Qatar's Economy

Topics: International trade, Free trade, General Agreement on Tariffs and Trade Pages: 3 (917 words) Published: November 30, 2012
Business in Qatar

Should one do business in Qatar? Qatar is a small country in the Middle East. I've come to realize that Qatar, just like any other country has it's poor and plentiful sides. Qatar is a small country with immense expectations for future business with other countries. Let’s start by looking at Qatar’s political and economic standpoint. While Qatar is more of a conservative society than others, it has set out on a path towards economic modernization and political stability. Amir Hamad bin Khalifa Al Thani has been the chief of state since 1995 and has led Qatar to becoming more open to global markets. He is a strong advocate to having relations with the United States as well. In 2003 and 2004 the economy of Qatar was growing and expected to continue growing. According to Douglas Walter, author of Consider Qatar, stated that Qatar's economy is driven by revenues from natural gas and oil resources. Qatar has one of the largest oil reserves in the world, with as much oil to last as long as 200 years, that was said in 2005. I can only imagine how much oil it has now. Qatar is striving to make itself more attractive for investments and trade with other countries. With the importance of foreign trade on the economy of Qatar, export taxation is a primary source of funding public spending and development in Qatar. In 1994, Qatar succumbed to the General Agreement on Tariffs and Trade, which is now known as the World Trade Organization. They have built its trade and investment state so that they are following their obligations to the World Trade Organization by reducing tariffs, removing unnecessary restrictions and barriers to trade, and providing foreign investor more opportunities. The United States is still trying to get Qatar to become part of the Free Trade Agreement. It seems like doing business in Qatar, is easier than some countries. Some companies that do business with Qatar have reported that going through customs is not a hassle. Qatari...
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