The Federation of Saudi Chambers (FSC) has announced a significant milestone for Saudi Arabia's international trade landscape. By joining the World ATA Carnet Council (WATAC), the Kingdom is set to introduce the ATA Carnet temporary entry system for goods starting in June. This move not only aligns with global customs standards but also positions Saudi Arabia as the 80th country worldwide to adopt this streamlined approach to trade.
What is the ATA Carnet, often dubbed as the "Merchandise Passport" or "Passport for Goods"? It's an international customs document designed to facilitate the temporary entry of goods on a duty-free and tax-free basis, whether they are shipped or hand-carried. Established under the International ATA Conventions and governed by the World Customs Organization and the International Chamber of Commerce's World Chambers Federation, the ATA Carnet aims to promote global trade while alleviating the barriers imposed by varying national customs regulations.
Under this system, businesses can import goods for up to one year without the obligation to pay duties, taxes, or undergo extensive customs procedures, provided they are re-exported within the specified timeframe. This flexibility covers a diverse range of goods, offering convenience and cost-saving benefits for traders.
Saudi Arabia's decision to embrace the ATA Carnet aligns seamlessly with the goals outlined in the Saudi Vision 2030. By enhancing its international standing across economic, sports, cultural, and tourism domains, the Kingdom aims to foster an appealing investment climate and position itself as a premier destination for global events. This move not only bolsters readiness for upcoming international spectacles such as Expo 2030, the 2034 FIFA World Cup, and the Dakar Rally but also promises to catalyze trade activities and stimulate growth across various economic sectors.
Administered by the Federation of Saudi Chambers, the implementation of the temporary entry system for goods adheres to the International Istanbul Convention on Temporary Admission. The FSC will issue ATA Carnet documents, granting beneficiaries the privilege of importing goods without the encumbrance of standard customs procedures or fiscal obligations.
Numerous sectors within the Kingdom stand to benefit from this initiative, with entertainment, arts, and exhibitions poised to experience significant advantages. By enabling the duty-free importation of goods, products, commercial samples, and professional equipment, the temporary entry system promises to invigorate seasonal events and exhibitions while alleviating operational burdens and costs for related industries.
