Kuwait content over COMCEC’s adoption of ‘easing of trade’ – Minister

Finance Minister Nayef Al-Hajraf addresses the 34th meeting of the Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC).

Kuwait is content over adopting “easing of trade” among OIC members by COMCEC Standing Committee, said Finance Minister Nayef Al­Hajraf Wednesday. In a speech before the 34th meeting of the Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC), Al­Hajraf said customs’ departments of OIC have a major role in economic and societal prosperity, as well as being considered one of the defense lines against threats.

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 deep­rooting political and economic sovereignty.

Since then, 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 Harmonization of Customs procedures (Kyoto Convention) and the World Trade Organization’s Trade Facilitation Agreement (TFA), Al­Hajraf noted.

Agenda of the meeting, which kicked off earlier today, 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: KUNA