GCC Unified Customs Law Amended to Fight Counterfeit Import

Arab Gulf countries make amendments to the customs system to counterfeit goods
Arab Gulf countries make amendments to the customs system to counterfeit goods
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GCC Unified Customs Law Amended to Fight Counterfeit Import

Arab Gulf countries make amendments to the customs system to counterfeit goods
Arab Gulf countries make amendments to the customs system to counterfeit goods

The Gulf Cooperation Council (GCC) member states, including Saudi Arabia, have recently passed several amendments to the GCC Unified Customs Law, official sources reported.

According to the amended provisions of the law, the import of counterfeit goods will be deemed as smuggling activity, and punitive measures will be taken accordingly.

The penalties for smugglers include a fine of not less than two times and not more than three times of the customs duty or tax of the product, or two times of the value of the goods, whichever is higher, and imprisonment for a period of not less than one month and not more than one year, or of both the penalties.

According to the new amendments, there will be customs duty exemption for the following categories of goods: those goods required by the charitable societies; goods imported by people with special needs, the concerned government agencies, and agencies related to the care of people with special needs, in addition to relief supplies.

Customs duties will also be exempted for commercial samples imported to the GCC countries whose value does not exceed SAR5,000 ($1,300) or the equivalent in other GCC currencies.

The customs director-general may set conditions and controls to ensure that the exemption is not exploited for commercial purposes.

The duty-exempted goods also include incoming personal parcels and mails, in accordance with the terms and conditions specified by the executive regulations, with the exception of tobacco and its derivatives.

There is also a provision in the amended law that the truck driver shall produce proof of delivery of the imported goods to their owners upon his departure from the country.

It is also not permissible to demand the payment of customs duties in the event of losing the goods, while it allows prior customs clearance of the goods before they reach the customs office.



Oil Rises to Near Seven-month Highs on US-Iran Tensions

FILE PHOTO: A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. REUTERS/Essam Al-Sudani/File Photo
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Oil Rises to Near Seven-month Highs on US-Iran Tensions

FILE PHOTO: A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A view of West Qurna oilfield is seen in Basra, southeast of Baghdad, March 29, 2014. REUTERS/Essam Al-Sudani/File Photo

Oil prices rose on Tuesday, nearing seven-month highs, with traders assessing risks to supply from any military escalation as another round of US-Iran nuclear talks loomed.

Brent crude futures rose 48 cents, or 0.7%, to $71.97 a barrel by 0658 GMT, while US crude futures climbed 45 cents, or 0.7%, to $66.76 a barrel.

Brent is trading at its highest since July 31, while WTI is at its firmest since August 1.

"At this stage, geopolitics is clearly doing most of ‌the heavy lifting for ‌oil prices, with the current firmness largely driven by ‌anticipation ⁠rather than actual ⁠supply loss," said Phillip Nova senior market analyst Priyanka Sachdeva.

"The risk of possible military escalation in the Middle East is gaining traction, and thus, traders appear to hedge against worst-case scenarios."

Iran and the US will hold a third round of nuclear talks on Thursday in Geneva, Oman's Foreign Minister Badr Albusaidi said on Sunday.

The United States wants Iran to give up its nuclear program, but ⁠Iran has adamantly refused, and denied it is trying to ‌develop an atomic weapon.

The State Department is ‌pulling out non-essential government personnel and their families from the US embassy in ‌Beirut, a senior State Department official said on Monday, amid growing concerns about ‌the risk of a military conflict with Iran.

US President Donald Trump said in a social media post on Monday that it will be a "very bad day" for Iran if it does not make a deal.

"In the near-term, geopolitical factors related to ‌the US-Iran conflict are likely to be the primary driver for oil prices," said OANDA senior market analyst Kelvin ⁠Wong.

"For now, WTI ⁠crude oil is evolving in a short-term bullish dynamic, holding above its 20-day moving average, acting as a key short-term support at $63.90/barrel."

On the trade policy front, Trump on Monday warned countries against backing away from recently negotiated trade deals with the US after the Supreme Court struck down his emergency tariffs, saying that he would hit them with much higher duties under different trade laws.

"US President Donald Trump created uncertainty for global growth and fuel demand with a new round of tariff hikes," UOB Bank analysts said in a client note.

Trump said on Saturday he would raise a temporary tariff to 15% from 10% on US imports from all countries, the maximum level allowed under the law.


FedEx Sues US for Refund on Trump's Emergency Tariffs

A driver of FedEx stands with packages near a delivery truck during Black Friday preparations in the Georgetown neighborhood of Washington, US, November 26, 2024. REUTERS/Benoit Tessier/File Photo 
A driver of FedEx stands with packages near a delivery truck during Black Friday preparations in the Georgetown neighborhood of Washington, US, November 26, 2024. REUTERS/Benoit Tessier/File Photo 
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FedEx Sues US for Refund on Trump's Emergency Tariffs

A driver of FedEx stands with packages near a delivery truck during Black Friday preparations in the Georgetown neighborhood of Washington, US, November 26, 2024. REUTERS/Benoit Tessier/File Photo 
A driver of FedEx stands with packages near a delivery truck during Black Friday preparations in the Georgetown neighborhood of Washington, US, November 26, 2024. REUTERS/Benoit Tessier/File Photo 

Global transportation company FedEx on Monday filed a lawsuit in the US Court of International Trade seeking a refund for President Donald Trump's emergency tariffs, one of the highest profile moves to recover funds since the US Supreme Court last week deemed the tariffs illegal.

A flood of lawsuits to recover billions of dollars is expected by trade attorneys after the blockbuster ruling. The recovery process still has to be worked out by a lower court, though, complicating the matter, according to Reuters.

More than $175 billion in US tariff collections are subject to potential refunds after the US Supreme Court on Friday ruled 6-3 that Trump overstepped his authority by using the International Emergency Economic Powers Act, a sanctions law, to impose tariffs on imported goods, Penn-Wharton Budget Model economists said.

“Plaintiffs seek for themselves a full refund from Defendants of all IEEPA duties Plaintiffs have paid to the United States,” FedEx said in the lawsuit, referring to tariffs Trump imposed.

FedEx and its logistics arm served as importer of record on goods subject to IEEPA tariffs. The Memphis-based company did not provide the dollar value of the refund it is seeking.

FedEx in its lawsuit named US Customs and Border Protection, the agency's commissioner Rodney Scott and the United States of America as defendants. CBP and the White House did not immediately respond to requests for comment.

Washington, DC-based Crowell & Moring is representing FedEx in the lawsuit and referred Reuters to the company, which did not immediately comment.

 

 


Turkish Central Bank Total Reserves Fell Nearly $6 Bln Last Week, Bankers Say 

People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)
People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)
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Turkish Central Bank Total Reserves Fell Nearly $6 Bln Last Week, Bankers Say 

People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)
People walk with the Suleymaniye Mosque in the background ahead of the holy month of Ramadan in Istanbul, Wednesday, Feb. 18, 2026. (AP)

The Turkish Central Bank's total reserves are expected to have decreased by around $5.8 billion last week to $206 billion, due to a eurobond redemption, bankers ‌said.

Three bankers ‌consulted by ‌Reuters ⁠calculated that net reserves ⁠decreased by $7 billion to $89 billion in the week ending February 20.

Bankers estimated that ⁠an increase in ‌gold ‌prices in the week ‌to February 20 ‌had an upward impact of around $1 billion on reserves. According to ‌the calculations, the central bank sold $3 ⁠billion ⁠in the market last week.

The reserve calculations are based on preliminary data from the central bank. Official data will be released on Thursday.