Kuwait is first in getting major event roling
Kuwait-Regional, Economics, 1/9/1998

Kuwait has reduced taxes on commodities of Arab origin by 10 percent, a local Arab daily quoted a Kuwait official as saying on Wednesday. The decision will remain valid from January 1, 1998 until the year 2007, said director of the General Custom department (GCD) Ibrahim al-Ghanem, who endorsed the decision.

According to the decision, which complies with the Arab Free Trade Zone executive program recently endorsed by the Arab League, all goods imported from any Arab state will be exempted from custom duties al-Ghanem said, adding that all AL member states showed readiness to abide by the terms and conditions of the Arab FTZ -proposed executive program.

According to the Kuwaiti Arab Times paper issued Friday, the Arab League economic department has prepared lists on Arab agricultural, animal husbandry products and raw materials for exemption from customs duties according to a decision taken by the AL. The decision, states that AL member states reserve the right to conclude bilateral agreements in relations to customs exemption, provided that they precede the enforcement of an Arab FTZ executive program.

Concerning the 10 percent customs duty reduction, the AL decision made it clear that the cut would be applicable to agricultural, animal husbandry, raw material, mineral and non-mineral products of Arab origin to be traded among Arab states, the paper said.

Previous Stories:
  Optimism surrounds Arab Free Trade Zone   (1/8/1998)
  Oman, Egypt join inter-Arab trade accord   (12/19/1997)
  Kuwaiti Investment Authority nets $3 billion   (12/5/1997)

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