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Saudi Arabia to Implement Project that Improves Procedures for Customs Exemptions

The service enables exemption from customs duties, which raises the level of competitiveness of national products. (SPA)
The service enables exemption from customs duties, which raises the level of competitiveness of national products. (SPA)
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Saudi Arabia to Implement Project that Improves Procedures for Customs Exemptions

The service enables exemption from customs duties, which raises the level of competitiveness of national products. (SPA)
The service enables exemption from customs duties, which raises the level of competitiveness of national products. (SPA)

The Saudi government is currently working on a project to improve procedures for customs exemptions and empower the industrial sector by raising the level of competitiveness of national products.

According to information obtained by Asharq Al-Awsat, the Ministry of Industry and Mineral Resources informed all private sector establishments that it is preparing a project to improve customs exemption procedures.

In an effort to survey and collect the companies’ views, the ministry launched a service via the Senaei Platform to receive proposals on the list of customs items that have been restricted and exempted from duties related to industry inputs.

The ministry asked all establishments to submit their views regarding the lifting of restriction on the existing items, by filling out the survey via the Senaei platform, in order to be able to complete work on the project, with the aim to empower the private sector by raising the level of competitiveness of national products.

The Saudi government is working to achieve an industrial economy that attracts investment that contributes to promoting economic diversification and developing domestic product and non-oil exports, in line with the goals of Vision 2030.

In October 2022, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs Prince Mohammed bin Salman launched the National Strategy for Industry, which focuses on 12 sub-sectors to diversify the industrial economy in the Kingdom.

The strategy identified more than 800 investment opportunities worth one trillion riyals ($266.6 billion), constituting a new chapter of sustainable growth for the sector, which is expected to achieve ambitious economic returns by 2030.

The strategy includes increasing the industrial domestic product by about threefold, and the value of exports to reach SAR 557 billion ($148.5 billion).

The National Industrial Strategy also works to bring the total value of additional investments in the sector to SAR 1.3 trillion ($346.6 billion), and to increase exports of advanced technical products by about six times, in addition to creating tens of thousands of high-value, specific jobs.

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Britain Vows to Toughen Its Trade Defenses Under New Strategy

Shadow Secretary of State for Work and Pensions Jonathan Reynolds speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. (Reuters)
Shadow Secretary of State for Work and Pensions Jonathan Reynolds speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. (Reuters)
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Britain Vows to Toughen Its Trade Defenses Under New Strategy

Shadow Secretary of State for Work and Pensions Jonathan Reynolds speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. (Reuters)
Shadow Secretary of State for Work and Pensions Jonathan Reynolds speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. (Reuters)

Britain said it would toughen up its trade defenses to better protect industries amid a turbulent global outlook of trade wars and tariffs that has shaped its new trade strategy to be published on Thursday.

Britain is set to partially implement a deal to remove some of US President Donald Trump's tariffs, but acknowledged that its trade remedies system needed to be more "agile, assertive, and accountable to guard British businesses against global turbulence".

"The UK is an open trading nation, but we must reconcile this with a new geopolitical reality and work in our own national interest," Business and Trade Secretary Jonathan Reynolds said.

"Our trade strategy will sharpen our trade defense so we can ensure British businesses are protected from harm."

As part of the strategy, the government will reform the Trade Remedies Authority.

UK Steel has said that the TRA's current powers, under which it proposed to cap how much of certain kinds of steel could be imported, needed to be more robust, and welcomed the trade strategy as a "critical turning point".

Britain is aiming to remove US tariffs on steel imports under their agreement, although the implementation of the deal has not been finalized.

The government has stepped in to take control of British Steel, and other industries are also seeking support, with AB Foods extending its deadline for deciding the fate of its Vivergo bioethanol plant to Thursday in the hope of a support package.

The trade strategy is Britain's first since it has had an independent trade policy after leaving the European Union.

The previous Conservative government hailed the opportunities of Brexit as it pursued several free trade agreements.

While the Labor government, which came to power a year ago, has concluded free trade agreement talks with India and is making progress on another with the Gulf Cooperation Council, it said the new strategy would focus on quicker and more practical deals than the previous government did.