ATA Carnet
The Kingdom of Bahrain opens for business with implementation of ATA Carnets – passports for goods
The Kingdom of Bahrain has become the 74th country to effectively implement the ATA Carnet system that allows for the temporary duty and tax-free export or import goods for up to one year.
Following the United Arab Emirates in 2011, the Kingdom of Bahrain is the second GCC Member State to join the ATA Carnet Chain and will begin operating on 1st June 2014.
“With the implementation of the ATA Carnet System in Bahrain, the national economy will benefit from simplified customs procedures,” said Eng. Nabeel A.Rahman Al-Mahmood, Acting CEO of the Bahrain Chamber of Commerce and Industry.
ATA Carnets remove the need for exporters to provide Customs authorities with the otherwise necessary guarantees required for goods to cross borders. Operating like passports for goods, over 175,000 ATA Carnets covering hundreds of thousands of Customs transactions are issued worldwide every year for goods valued at US$ 25 billion. From computers to prehistoric relics, Carnets cover all kinds of goods including commercial samples, professional equipment, goods for fairs and exhibitions.
“Facilitating the movement of goods across borders is essential to keeping the global economy on the path to recovery. We can anticipate that Bahrain’s implementation of the system will lead the way to more countries in the region, notably Saudi Arabia and Qatar, joining in the near future,” said ICC WCF ATA Carnet Manager.
The ATA carnet system, administered by the ICC World Chambers Federation (WCF) and the Brussels-based World Customs Organization (WCO), facilitates international trade and provides companies with a cost effective tool to reach new markets for their products. The chain comprises chambers and business organizations that have been appointed by their national Customs authority to issue and guarantee Carnets.
Get professional advice and obtain a Carnet in your country by visiting Passport For Goods
