Proposed US-EU trade deal may impact business in GCC-report
[You must be registered and logged in to see this image.]
27 August 2013 03:29 PM
The proposed Transatlantic Trade and Investment Partnership (TTIP) between the US and Europe will impact the GCC region’s aviation, energy and financial services’ sectors, a report has shown.
International trade experts estimate that it will affect 30% of global trade. It will also have far reaching ramifications for business in the GCC, Hill and Knowlton Strategies has said. The first round of TTIP talks took place in Washington from early July 2013 with the next round scheduled for October in Brussels. Both sides aim to conclude the agreement by 2014-end.
Already American and European industry leaders have begun angling to protect their interests and, with GCC-EU trade valued in 2011 at $170bn annually and US-GCC valued at $100bn, GCC industries must act now to do likewise.
On the TTIP impact on GCC industries and sectors, Hill and Knowlton Strategies said standards adopted under the partnership will become globally binding with third party trading countries and they will have significant impact on the aviation, energy and financial services sectors.
Specifically, the report said this could mean that the GCC energy sector will have to comply with rigorous sustainability standards as demand grows for clean energy solutions, while the financial services sector will face a new regulatory environment of corporate governance, accountability and transparency.
In the aviation sector, TTIP negotiations could result in the emergence of transatlantic carriers with transnational ownership and control structures, Hill and Knowlton Strategies said. With the EU and the US home to nine out of the 10 top global airlines by reported revenue in 2011 this would increase momentum for global reform of ownership and control rules.
While many aviation market access barriers such as route restrictions, frequencies, capacity and pricing have already been lifted, there are some remaining critical barriers that will be discussed in TTIP negotiations.
For example, preferential treatment may be granted reciprocally to European and American airlines under TTIP, putting third-country companies like Emirates, Etihad and Qatar Airways at a disadvantage, the study said.
Energy security and access to energy are high on the US-EU agenda and TTIP will certainly not adopt any provisions that would jeopardise relations with the GCC or affect imports of crude oil or LNG. However, TTIP would create the largest global market for energy imports and both the EU and US have stated that the emphasis will be on the unrestricted as well as sustainable access to raw materials. This would pressure GCC providers, like Sabic and Qatargas, to comply with sustainability standards.
In addition, if the US decides to lift its ban on the export of crude oil and increase its natural gas exports, the US could become a serious competitor to Gulf countries exporting to the EU. Moreover, the EU intends to propose a prohibition on dual pricing to further limit the possibility for resource rich countries to distort the market.
Discussions on specific rules for energy and raw materials for state owned enterprises have also been tabled with TTIP, along with incentives to further trade in clean energy. Each of these proposals will have an impact on how GCC energy companies go about their business with the EU and US.
In the financial services sector, the initial EU negotiating mandate has signalled that the TTIP should promote regulatory compatibility, aiming to reduce costs stemming from regulatory differences. The TTIP would de facto set global financial services standards, particularly regarding surveillance, transparency and reporting requirements, as well as investor protection.
If new standards are adopted, they will likely also apply to Gulf countries’ financial services providers active in the EU or US. Such standards could entail additional compliance requirements both in these countries as well as in the Gulf.
Specifically, SWFs like Abu Dhabi Investment Authority, Saudi Arabia’s SAMA Foreign Holdings and the Kuwait Investment Authority that acquire US and European assets will be impacted by the TTIP. “GCC industry leaders must take a proactive role in preparing for the TTIP.
By monitoring negotiations and assessing their business impacts, GCC firms in the aviation, financial services and energy sectors can mitigate any costs to their operations, while also voicing their concerns through GCC-EU negotiations to ensure their interests are consolidated,” Hill and Knowlton Strategies said.
[You must be registered and logged in to see this link.] English News)
[You must be registered and logged in to see this image.]
27 August 2013 03:29 PM
The proposed Transatlantic Trade and Investment Partnership (TTIP) between the US and Europe will impact the GCC region’s aviation, energy and financial services’ sectors, a report has shown.
International trade experts estimate that it will affect 30% of global trade. It will also have far reaching ramifications for business in the GCC, Hill and Knowlton Strategies has said. The first round of TTIP talks took place in Washington from early July 2013 with the next round scheduled for October in Brussels. Both sides aim to conclude the agreement by 2014-end.
Already American and European industry leaders have begun angling to protect their interests and, with GCC-EU trade valued in 2011 at $170bn annually and US-GCC valued at $100bn, GCC industries must act now to do likewise.
On the TTIP impact on GCC industries and sectors, Hill and Knowlton Strategies said standards adopted under the partnership will become globally binding with third party trading countries and they will have significant impact on the aviation, energy and financial services sectors.
