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QNB confirmed that the beginning of 2025 was accompanied by cautiously positive expectations for global trade growth, supported by relative stability in the world economy. However, new shifts in US trade policy have significantly affected the global economic landscape. The bank's weekly report noted that the decision of the United States on Apr. 2 to impose broad tariffs including duties of no less than 10 percent on imports and higher rates on selected countries has led to rising concerns about supply chain disruptions, increased uncertainty, and the potential escalation of trade disputes. The report stated that, as a result, the World Trade Organization (WTO) has forecast a contraction in global trade volumes for the current year, an occurrence that is rare and typically seen only in exceptional circumstances such as the 2009 global financial crisis and the 2020 COVID-19 pandemic. The report explained that economic indicators since April 2025 have shown notable resilience in the global economy despite existing challenges. It projected that global trade growth in 2025 will be modest compared to previous periods, but will remain far beyond the most pessimistic scenarios. This outlook is supported by three main factors. The first factor highlighted in the report is that leading indicators, particularly from highly integrated Asian economies such as Japan, South Korea, Singapore, Taiwan, and Vietnam, reflect strong export activity, signaling a recovery in global trade. These markets recorded an average annual growth rate of 6 percent in 2024, with the rate accelerating to 12 percent in the last four months of the year despite trade tensions. The report also pointed to Chinese export growth of 6 percent during the same period, reflecting sustained global demand. In this context, the report stated that investor expectations regarding the earnings of transportation-sector companies serve as an important indicator of future global trade trends. The Dow Jones Transportation Average in the United States, which includes companies involved in air, land, and sea transport as well as rail and delivery services, reached its lowest annual growth level in mid-2024 before rebounding into positive territory, signaling a possible expansion of trade.This improvement reflects a decline in pessimism even amid continued trade shocks. The gap between strong Asian export growth and the more cautious profit expectations of transport companies was attributed to the increase in early shipments to the US market in anticipation of further tariff threats. The second factor concerns a significant decrease in the likelihood of large-scale global trade wars despite the rise of US protectionist policies. The report explained that the conclusion of US negotiations with key trading partners, including the United Kingdom, Japan, and the European Union, has clearly reduced uncertainty and lowered the probability of expanding tariff measures. At the same time, most global economies are moving toward greater trade integration through multilateral agreements, which reduces the negative impact of protectionist policies and strengthens the stability of the global trading system. The third factor relates to monetary policy. The report considered that waves of monetary easing adopted by major central banks are expected to provide additional support for global trade growth in the coming period. It noted that the US Federal Reserve is expected to cut its benchmark interest rate by 125 basis points next year, bringing it down to 3.25 percent by the end of 2026, in an effort to reduce borrowing costs and stimulate economic activity. Similarly, the European Central Bank has lowered its key rate by 200 basis points since mid-2024 to settle at 2 percent.The report emphasized that interest rates are a decisive factor in supporting investment and boosting consumer spending, which are two key pillars of global trade, particularly given that the United States and the euro area together account for about 40 percent of global GDP. The bank concluded its report by affirming that the outlook for 2025 indicates a tangible improvement in the prospects for global trade compared to the more pessimistic scenarios that followed Washington's announcement of broad tariffs. It pointed out that a combination of positive economic indicators, accommodative monetary policies, and the signing of new trade agreements is helping to limit the repercussions of geopolitical and economic tensions and to support the stability of the global trading system in the upcoming period.

His Excellency Minister of State at the Ministry of Foreign Affairs, Dr. Mohammed bin Abdulaziz bin Saleh Al Khulaifi, met separately with the Foreign Minister of Colombia, Rosa Yolanda Mapy, Minister of Foreign Affairs, African Integration and Chadians Abroad of the Republic of Chad Abdoulaye Sabre Fadoul, Minister of Foreign Affairs and International Trade of Zimbabwe Prof. dr. Amon Murwira, Acting Assistant Secretary of State for Western Hemisphere Affairs of the US, Michael Kozak, EU Special Representative for the Middle East Peace Process Christophe Bigot, and Member of the House of Lords in the United Kingdom, Lord Tariq Ahmad, on the sidelines of the 80th session of the United Nations General Assembly. The discussions focused on cooperation relations, ways to support and enhance them, and issues of mutual interest.

