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Spain Seeks to Increase Trade Exchange, Expand Cooperation with Saudi Arabia

Spanish Ambassador to Saudi Arabia Jorge Hevia Sierra (Asharq Al-Awsat)
Spanish Ambassador to Saudi Arabia Jorge Hevia Sierra (Asharq Al-Awsat)
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Spain Seeks to Increase Trade Exchange, Expand Cooperation with Saudi Arabia

Spanish Ambassador to Saudi Arabia Jorge Hevia Sierra (Asharq Al-Awsat)
Spanish Ambassador to Saudi Arabia Jorge Hevia Sierra (Asharq Al-Awsat)

Madrid has unveiled efforts to raise the level of trade and economic exchange with Riyadh, by developing a new action plan with the Saudi-Spanish Business Council.

Spanish Ambassador to Saudi Arabia Jorge Hevia Sierra told Asharq Al-Awsat that preparations were underway for the fourth meeting of the Joint Economic Cooperation Committee, which is scheduled to be held in Riyadh in 2024.

“Economic and trade relations are of particular importance to us. In 2021, Spanish exports to Saudi Arabia reached nearly $3 billion, while the value of Spanish imports from Saudi Arabia amounted to $5.1 billion,” the ambassador said, noting that Spanish imports were mainly related to oil.

He added: “We must try to increase exchange in other areas. This is something we are working on with our Saudi counterparts. At the same time, we are deploying serious efforts through the Spanish-Saudi Business Council and its new board of directors - an institution in which we have high aspirations.”

Sierra went on to say that the energy field was one of the main areas of bilateral cooperation, pointing to ongoing communication between the Saudi Minister of Energy, Prince Abdulaziz bin Salman, and Spanish Vice President and Minister of Environmental Transformation Teresa Ribera.

Regarding the volume of joint investments, the Spanish diplomat revealed that exports of Spanish goods increased by 55 percent in 2022, compared to the previous year, while imports increased by 72 percent.

According to the 2022 data, Spain remains the fifth largest EU exporter to Saudi Arabia, after Germany, the Netherlands, Italy, and France, and the fifth EU importer, after Italy, the Netherlands, France, and Poland, the ambassador said.

He pointed out that the balance of Spanish investments in Saudi Arabia reached 483 million euros as of December 31, 2020, according to the latest data issued by the Spanish Investment Register in March 2023.

Citing the same source, Sierra said that the balance of Saudi investments in Spain amounted to 917 million euros until December 2020, that is, 15 percent higher than the figures reported in 2019.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.