Arab Today, arab today less customs duties on gold to boost gcc trade
Last Updated : GMT 21:15:54
Arab Today, arab today
Arab Today, arab today

Less customs duties on gold to boost GCC trade

Arab Today, arab today

Arab Today, arab today Less customs duties on gold to boost GCC trade

Riyadh - Arabstoday

The reduction of customs duty on gold and jewelries would boost mutual trade and further expand commercial relations between member countries of the Gulf Cooperation Council (GCC), a committee of the Riyadh Chamber of Commerce and Industry (RCCI) said recently. The committee also decided to offer financial support for studies on this topic, especially in the backdrop of the continuously spiraling price of the precious metal. Governments in the region, excepting the Kingdom, have imposed custom’s duty ranging around one percent on importers and exporters. The meeting approved the committee’s programs for next year and affirmed the importance of monitoring customs duties and ensuring instant clearance at border checkpoints. The committee also decided to ensure that customs offices release goods immediately at checkpoints after taking only a sample to send for testing to the ministry. The committee decided to meet government officials in various ministries to discuss matters related to encourage investors in the gold and jewelry sector. They also discussed topics such as Saudization in the sector and combating commercial fraud, and the detection of illegal workshops. Steps should be taken to find suitable locations for gold and jewelry factories in industrial cities. It was reported in recent months that increasing prices sent many gold and jewelry shops out of business. According to a report in May, more than 500 shops were closed in the early months of the year due to the losses attributed to a sharp rise in the international prices of the precious metal. It said gold sales have dropped by 40 to 50 percent in the Kingdom. According to the Chamber of Commerce and Industry, most of these shops were in the Eastern Province. About 150 workshops run by foreigners were closed because of their failure to abide by the licensing and trade regulations. In the global market, gold started the year at around $ 1,565 (SR 5,870) an ounce, climbed to $ 1,785 (SR 6,695) by February, fell to around $ 1,530 (SR 5,738) by the middle of the year, before climbing again to around $ 1,790 (SR 6,713) by October and then easing to levels around $ 1,700 (SR 6,376). From: Arab News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today less customs duties on gold to boost gcc trade Arab Today, arab today less customs duties on gold to boost gcc trade

 



Arab Today, arab today
Arab Today, arab today Reveals his participation in "Fashion Star" TV show

GMT 12:49 2017 Wednesday ,01 March

Reveals his participation in "Fashion Star" TV show
Arab Today, arab today Egyptair and Etihad Airways sign partnership

GMT 21:08 2017 Wednesday ,01 March

Egyptair and Etihad Airways sign partnership
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN report confirms war crimes were committed

GMT 20:43 2017 Wednesday ,01 March

UN report confirms war crimes were committed
Arab Today, arab today NUMP's conference to discuss proplems

GMT 13:40 2017 Wednesday ,01 March

NUMP's conference to discuss proplems
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Lasers flesh out dino-bird profile

GMT 12:24 2017 Wednesday ,01 March

Lasers flesh out dino-bird profile
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Najla Badr will participate in “30 Days” drama

GMT 06:23 2017 Monday ,27 February

Najla Badr will participate in “30 Days” drama
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:54 2017 Wednesday ,01 March

Shanghai expands public smoking ban

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom,China plunges into biz

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:27 2017 Wednesday ,01 March

GSMA: 5 billion mobile phone users in 2017

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday