عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Riyadh, Algiers to Enhance Economic Cooperation, Increase Trade

Saudi Arabia's -Qasabi meets the Algerian Minister of Trade and Export Promotion (SPA)
Saudi Arabia's -Qasabi meets the Algerian Minister of Trade and Export Promotion (SPA)
TT
TT

Riyadh, Algiers to Enhance Economic Cooperation, Increase Trade

Saudi Arabia's -Qasabi meets the Algerian Minister of Trade and Export Promotion (SPA)
Saudi Arabia's -Qasabi meets the Algerian Minister of Trade and Export Promotion (SPA)

Algerian Minister of Trade and Export Promotion Tayeb Zitouni said that his country and Saudi Arabia were seeking to accelerate mechanisms to enhance bilateral economic cooperation.

Zitouni - who is currently on an official visit to Riyadh at the invitation of his Saudi counterpart Dr. Majid Al-Qasabi - told Asharq Al-Awsat that Saudi-Algerian relations were now at their best on various levels, but suffered in the past due to lack of commercial and investment activity.

“The political leadership, under the direct guidance of President Abdelmadjid Tebboune, asked us to discuss the challenges and obstacles facing the launch of trade and investment between the two countries,” the Algerian minister said, adding that Algeria was witnessing a new renaissance that stimulates investments and development projects.

“We agreed to increase trade and investment in vital projects in the two countries, in addition to the adoption of many financing and legal measures,” he added.

Zitouni highlighted the signing of bilateral agreements between Saudi and Algerian businessmen, which he said herald a new era in the field of cooperation, investment and trade in the two countries.

Al-Qasabi met with Zitouni on Thursday at the headquarters of the General Authority for Foreign Trade, and stressed the importance of strengthening bilateral trade and investment relations and building partnerships with the private sector in, in addition to building strategic relations that serve the interests of the two countries.

The Saudi minister underlined the Kingdom’s keenness to enhance trade relations with Algeria through exchanging visits and holding commercial exhibitions that contribute to introducing opportunities and increasing Saudi exports.

He also pointed to the importance of facilitating the access of goods and services of to the two countries’ markets, by reducing customs restrictions that obstruct bilateral trade movement.

Most Viewed

 
 
Business

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)
TT
TT

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.