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Friday, April 26, 2024 23:23 GMT
The State of Qatar affirmed its commitment and support for transparency of business policies and practices, and a rules-based trade system, out of its keenness to adopt this system to achieve the goals of Qatar National Vision 2030.This came in the speech of Minister of Commerce and Industry, H E Ali bin Ahmed Al Kuwari who chaired the State delegation participating in the opening session of Qatar’s third Trade Policy Review meetings at the World Trade Organization (WTO), and which will last for three days. During the session, the Minister reviewed the trade policies of the State of Qatar in front of 164 member states of the World Trade Organization.During the session, he stressed that Qatar ascribed high value to the Trade Policy Review mechanism, as it supports a direct and transparent approach to clarifying members’ policies, options, and positions, and simultaneously provides valuable information to the private sector.He assured that Qatar remains committed to the rule-based system of trade, not only due to its adoption of transparency and enhancing predictability in international trade but also because of its keenness to make extensive use of this system as it moves forward to meet its development goals in the Qatar National Vision 2030. The Minister pointed out that since its last Trade Policy Review in 2014, Qatar had relied extensively on the multilateral trading system. The multilateral trading system plays an important role in tackling many challenges, especially with regard to the mechanisms available to settle trade-related disputes, providing appropriate policies for the private sector, and continuing to promote economic development through trade facilitation and investment promotion.He said that Qatar had realized the importance of enhancing the role of international trade in working for its future development. Thus, Qatar has been keen to further liberalize its domestic markets to foreign investors across the economy, particularly in knowledge-intensive areas and real estate.Furthermore, he clarified that Qatar had sought to achieve these objectives by creating an investment promotion agency, overhauling the public procurement framework, enacting a new foreign investment law, and amending its free zone regime. His Excellency stressed that these efforts had contributed to reducing transaction costs across the economy, a factor that complements the trade and investment facilitation measures.Qatar is also working on several additional measures to further facilitate trade flow, boost investment, and provide logistical support in terms of exports and imports, His Excellency added.On the legislative environment in Qatar, His Excellency referred to the new law regulating the investment of non-Qatari capital in the economic activity enacted in 2019, which allows foreign ownership of up to 100% of shared capital. The State has also issued a law that enables foreign investment in real estate and allows Real Estate Investment Trusts to operate in Qatar through the Qatar Financial Centre.The Minister further touched on the law regulating public-private partnerships. This law enacted recently aims at promoting competition, increasing private sector participation in infrastructure development and management, and encouraging the public sector to decrease public expenditure and increase efficiency in project delivery and management. In the conclusion of the session, the Minister of Commerce and Industry affirmed the continuation of efforts to diversify the economic activity to achieve Qatar’s economic development goals.