The Shura Council participated in the parliamentary session as part of the World Trade Organization's (WTO) Public Forum titled 'Promoting Multilateralism Through Digital Trade: What Role for Parliaments' organized by the Inter-Parliamentary Union in collaboration with the European Parliament, the session brought together parliamentarians and legislators from around the world, as well as representatives from the digital industry.HE member of the Shura Council Issa bin Ahmed al-Nasr represented the Council at this two-day event, which concluded at the WTO headquarters in Geneva. The parliamentary session discussed the contributions of parliamentarians and their role in formulating digital technology policies that promote inclusive growth and global cooperation, as well as modernizing trade governance.The session also highlighted the responsibilities of parliaments in designing legislation that supports cross-border digital trade, ensures equitable access for all, and reinforces the multilateral framework in an economy that increasingly utilizes digital technology.

The Qatar Chamber held a meeting on Thursday with the non-resident Ambassador of the Republic of Latvia to the State of Qatar Dana Goldfinca. The meeting discussed ways to enhance trade and economic relations between the two countries, explored potential areas of cooperation between the Qatari and Latvian private sectors, and highlighted key investment opportunities for Qatari business persons in Latvia.Speaking at the meeting, QC Board Member Abdulrahman bin Abduljalil Al Abdulghani stressed that the current volume of trade between Qatar and Latvia remains very modest, underlining the importance of strengthening cooperation between the private sectors of both countries to expand trade exchange and mutual investments.For her part, Ambassador Dana Goldfinca expressed Latvia's keenness to deepen economic and trade cooperation with Qatar, pointing to promising sectors for Qatari investments such as information and communications technology, food security, tourism, renewable energy, healthcare, and logistics.She further noted that Latvia offers attractive investment opportunities through its eight free zones, which provide various incentives and facilities for foreign investors. She also emphasised her country's openness to Qatari investments across all sectors.The Ambassador further highlighted the importance of enhancing cooperation between the Qatar Chamber and the Latvian Chamber of Commerce and Industry to facilitate communication and foster stronger ties between the business communities of both countries.

The Shura Council participated in the parliamentary session as part of the World Trade Organization's (WTO) Public Forum titled "Promoting Multilateralism Through Digital Trade: What Role for Parliaments" Organized by the Inter-Parliamentary Union in collaboration with the European Parliament, the session brought together parliamentarians and legislators from around the world, as well as representatives from the digital industry. His Excellency member of the Shura Council Issa bin Ahmed Al Nasr represented the Council at this two-day event, which concluded today at the WTO headquarters in Geneva. The parliamentary session discussed the contributions of parliamentarians and their role in formulating digital technology policies that promote inclusive growth and global cooperation, as well as modernizing trade governance. The session also highlighted the responsibilities of parliaments in designing legislation that supports cross-border digital trade, ensures equitable access for all, and reinforces the multilateral framework in an economy that increasingly utilizes digital technology.

Oil prices held steady in early trade on Tuesday after rising in the previous session, as market participants contemplated potential supply disruption from Russia. Brent Crude futures edged up 4 cents to $67.48 a barrel, while US West Texas Intermediate crude was at $63.32, up 2 cents. On Monday, Brent settled up 45 cents at $67.44 while WTI settled 61 cents higher at $63.30.

As many as seven companies from Qatar will participate in the upcoming Malaysia International Halal Showcase (MIHAS) 2025, scheduled from September 17 to 20 at the Malaysia International Trade & Exhibition Centre (MITEC) in Kuala Lumpur.The Malaysia External Trade Development Corporation (MATRADE) office in Qatar disclosed to Gulf Times that the participating companies from Doha are Lari Group, Qatar National Import & Export (QNIE), Al Majid Jawad Distribution & Marketing, Magic Touch, Tanit Group, IBRIDGE Trading, and Morex Group.Following previous business meetings between Malaysian companies under MATRADE and their Qatari counterparts under the Qatar Chamber, “MATRADE has observed that all Qatari companies feel comfortable and secure when engaging with Malaysian companies certified as halal” by the Jabatan Kemajuan Islam Malaysia (JAKIM) or the Department of Islamic Development Malaysia.MATRADE also informed this paper that it is targeting Qatar “as one of the top prominent markets” in the region to increase awareness about JAKIM’s “vital role in promoting the importance of halal products in daily healthy life.”“MATRADE is also expanding a wide range of business opportunities to halal-concerned Malaysian corporations and organisations, especially to a highly respected entity like Qatar Chamber,” it stated.According to MATRADE, JAKIM, which is “recognised by the Food Safety Department” under the Ministry of Public Health, “stands as one of the world’s most influential and respected authorities in Islamic affairs, particularly in the domain of halal certification and standardisation.“Established under the Prime Minister’s Department, JAKIM plays a pivotal role in safeguarding the integrity of Islamic principles in Malaysia while shaping the global halal landscape with its internationally recognised standards.”Last week, MATRADE Qatar hosted a webinar titled ‘The Importance of Halal Products in our Lives’. The session aimed to provide Malaysian companies with insights into the Qatari market – recognised as a key target for halal products – highlighting the growing awareness and positive reception of halal-certified goods among the Qatari population.The webinar was organised by Rami el-Sayegh, senior marketing manager at MATRADE Qatar, and moderated by Shafiq Nasarudin, assistant trade commissioner at MATRADE Dubai. During the webinar, Jaffar Waqqas, category supervisor at QNIE, outlined the requirements and procedures for exporting food products to the Qatari market and emphasised the importance of halal certifications within the Qatari community.“The 21st edition of MIHAS will be a four-day trade showcase held in Kuala Lumpur, Malaysia, alongside the MIHAS Virtual platform,” according to its website, which added that the event “is poised to attract one of the highest participations ever.”During a briefing session with foreign missions and industry players held last month in Kuala Lumpur, MATRADE emphasised that “MIHAS 2025 is gaining remarkable traction, with projections pointing to more than 2,300 booths from 45 countries, an impressive leap beyond the 2,028 booths featured in the last edition.”MIHAS 2025, under the theme ‘Pinnacle of Halal Excellence’, will highlight innovation, sustainability, and digitalisation as key drivers of growth.”“Its enhanced Knowledge Hub will advance knowledge exchange, halal investment, and policy alignment, whereas their targeted International Sourcing Programme (INSP) will empower Malaysian exporters with access to curated international buyers, powered by the MADANI Digital Trade (MDT) Platform for real-time matching and analytics, ensuring greater efficiency and resilience in business matching,” MATRADE added.Ends

In an interview with Gulf Times in Doha, Benjamin Arif Dousa, Minister for International Development Cooperation and Foreign Trade of Sweden underlined the “clear prospects for even closer collaboration” between the two countries, particularly in implementing the memoranda of understanding (MoUs) signed during the visit of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani to Sweden last year.“We already have several MoUs in place—now the focus is on operationalising them,” Dousa said.“I would urge Qatari companies to invest in Sweden, as my country is among the world’s top-ranked in technology and innovation. We have a much diversified industrial profile and base compared to our neighbouring countries in the Nordic region. In Sweden, we have global leaders in fields such as artificial intelligence, financial technology, life sciences, quantum computing and manufacturing of course.”Dousa noted that the bilateral trade between Sweden and Qatar stood at $800mn in 2024. While, the bilateral trade has been increasing, the minister noted, “there are prospects to enhance it further”.“We see lots of opportunities on both sides,” Dousa said.Sweden mostly imports oil and oil-related products from Qatar. Swedish exports to Qatar include iron ore, telecommunications equipment and machinery.“It may be interesting to note that nearly 25% of the steel used in Qatar’s construction industry originates from Sweden’s northern iron ore deposits. We have been part of Qatar’s industrial journey for a long time,” Dousa observed.He said many Swedish companies are active in Qatar and have been in the country for many decades. They look to serve Qatar for many more decades to come.Qatar and Sweden have recently entered into an agreement to establish a joint business council (JBC), which aims to strengthen collaboration between the private sectors, open new channels for investment and partnership, and contribute to building a more sustainable future.Highlighting Sweden’s strength and expertise in green technology and sustainable practices, Dousa said, “We want to be very much part of Qatar’s transition to a greener future. From logistics to production and manufacturing, we are producing everything from electric buses to large gas turbines in Sweden.”He also highlighted the alignment between Sweden’s vision and Qatar National Vision 2030, which provides diverse opportunities for cooperation, trade development, and addressing shared challenges.Dousa also pointed to “untapped potential” in linking small and medium-sized enterprises (SMEs) in both countries.“While large companies in Sweden and Qatar know each other well, the SME sector remains relatively unfamiliar in both directions,” he said.On Sweden’s capital markets, Dousa stressed that the country offers one of the most dynamic ecosystems in the European Union. Sweden probably has the European Union’s “most well-functioning capital structure and capital markets.”“After Silicon Valley, Stockholm, our capital, produces the highest number of ‘unicorns per capita’ than any other global city. If you look at IPOs for the last 10 years, we have had more initial public offerings in Sweden than in Germany, France, Spain and The Netherlands combined.“Although we are not the largest country in Europe, we have the most listed companies in all of Europe. Prospects for collaboration exist even more in this area,”Dousa, who led a large delegation of Swedish companies to Qatar, said firms in his country explored new avenues of trade and investment cooperation with their counterparts in Qatar.He noted Sweden “is a vibrant country” when it comes to entrepreneurship and growth.“We have quite a few Fintech companies – including the large ones like Klarna, who just had a high-profile IPO on NYSE, to smaller ones and in very specific technologies.”Dousa stressed the need for enhanced collaboration and cooperation between Sweden and Qatar, which are trade-dependent countries.“At a time when some countries are pivoting away from the WTO system, I think it is absolutely super important that we collaborate even more. We have to support the WTO. We have to trade more with each other. Actually, one of the reasons for my trip to Doha is to seek a free trade agreement with Qatar together with the EU.”Asked whether an FTA between Qatar and the EU would become a reality soon, he said, “I hope so. We have been in talks for many years now. When the United States is raising tariffs, we have to find new partners. We have to trade more with each other. An FTA will give a boost to overall trade. Especially, the SME sector in our countries will stand to benefit from a free trade agreement.”The Swedish Minister also supported more direct flights and enhanced connectivity between Sweden and Qatar.“Of course, it is people-to-people exchanges than can also lead to more business. Yes, we will love to see that.”Dousa said he will be leaving Doha “very satisfied”.“My visit to Qatar has been very successful. This is a country, which is open and frank...open to the world...trade dependent just like Sweden. Between Qatar and Sweden, we share many similarities, and I am confident our already excellent bilateral relationship will continue to grow,” Dousa added.

