of the risk of investing in China, as well as mandating more due diligence by funds that track indexes and issuing guidance to investment advisers about fiduciary obligations surrounding investments in China.
The moves come amid rising tensions between Washington and Beijing over China’s handling of the coronavirus and its moves to curb freedoms in Hong Kong, among other issues.