GCC petrochem exports will receive a boost mid-year through new WTO global trade terms, according to Dubai-based Gulf Petrochemicals and Chemicals Association (GPCA). The WTO’s new Trade Facilitation Agreement, adopted in December at its Bali conference, introduces binding commitments among WTO members to increase customs efficiency and revenue collection by reducing bureaucracy.
GPCA Secretary General, ‘Abd al-Wahab al-Sa’dun, said on 2 February, that the WTO deal will “provide GCC petrochemical exporters with an opportunity to reduce costs and delays through simple and uniform customs procedures. The agreement removes major obstacles for petrochemical exports from the Gulf and will be directly responsible for increased chemical trade, leading to the growth of the industry.” (CONTINUED - 266 WORDS)