Legal PerspectiveCommercial banks play a pivotal role in most trade finance transactions. Herein, the banks can take different roles, such as the issuing bank, the confirming bank, the nominating bank, the advising bank or otherwise depending on the intention and interest of the bank in serving their different clients.I believe that the role of each of the above-mentioned banks is important and highly needed for such transactions. However, the role of the confirming bank could be more important and very essential to complete the smooth process of trade finance transactions.Therefore, we need to know more about confirming banks. Under the UCP 600, a confirming bank is a bank that adds its confirmation to a letter of credit (LC) at the initial request or authorisation of the issuing bank, undertaking obligations similar to the issuing bank's own. In other plain words, it is a kind of a “confirmer” that agrees to perform the principal duties of the issuing bank.This banking activity adds an extra layer of security for the exporter (beneficiary), ensuring the payment even if the issuing bank defaults. Moreover, the key responsibilities of a confirming bank include examining documents for compliance and ensuring payment or negotiation if the presentation is complying.According to the UCP (Uniform Customs and practices for Documentary Credits) 600, explain the meaning of “Confirming Bank”. Sub-article 37 (c) of UCP 600 states: “A bank instructing another bank to perform services is liable for any commissions, fees, costs or expenses (‘charges’) incurred by the bank in connection with its instructions”.Based on this and according to sub-article 8 (b) of UCP 600, the obligation of a confirming bank begins only when it adds its confirmation to the credit: “A confirming bank is irrevocably bound to honour or negotiate as of the time it adds its confirmation to the credit”.In trade finance transactions, the issuing bank is in fact open to confirmation being added, but not mandating it. The confirming bank can add its confirmation, however, it still retains the right to decline the confirmation, as stated in sub-article 8 (d) of the UCP 600. As a rule, if a bank authorised or requested by the issuing bank to confirm a credit, is not prepared to do so, it must inform the issuing bank without delay and may advise the credit without confirmation. All this is optional for the confirming bank as they deem appropriate and acceptable for them.Many people ask if the issuing bank can also take the role of a confirming bank. Generally, the answer is yes. An issuing bank can also act as the confirming bank, although typically these are separate entities. Normally, the issuing bank issues the LC, while the confirming bank adds its own guarantee of payment, which provides greater security to the beneficiary. However, in situations where the issuing bank is also the one performing the confirmation, it's acting in both capacities within the same transaction.Even though, the role of the confirming bank is very clear, however, there are many cases in Courts between the issuing banks and the confirming banks and or clients. It is important to be more vigilant and careful in such transaction as they may cause unnecessary troubles and legal obligations.Dr AbdelGadir Warsama Ghalib is a corporate legal counsel. E-mail: [email protected]

HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi met in Doha today Benjamin Arif Dousa, Minister for International Development Cooperation and Foreign Trade of Sweden. Discussions during the meeting dealt with energy relations and cooperation between Qatar and Sweden and means to enhance them.

Qatar and Oman Wednesday called for efforts to activate the business council and develop a joint executive action plan to boost trade as Muscat outlines 78 investment opportunities for Qatari investors in variegated fields.Oman showcased investment opportunities in fisheries, food and pharmaceutical industries, manufacturing, technology, minerals, renewable energy, tourism, and agriculture at a meeting hosted by Qatar Chamber (QC) with Qais bin Mohammed al-Yousef, Minister of Commerce, Industry, and Investment Promotion of Oman, and his accompanying delegation.Sheikh Khalifa bin Jassim al-Thani, Qatar Chamber chairman, who received the delegation, said the bilteral economic relations have witnessed remarkable development in recent years, as the volume of trade exchange between Qatar and Oman reached about QR6.2bn in 2024, recording a growth of 17% on an annualised basis.Apart from exploring the possibility of organising an annual Qatari-Omani trade exhibition, the meeting "underlined the need to activate the Qatari-Omani business council and to develop a joint executive action plan aimed at boosting trade exchange and expanding areas of cooperation."Highlighting the promising and diverse opportunities in both countries, Sheikh Khalifa said they provide a solid foundation for enhancing cooperation and implementing joint projects of added value.He called on business owners in both countries to explore the investment opportunities available in both sides.The Omani minister said the Qatari-Omani business forum, held on the sidelines of the visit of His Highness the Amir Sheikh Tamim bin Hamad al-Thani to Oman, had a significant impact on strengthening relations between the business communities of the two countries and paved the way for further cooperation between companies on both sides.He said that the Gulf Cooperation Council (GCC) countries are in the process of entering into several free trade agreements with a number of countries, which will create greater opportunities for cooperation between Qatari and Omani investors to access foreign markets.The Omani delegation highlighted that the 22 free economic and industrial zones provide investment opportunities in logistics, food industries, tourism, mining, education, innovation, technology, health, and additional sectors.Rashid bin Hamad al-Athba, second vice-chairman of the Qatar Chamber, said Qatari businessmen enjoy strong ties with their Omani counterparts and highlighted the shared desire to further enhance this cooperation, with the aim of contributing to stimulating mutual and joint investments and strengthening trade exchange between the two countries.