Specifically, the report said this could mean that the GCC energy sector will have to comply with rigorous sustainability standards as demand grows for clean energy solutions, while the financial services sector will face a new regulatory environment of corporate governance, accountability and transparency.
In the aviation sector, TTIP negotiations could result in the emergence of transatlantic carriers with transnational ownership and control structures, Hill and Knowlton Strategies said. With the EU and the US home to nine out of the 10 top global airlines by reported revenue in 2011 this would increase momentum for global reform of ownership and control rules.
While many aviation market access barriers such as route restrictions, frequencies, capacity and pricing have already been lifted, there are some remaining critical barriers that will be discussed in TTIP negotiations.
For example, preferential treatment may be granted reciprocally to European and American airlines under TTIP, putting third-country companies like Emirates, Etihad and Qatar Airways at a disadvantage, the study said.
Energy security and access to energy are high on the US-EU agenda and TTIP will certainly not adopt any provisions that would jeopardise relations with the GCC or affect imports of crude oil or LNG. However, TTIP would create the largest global market for energy imports and both the EU and US have stated that the emphasis will be on the unrestricted as well as sustainable access to raw materials. This would pressure GCC providers, like Sabic and Qatargas, to comply with sustainability standards.
In addition, if the US decides to lift its ban on the export of crude oil and increase its natural gas exports, the US could become a serious competitor to Gulf countries exporting to the EU. Moreover, the EU intends to propose a prohibition on dual pricing to further limit the possibility for resource rich countries to distort the market.
Discussions on specific rules for energy and raw materials for state owned enterprises have also been tabled with TTIP, along with incentives to further trade in clean energy. Each of these proposals will have an impact on how GCC energy companies go about their business with the EU and US.
In the financial services sector, the initial EU negotiating mandate has signalled that the TTIP should promote regulatory compatibility, aiming to reduce costs stemming from regulatory differences. The TTIP would de facto set global financial services standards, particularly regarding surveillance, transparency and reporting requirements, as well as investor protection.
If new standards are adopted, they will likely also apply to Gulf countries’ financial services providers active in the EU or US. Such standards could entail additional compliance requirements both in these countries as well as in the Gulf.
Specifically, SWFs like Abu Dhabi Investment Authority, Saudi Arabia’s SAMA Foreign Holdings and the Kuwait Investment Authority that acquire US and European assets will be impacted by the TTIP. “GCC industry leaders must take a proactive role in preparing for the TTIP.
By monitoring negotiations and assessing their business impacts, GCC firms in the aviation, financial services and energy sectors can mitigate any costs to their operations, while also voicing their concerns through GCC-EU negotiations to ensure their interests are consolidated,” Hill and Knowlton Strategies said.
[You must be registered and logged in to see this link.] English News)
Today at 2:18 pm by Rocky
» utube MM&C 4/26/24 Iraqi Dinar - US Treasury Exchange Rates- Focus - Banking Partnerships - Rate C
Today at 2:17 pm by Rocky
» Parliamentary efforts to transform Iraq into a global market for transferring Internet capacities
Today at 2:07 pm by Rocky
» A parliamentary committee that enriches the political forces: Stop plundering Iraq’s wealth and work
Today at 1:56 pm by Rocky
» Politician: Salem Al-Issawi is the most likely to assume the presidency of Parliament
Today at 1:55 pm by Rocky
» The price of the dollar is close to 145 thousand dinars؛ how much is $100 worth of transactions؟
Today at 11:57 am by wciappetta
» Al-Sudani: The world today is witnessing crises whose impact has been reflected in the global econo
Today at 9:50 am by Rocky
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
Today at 9:40 am by Rocky
» Among them are the Iraqis... a list of the most sought-after immigrants to America
Today at 9:38 am by Rocky
» An expert talks about the "biggest barrier" and the positives of merging Iraqi and Arab banks
Today at 9:29 am by Rocky
» The House of Representatives adjourns its session
Today at 9:24 am by Rocky
» Parliamentary demands to expedite the legislation of the Eid al-Ghadir holiday law (documents)
Today at 9:23 am by Rocky
» Parliament adds the paragraph “Electing the Speaker of the House of Representatives” to its agenda
Today at 9:21 am by Rocky
» Alsumaria publishes the text of the law against prostitution and homosexuality
Today at 9:20 am by Rocky
» A parliamentarian reveals the reason for the failure of the Speaker of Parliament to pass during tod
