Qatar Chamber Proposes Study On Carbon Tax Implications For GCC Economies
Date
11/2/2024 9:19:47 AM
(MENAFN- The Peninsula)
QNA
Doha: Qatar Chamber has launched an initiative to prepare a study to assess the impact of imposing a carbon tax on the economies of the Gulf Cooperation Council countries.
Chairman of Qatar Chamber, HE sheikh Khalifa bin Jassim Al Thani emphasized the importance of the consultative meeting among Their Excellencies the Ministers of Commerce and industry and the Heads of unions and chambers of commerce in the GCC states, highlighting its role in advancing Gulf economic integration.
He made these remarks during the recent consultative meeting held at the Sheraton Hotel.
During the meeting, Sheikh Khalifa praised the directives of Their Majesties and Highnesses, the leaders of the Council, to support the private sector and strengthen its pivotal role in the comprehensive development of our nations. He noted that this reflects their commitment to enhancing economic and trade cooperation among our countries.
He said that the Qatar Chamber proposes to conduct a study to assess the impact of imposing a carbon tax on the economies of GCC countries. He noted that Gulf economies rely primarily on oil, gas, and hydrocarbon industries, and that such a tax could therefore reduce the competitive advantage of Gulf exports.
The Chairman of Qatar Chamber noted that the European Union plans to impose this tax in 2026, targeting exports of aluminum, petrochemicals, steel products, and manufactured goods.
In a statement, HE Sheikh Khalifa bin Jassim Al Thani expressed his hope that the consultative meeting would end with results and recommendations that contribute to addressing the challenges facing the economies of GCC countries, expanding the role of the private sector in Gulf economic activity, and enhancing support for the role of the Federation of GCC Chambers in this context.
He emphasized that Qatar Chamber looks forward to increased cooperation with GCC unions and chambers, as well as stronger partnerships between the private sector in Qatar and its counterparts in the Gulf countries. He stressed that this collaboration aims to enhance trade and economic cooperation and elevate the levels of intra-GCC trade.
On the sidelines of the consultative meeting, HE Sheikh Khalifa bin Jassim Al Thani participated in the inauguration of the Second Gulf Industrial Exhibition held at the Sheraton Doha Hotel and attended the ceremony honoring GCC manufacturers and inventors.
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