Despite the challenges posed by higher US tariff rates, the global economy will remain largely resilient against the uncertainty and the disruptions in global trade flows, according to QNB.At the beginning of the year, the global outlook pointed to steady economic growth, against a backdrop of cautious optimism. Tailwinds included the policy rate cutting cycles by major central banks, resilient growth of the US economy, cyclical recoveries in China and the Euro Area, and constructive overall investor sentiment, QNB noted in an economic commentary.Growth in both Advanced Economies (AE) and Developing Economies (DE) was initially expected to remain unchanged compared to last year, adding up to a world economic expansion rate of 3.3%.But the optimistic tone began to shift as the new US administration embarked on an aggressive agenda of policy change, with sweeping implications for the global macroeconomic landscape.On April 2, a day that came to be known as “Liberation Day,” President Trump announced sweeping tariffs, including a 10% baseline levy on all imports, and higher rates on selected countries.Financial markets reacted sharply to the announcements, with global stocks tumbling on fears of broader and deeper trade wars, as well as tainted policy credibility.The outlook narrative then debated the odds of a world recession. At its worst moment, growth expectations for the global economy dropped from the recent peak by 0.5 percentage point (p.p.) to 2.8%, a significant downgrade in a very short period of time.Since then, asset prices have recovered, with key indices reaching new highs, as the more negative trade-war scenarios were ruled out, AI-driven growth tailwinds regained the spotlight, and corporate profits remained robust.According to QNB, growth expectations have stabilised and even slightly recovered. The group of AE, which represents 40% of the world economy, is now expected to grow 1.5% this year, from a low of 1.4%.More significantly, after falling 0.5 p.p. to 3.7%, expectations for growth in the Developing Economies (DE) climbed to 4.1%, re-gaining most of the previous losses.Thus, recovering growth projections across the AE and DE groups are contributing to improving the outlook for global economic growth, which is expected to reach 3%.In QNB’s view, despite the challenges posed by higher US tariff rates, the global economy will remain largely resilient against the uncertainty and the disruptions in global trade flows.QNB has discussed two key factors that support its view of an improving global economic outlook.First, the US administration has concluded a first set of negotiations, which helped moderate uncertainty and discard the most extreme negative scenarios. The initially unyielding position of President Trump shifted towards pragmatism as deals were reached with the UK, Japan, Indonesia, Vietnam, the Philippines, and the EU, among others, narrowing the range of potential tariff rates for the rest of the world. Furthermore, even as the US has become more protectionist, the rest of the world is largely continuing to move in the opposite direction.From the European Union (EU) to Asia and Latin America, most major economies continue to view trade as essential to their growth models, and are actively pursuing deeper integration via new or deeper trade agreements. Even as the world adjusts to a more protectionist US, the outlook on global trade has improved, contributing to a less pessimistic growth scenario.Second, monetary policy easing cycles by major central banks will contribute to improve overall financial conditions and the stability of the global economy. Bringing inflation under control has allowed the US Federal Reserve and the European Central Bank (ECB), the two most important central banks in the AE, to start their interest rate cutting cycles.In the US, the Federal Reserve is set to cut its policy interest rate by 125 basis points over the next year, while the ECB could implement one more cut, bringing its benchmark rate to 1.75%. Stock markets have staged a notable recovery backed by resilient corporate earnings, while corporate credit spreads are narrowing, signalling improved market sentiment and easier credit for firms.The Financial Conditions Index (FCI) provides an informative summary of the overall state of markets, and is signalling that improving conditions are reducing borrowing costs for households and business, adding support to consumption and investment.“All in all, the global outlook initially deteriorated sharply after the US tariff announcements, but pessimism has gradually subsided on the back of improving prospects for international trade and better financial conditions supporting consumption and investment, leading to a broad based upgrade of performance expected across the AE and the DE,” QNB added.