Today at 9:19 am by Rocky
» Al-Sudani: The government has launched many strategies and initiatives that will improve the reality
Today at 8:42 am by Rocky
» International Business: Iraq has made progress in supporting businesses through investment and priva
Today at 8:33 am by Rocky
» Association of Banks: Iraq is witnessing great development in the transition to electronic governmen
Today at 8:25 am by Rocky
» The House of Representatives votes to add an item to its agenda (election of the Speaker of the Hous
Today at 8:22 am by Rocky
» Parliamentary integrity: Combating corruption requires parliamentary legislation
Today at 8:15 am by Rocky
» Al-Karaawi: America is trying to restrict Iraq
Today at 8:13 am by Rocky
» The State of Law coalition moves to form the local government in Diyala
Today at 8:12 am by Rocky
» The Sudanese and his battle against corruption.. Where is the fault with the government or with the
Today at 8:11 am by Rocky
» Prime Minister's Advisor: We will see the dollar fall on the black market soon
Today at 8:09 am by Rocky
» The Sunni blocs are resolute. The presidency of the Council is ours, away from Al-Halbousi
Today at 8:08 am by Rocky
» Al-Sudani discusses with a workers’ organization his government’s steps in this field
Today at 7:58 am by Rocky
» Parliament holds its session in the presence of 170 deputies
Today at 7:57 am by Rocky
» In the presence of Nechirvan Barzani and Al-Sudani... the State Administration Coalition holds an “i
Today at 7:55 am by Rocky
» The UAE company ADNOC resorts to Iraqi oil. Find out the reasons
Today at 7:53 am by Rocky
» The Iraqi Parliament votes to add an item to elect a president to its agenda
Today at 7:52 am by Rocky
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
Today at 7:51 am by Rocky
» Al-Sudani: It is necessary to attract women to work as a productive energy that cannot be disrupted
Today at 7:47 am by Rocky
» Zebari regarding targeting the Kormor field: a systematic attack on the economy of Kurdistan
Today at 7:46 am by Rocky
» Saudi Arabia tops, and this is Iraq's rank... a list of major suppliers of crude oil to South Korea
Today at 7:45 am by Rocky
» With a value of 125 million dollars.. Iraq is at the forefront of countries importing Iranian textil
Today at 7:44 am by Rocky
» More than a billion dollars in sales from the Iraqi Central Bank within a week
Today at 7:43 am by Rocky
» Al-Sudani stresses the need for the expertise of the International Labor Organization to legislate a
Today at 7:29 am by Rocky
» Including the return of 21 wanted persons.. The Iraq Money Recovery Fund counts its achievements in
Today at 7:27 am by Rocky
» The path to development is the criterion between true patriotism and political clowning.
Today at 7:25 am by Rocky
» The file of the Presidency of Parliament is on the state administration table... this evening
Today at 7:22 am by Rocky
» Director General of the International Labor Organization: Many challenges in the world of work and t
Today at 7:20 am by Rocky
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
Today at 7:11 am by Rocky
» Prime Minister: Our government has provided great support for the success of the activities, program
Today at 7:08 am by Rocky
» Al-Asadi: Iraq places the social protection file among its priorities
Today at 7:07 am by Rocky
» Al-Sudani: Iraq is one of the first countries in the region to join the International Labor Organiza
Today at 7:05 am by Rocky
» In the presence of Al-Sudani and Barzani, the State Administration Coalition holds an “important” me
Today at 7:03 am by Rocky
» Appreciating the presence of Al-Sudani... Director General of the Arab Labor Organization: Here from
Today at 5:29 am by Rocky
» Prime Minister: Our government has provided great support for the success of the activities, program
Today at 5:28 am by Rocky
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
Today at 5:24 am by Rocky
» The Parliamentary Development Institute organizes a workshop on the political role of the representa
Today at 5:22 am by Rocky
» With Arab and international participation. Tomorrow will be the start of the Fourth Baghdad Internat
Today at 5:21 am by Rocky
» OPEC Secretary General: The end of oil is not on the horizon
Today at 5:19 am by Rocky
» Closing a number of unlicensed offices and companies south of Baghdad
Today at 5:16 am by Rocky
» Repercussions of the bombing...intensive government movements to resume work in the “Kormor” field
Today at 5:15 am by Rocky
» In the presence of Al-Sudani...the opening of the Arab Labor Conference in its 50th session in Baghd
Today at 5:14 am by Rocky
» Al-Sudani: We are working on drawing future visions regarding the “green and digital” economic secto
Today at 5:13 am by Rocky
» Barzani after the Kormor attack: We are ready to coordinate with Baghdad to put an end to these atta
Today at 5:10 am by Rocky
» Al-Sudani directs the formation of an investigative committee into the circumstances of the Kormo fi
Today at 5:08 am by Rocky
» Bismayah is confused about the new electronic portal.. What about the landlord and the subcontracts?
