China and GCC outline plan for comprehensive FTA in 2016

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Imports and Exports | Axonn Ltd | MIC Customs Solutions | 26 January 2016

A new free trade agreement between China and the Cooperation Council for the Arab States of the Gulf has been planned for 2016.

Officials in China and the Gulf region have confirmed that plans are in place to introduce a new free trade agreement (FTA) this year.

The Cooperation Council for the Arab States of the Gulf (GCC) has put out a joint statement with the Chinese Ministry of Commerce confirming they have substantively concluded in principle the negotiations on trade in goods, following a resumption of their FTA talks in recent days.

Moreover, the negotiation process is now set to be accelerated, with the next round of talks to be held in the second half of February. The aim will now be to ensure the agreement is established as soon as possible.

Chinese commerce minister Gao Hucheng said: "It is a major move by the GCC to strengthen the strategic cooperative partnership with China, and also an important decision to further boost the all-round cooperation between the two sides."

China and the GCC began FTA talks in July 2004, but the process was suspended in 2009, despite large parts of the framework for the deal having been agreed.

The GCC halted all ongoing FTA talks with 17 countries and regional organisations around that time due to changes in the international market, but it is now looking to establish international links once again.

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MIC - Customs and Trade Compliance Software Solutions worldwide

Multinational companies are facing greater compliance challenges when addressing the continuously evolving international legal requirements. Customs and trade compliance management has a significant impact on production location and purchasing decisions, delivery times, cost savings and competitive advantages. Thus, it is crucial to establish processes that are accurately, effectively, and efficiently managed utilizing proven global IT solutions.

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There are various customs regulations and requirements programs throughout the world. Examples include ACE, FTZ and Duty Drawback in the USA, IMMEX in Mexico, the Union Customs Code (UCC) in the EU (and its various national characteristics), the Free Zone in Thailand, and the China Single Window. All of these have the objective of making customs procedures simpler, more modern and more efficient.

MIC Global Trade Management (GTM) software helps companies maintain international visibility and to take advantage of these program changes in legislation. We know the intricacies of national and regional customs and export control requirements. Our software takes account of the respective regulations and uses similarities in global customs and export control law. This is done in 55+ countries on 6 continents with regularly updated trade content for 150+ countries. In addition, our data analytics & visualization tool enables improved decision making by identifying optimization potentials and supply chain trends across global customs and trade compliance processes. As a result, global business processes can be designed and automated more efficiently. This not only increases compliance, but also saves time, money and increases global competitiveness.