QDB Organizes Workshop on Harmonized System Nomenclature 2017

Doha, March 21 (QNA) - Qatar Development Bank (QDB), through the support of its export program, Tasdeer, organized a training workshop to inform exporters on the main features of the globally recognized exporting classification system (Harmonized System Nomenclature 2017), which was developed by World Customs Organization (WCO) and entered into the workforce on 1 January 2017. The workshop was organized with the objective of educating participants on the latest edition of the Harmonized System (HS) Nomenclature. It discussed, in 3 key sessions, the main features of the newest edition of HS Nomenclature, the implementation of the HS Nomenclature 2017 as it applies to the setting of new tariff rates and statistical data, and the implications on operators involved in the international marketplace. Executive Director of QDB's export program (Tasdeer), Hassan Khalifa Al Mansoori said: "Harmonized System Nomenclature 2017 is very important this is because the new edition includes critical amendments on food, fishery and agricultural commodities. This, then, allows for better monitoring and control of trade in the interest of food security and management of resources. We deliver this workshop in the firm belief that it is imperative that Qatari exporters be made aware of the prevailing changes as it affects their exports and compatibility with global standards." The newest HS Nomenclature 2017 edition includes 233 sets of amendments to the previous edition, thus affecting trade classifications across various sectors. The breakdown of the amendments is as follows: 85 amendments to trade classifications in the agricultural sector, 45 amendments to trade classifications in the chemical sector, 13 amendments to the trade classifications in the wood sector, 15 amendments to trade classifications in the textile sector, 25 amendments to trade classifications in the machinery sector, 18 amendments to trade classifications in the transport sector, and an additional 32 amendments to trade classifications across a variety of miscellaneous sectors. The sixth edition of the HS Nomenclature, developed by World Customs Organization (WCO), entered into the workforce on 1 January 2017, while previous editions of the classifying discipline have been in use by over 200 countries to categorize goods in international trade since 1983. The latest instalment of the classification system includes 5,387 six-digit subheadings in contrast to the 5,205 which featured in the previous 2012 edition. The World Trade Organization (WTO) and a wide range of countries use the HS Nomenclature system as a common language for trade, for purposes of negotiation as well as for the determination of the source of origin for goods. Major features of the new HS Nomenclature include environmental and social issues of global concern and are directly relevant to the internationalization of the private sector. Through its Tasdeer export program, QDB aims to strengthen the presence of Qatari companies on prestigious global platforms, linking Qatari specialists to international experts across the worlds production industries. In 2016, QDB took part in a number of expos from across a broad spectrum of industries to cite a few examples, the bank recently concluded the showcasing of over 20 local manufacturers from Qatars agri-food, plastics and rubber industries at globally-renowned expos. To this end, recently, at SME Excellence List 2016, QDB showcased 50 outstanding performers of the local private sector whose cumulative generated income amounted to nearly 1 billion riyals shortlisted from amongst a collection of more than 800 SMEs. In 1997, Qatar Development Bank (QDB) was first established as Qatar Industrial Development Bank (QIDB) in a fundamental step to expanding Qatars indigenous industrial infrastructure. The aim of the newly-created 100% government-owned developmental organization was to develop investments within local industries, thereby accelerating growth and economic diversification of the private sector in Qatar. Since then, its portfolio has greatly expanded. (END)