Today at 5:07 am by Rocky
» Kurdistan Government: Loss of 2,500 megawatts of electricity due to targeting the Kormor field
Today at 5:06 am by Rocky
» Crisis in Kurdistan: 12-hour daily power outage and complaints of “confusion”
Today at 5:05 am by Rocky
» The Supreme Anti-Corruption Commission demands Nineveh for the contracts concluded by “Najm Al-Jubou
Today at 5:04 am by Rocky
» Al-Khanjar, Al-Samarrai, and Abu Mazen are hosted by Shaalan Al-Karim to discuss accelerating the se
Today at 5:03 am by Rocky
» Iraq asks the countries of the world to respond to its requests to extradite wanted persons: We have
Today at 5:02 am by Rocky
» “It is coming soon.” The Sudanese advisor sets the date for the referral of the Baghdad metro and th
Today at 5:01 am by Rocky
» Al-Mubarqa: Iraq reserves its full right to respond to the Australian behavior
Today at 5:00 am by Rocky
» Dollar exchange rates on Iraqi stock exchanges... recorded a decline, and this is the list
Today at 4:58 am by Rocky
» Mr. Al-Sadr supports the position of American university students
Today at 4:56 am by Rocky
» Iraqis are ranked 7th in the Arab world on the list of those most seeking immigration to America. He
Today at 4:55 am by Rocky
» Soon.. 3 new hospitals will open in Baghdad
Today at 4:52 am by Rocky
» Sponsored by Al-Sudani...the opening of the Arab Labor Conference in its fiftieth session in Baghdad
Today at 4:51 am by Rocky
» Al-Shammari chairs a meeting at the controlling headquarters to review the results of the security o
Today at 4:49 am by Rocky
» Arab Labor Organization: We commend Iraq's interest in the Arab Labor Conference
Today at 4:48 am by Rocky
» Al-Sudani: The development road project will provide many job opportunities
Today at 4:47 am by Rocky
» Sudanese advisor criticizes Kuwaiti analyzes regarding the development road project
Yesterday at 2:21 pm by Rocky
» Al-Mandalawi stresses the need to strengthen economic and trade cooperation between Iraq and Poland
Yesterday at 2:04 pm by Rocky
» Power maneuvers: America provides defensive weapons to Kurdistan in exchange for withholding from Ba
Yesterday at 10:26 am by Rocky
» Kuwait is drilling an oil well near Umm Qasr, towards Iraqi territory
Yesterday at 10:24 am by Rocky
» In the document... the first Iraqi ministry identifies the obstacles to changing the new official wo
Yesterday at 10:22 am by Rocky
» Italian Institute: Iraq is stuck in its own crises, including Baghdad’s efforts to undermine the “au
Yesterday at 10:21 am by Rocky
» The head of the Integrity Commission announces the holding of an international Interpol conference i
Yesterday at 10:18 am by Rocky
» Planning: Iraqi companies are not efficient in conducting the population census
Yesterday at 10:14 am by Rocky
» MM&C 4/25/24 National Bank of Iraq goes live with Temenos core banking and payments
Yesterday at 8:06 am by Rocky
» A banking official indicates a "danger" to Iraq by depriving more than half of its banks of dollars
Yesterday at 7:55 am by Rocky
» With the participation of the Association of Private Banks, investment opportunities are on the tabl
Yesterday at 7:45 am by Rocky
» Within a month... an Iranian border crossing recorded a noticeable increase in exports of goods to I
Yesterday at 7:44 am by Rocky
» The Association of Private Banks appreciates the efforts of the government and the Central Bank to c
Yesterday at 7:43 am by Rocky
» Al-Maliki's coalition presents a third candidate for the position of governor of Diyala
Yesterday at 6:57 am by Rocky
» Arab gathering: The Kirkuk problem is getting complicated and the Sudanese must intervene
Yesterday at 6:56 am by Rocky
» Next week.. a Kurdish delegation will visit Baghdad to meet with the Minister of Finance
Yesterday at 6:54 am by Rocky
» Under the pretext of salaries... Al-Party refrains from handing over port revenues to Baghdad
Yesterday at 6:53 am by Rocky
» Association of Banks: For the first time, we are witnessing a clear targeting of depriving half of t
Yesterday at 6:51 am by Rocky
» Parliament does not know the reason for the delay in sending the 2024 budget schedules: Voting takes
Yesterday at 6:49 am by Rocky
» Applicants for the 2024 Hajj are demanding that the Central Bank secure the dollar for them through
Yesterday at 5:09 am by Rocky
» Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week
Yesterday at 5:08 am by Rocky
» Iraq's oil exports rise despite OPEC+ cuts
Yesterday at 5:06 am by Rocky
» A study explodes a "surprise"... Iraq is among the countries that export oil to "Israel": How is the
Yesterday at 5:04 am by Rocky
» Al-Araji emphasizes working to strengthen national identity
Yesterday at 5:02 am by Rocky
» Al-Sudani visits Saudi Arabia to participate in the World Economic Forum in Riyadh
Yesterday at 5:01 am by Rocky