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Kuwait adopts “easing of trade” by COMCEC

Istanbul, Kuwait is pleased over adopting "easing of trade" among the Organisation of Islamic Cooperation (OIC) members by the Economic and Commercial Cooperation of the Organisation of the Islamic Cooperation (COMCEC) Standing Committee, said Finance Minister Nayef Al-Hajraf Wednesday.

In a speech before the 34th meeting of COMCEC, Al-Hajraf said customs' departments of OIC have a major role in economic and societal prosperity, as well as being considered one of the defence lines against threats, Kuwait News Agency (KUNA) reported.

The minister underlined Kuwait's keenness to improve the business environment, pointing out that a prominent proof of such approach is the establishment of a customs department back in 1899 as prelude to deep-rooting political and economic sovereignty.

Kuwait catered to developing the pioneering department, as well as joining many significant agreements, such as the Istanbul Convention on Temporary Admission, the International Convention on the Simplification and Harmonisation of Customs procedures (Kyoto Convention) and the World Trade Organisation's Trade Facilitation Agreement (TFA), Al-Hajraf noted.

The meeting would focus on ways to enhance financial and economic cooperation among OIC member states.

It would also tackle different economic and commercial matters, particularly the ones related to the improvement of customs' risk management systems.

Source: Bahrain News Agency

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