ID :
9302
Tue, 06/03/2008 - 13:15
Auther :
Shortlink :
https://www.oananews.org//node/9302
The shortlink copeid
Saudi Finance Minister signs OIC Preferential Tariff Scheme
JEDDAH, June 02, SPA -- Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf today signed a protocol on Preferential Tariff Scheme pertaining to Preferential Trade System (PRETAS) among Member States of the Organization of Islamic Conference in line with the Ten-Year Action Program adopted by the 3rd Extraordinary Islamic Summit in Makkah in 1426 H.
The protocol, which is expected to enter into force early 2009, aims at promoting inter-regional trade among OIC member countries from a total gross trade of 14% in 2005 to 20% by 2015, through reductions on custom tariffs among member states on a range of high-custom-fee commodities from 10% divided into four annual payments for developing countries and six payments for the leastdeveloped.
The protocol also aims at removing tariff and non-tariff barriers or any administrative measures that might impede the flow oftrade between Islamic countries.
The protocol, which is expected to enter into force early 2009, aims at promoting inter-regional trade among OIC member countries from a total gross trade of 14% in 2005 to 20% by 2015, through reductions on custom tariffs among member states on a range of high-custom-fee commodities from 10% divided into four annual payments for developing countries and six payments for the leastdeveloped.
The protocol also aims at removing tariff and non-tariff barriers or any administrative measures that might impede the flow oftrade between Islamic countries.
