Saudi Arabia Boosts Efficiency of Customs Clearances

Zakat, Tax and Customs Authority (ZATCA) officials at the event launching initiative for 2-hour Saudi customs clearances (Asharq Al-Awsat)
Zakat, Tax and Customs Authority (ZATCA) officials at the event launching initiative for 2-hour Saudi customs clearances (Asharq Al-Awsat)
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Saudi Arabia Boosts Efficiency of Customs Clearances

Zakat, Tax and Customs Authority (ZATCA) officials at the event launching initiative for 2-hour Saudi customs clearances (Asharq Al-Awsat)
Zakat, Tax and Customs Authority (ZATCA) officials at the event launching initiative for 2-hour Saudi customs clearances (Asharq Al-Awsat)

Saudi Arabia has reduced its customs clearance period from 12 days to 2 hours in a move aimed at increasing the efficiency of customs processes in all the Kingdom’s land, sea and air ports.

The Kingdom, according to a new initiative by the Zakat, Tax and Customs Authority (ZATCA) will target a two-hour customs clearance time at all land, sea and air ports.

The governor of ZATCA, Suhail Abanmi, said that the scheme comes “after the completion of a phase of continuous cooperation and coordination between the customs clearance system.”

“To reach this target is a key possibility for the Kingdom to become a global logistics platform,” added Abanmi.

Speaking at ZATCA’s celebration of World Customs Day, which was marked in Riyadh on Sunday, Abanmi stressed that the newly announced initiative aims to improve customs operations, performance and productivity indicators, strengthen the logistics sector and support the Kingdom’s position in the growth of the world economy.

Abanmi stressed the authority’s commitment to deepen cooperation with local and international bodies, both public and private, in a way that serves the initiative and contributes to enhancing the efficiency of customs services.

He said that the exchange of knowledge between the authority and its customs counterparts was “a top priority.”

“The authority, through its academy, continuously strives to consolidate the importance of building knowledge and skills and developing the potential of its employees through specialized programs in all areas of customs work,” said Abanmi.

“Human capital is the foundation of creativity, innovation and excellence. It is possible to achieve the authority’s strategy, which aims to build an effective working system,” he stressed.

Nashmi Al-Harbi, a logistics expert, said that a higher level of success can be achieved by saving time.

Harbi stressed that Saudi Arabia is proactive in seeking to facilitate and accelerate procedures to achieve the national strategy for transport and logistics services.



World Bank Warns that US Tariffs Could Reduce Global Growth Outlook

WASHINGTON, DC - JANUARY 16: Workers build risers in Freedom Plaza ahead of the Inauguration on January 16, 2025 in Washington, DC. US President-elect Donald Trump and Vice President-elect former Sen. JD Vance (R-OH) will be sworn in on January 20. Kayla Bartkowski/Getty Images/AFP
WASHINGTON, DC - JANUARY 16: Workers build risers in Freedom Plaza ahead of the Inauguration on January 16, 2025 in Washington, DC. US President-elect Donald Trump and Vice President-elect former Sen. JD Vance (R-OH) will be sworn in on January 20. Kayla Bartkowski/Getty Images/AFP
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World Bank Warns that US Tariffs Could Reduce Global Growth Outlook

WASHINGTON, DC - JANUARY 16: Workers build risers in Freedom Plaza ahead of the Inauguration on January 16, 2025 in Washington, DC. US President-elect Donald Trump and Vice President-elect former Sen. JD Vance (R-OH) will be sworn in on January 20. Kayla Bartkowski/Getty Images/AFP
WASHINGTON, DC - JANUARY 16: Workers build risers in Freedom Plaza ahead of the Inauguration on January 16, 2025 in Washington, DC. US President-elect Donald Trump and Vice President-elect former Sen. JD Vance (R-OH) will be sworn in on January 20. Kayla Bartkowski/Getty Images/AFP

The World Bank on Thursday warned that US across-the-board tariffs of 10% could reduce already lackluster global economic growth of 2.7% in 2025 by 0.3 percentage point if America's trading partners retaliate with tariffs of their own.
Such tariffs, promised by US President-elect Donald Trump, could cut US growth - forecast to reach 2.3% in 2025 - by 0.9% if retaliatory measures are imposed, the bank said, citing economic simulations. But it noted that US growth could also increase by 0.4 percentage point in 2026 if US tax cuts were extended, it said, with only small global spillovers.
Trump, who takes office Monday, has proposed a 10% tariff on global imports, a 25% punitive duty on imports from Canada and Mexico until they clamp down on drugs and migrants crossing borders into the US, and a 60% tariff on Chinese goods.
The World Bank's latest Global Economic Prospect report, issued twice yearly, forecast flat global economic growth of 2.7% in 2025 and 2026, the same as in 2024, and warned that developing economies now faced their weakest long-term growth outlook since 2000, Reuters said.
The multilateral development bank said foreign direct investment into developing economies was now about half the level seen in the early 2000s and global trade restrictions were five times higher than the 2010-2019 average.
It said growth in developing countries is expected to reach 4% in 2025 and 2026, well below pre-pandemic estimates due to high debt burdens, weak investment and sluggish productivity growth, along with rising costs of climate change.
Overall output in emerging markets and development economies was expected to remain more than 5% below its pre-pandemic trend by 2026, due to the pandemic and subsequent shocks, it said.
"The next 25 years will be a tougher slog for developing economies than the last 25," World Bank chief economist Indermit Gil said in a statement, urging countries to adopt domestic reforms to encourage investment and deepen trade relations.
Economic growth in developing countries dropped from nearly 6% in the 2000s to 5.1% in the 2010s and was averaging about 3.5% in the 2020s, the bank said.
It said the gap between rich and poor countries was also widening, with average per capita growth rates in developing countries, excluding China and India, averaging half a percentage point below those in wealth economies since 2014.
The somber outlook echoed comments made last week by the managing director of the International Monetary Fund, Kristalina Georgieva, ahead of the global lender's own new forecast, to be released on Friday.
"Over the next two years, developing economies could face serious headwinds," the World Bank report said.
"High global policy uncertainty could undercut investor confidence and constrain financing flows. Rising trade tensions could reduce global growth. Persistent inflation could delay expected cuts in interest rates."
The World Bank said it saw more downside risks for the global economy, citing a surge in trade-distorting measures implemented mainly by advanced economies and uncertainty about future policies that was dampening investment and growth.
Global trade in goods and services, which expanded by 2.7% in 2024, is expected to reach an average of about 3.1% in 2025-2026, but to remain below pre-pandemic averages.