![]() Participants stressed the importance of reactivating and promoting the TIR system in Kuwait, with full support from the Government and industry. Support for TIR was underscored during recent meetings in Kuwait between IRU, the Kuwaiti member national guaranteeing and issuing association (KATC), Kuwait Customs, Kuwait Ministry and Chamber of Commerce and Industry and the private sector. Kuwait’s ratification of the World Trade Organization’s Trade Facilitation Agreement (TFA) puts added emphasis on TIR to simplify, harmonise, and modernise customs transit procedures, which will help link Kuwait to regional and international markets. MSC is a world leader in global container shipping and a company that prides itself on offering digitized global services with local knowledge. Further momentum comes from developments in Iraq and Saudi Arabia, as these countries prepare to accede to TIR. Having signed a protocol with China, which acceded to the TIR Convention last year, Kuwait’s Vision includes integration into the One Belt One Road initiative to boost trade between China and Central Asia along the Silk Road Economic Belt. The TIR system will provide much needed simplification of customs procedures, becoming the vital tool to facilitate seamless cross border transportation in all regions. Kuwait aims to position itself as a centre for re-export, shipping and warehousing by creating a series of logistic cities. Kuwait City 02 February 2023: EY organized a seminar covering key tax topics relevant to businesses operating in Kuwait. Reestablishing Kuwait as a commercial and logistics hub is key for the country’s “Vision 2035”, which aims to strengthen regional and global trade routes. The government hopes to increase production capacity to 4.75 million barrels per day by 2040. Kuwait’s current oil production capacity is estimated at 3.15 million barrels per day. the opportunity to serve your great company.Kuwaiti government backs TIR as the primary customs transit tool to facilitate trade, cross border transport, and ultimately economic development in Kuwait. In 2021, the Central Bank of Kuwait announced that Kuwait’s GDP had contracted 9.9 in 2020 from 2019 mainly due to sharp decrease in oil prices. and wish you the success that you so richly deserve as you relaunch of your Corporate Website. looks forward to many more years of our association with Union Trading Co. has led to a respectful business relationship between our two companies. Kuwait developed in the 18th and 19th centuries as a trading city, relying on the pearl banks of the gulf as well as on long-distance sea and caravan traffic. The cooperation between Jockey International, Inc. The old town of Kuwait, although located in a harsh desert climate, opened onto an excellent sheltered harbour. with quality service and the best products at a fair price. We are committed to providing Union Trading Co. has many options and we are pleased with the close relationship between our companies and look forward to many more years of serving Union Trading Co. grow into a thriving business and a business well-known throughout the Gulf region. Fluctuations The level of export fluctuations in 2021 in Kuwait was only 0.28 points. We value UTC’s loyal patronage over those years and the business relationship that has ensued because of our cooperation. has enjoyed a valuable working relationship with Union Trading Co.
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