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Saudi Arabia Calls for Mechanism to Guarantee Commitment to Inter-Arab Trade Deals

Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)
Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)
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Saudi Arabia Calls for Mechanism to Guarantee Commitment to Inter-Arab Trade Deals

Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)
Saudi Minister of Finance Mohammed al-Jadaan. (Reuters)

Saudi Minister of Finance Mohammed al-Jadaan said that intra-Arab trade suffered from some tariff and non-tariff barriers, pointing to signs of non-compliance by some countries in the implementation of exemptions on exchanged goods, while other countries adopted protectionist trade policies.
 
Addressing the meeting of Arab Ministers of Economy and Social Affairs on Thursday in preparation for the 29th Arab Summit scheduled for April 15, Jadaan called for finding the proper mechanism to ensure the commitment of member states to the agreed measures.
 
On a different note, the Saudi minister underlined the importance of the Arab Document for the Protection and the Development of the Environment, which calls for protecting the environment from negative influences, mainly the harming effects of industrial progress.
 
Jadaan presented the achievements of the Economic and Social Council over the last fifty years, noting that the Council has forged several agreements in the economic and social fields and worked on the implementation of the convention to facilitate the development of trade between Arab countries through the adoption of an executive program and the establishment of the Greater Arab Free Trade Area.
 
Ahmed Aboul Gheit, Secretary-General of the Arab League, stressed the need to promote Arab economic integration and joint Arab action in the economic and social fields.
 
In his address to the meeting, Aboul Gheit noted that crises that have plagued the Arab region since 2011 did not only affect a particular country, but had dangerous consequences on the entire region, with regards to the high cost of protecting borders and safeguarding domestic security from the dangers of terrorism on one hand, and the heavy influx of refugees, which has inflicted serious economic and social burdens on host countries on the other hand.
 
Aboul Gheit emphasized that in light of the current situation, Arab countries are required to engage in two parallel battles, with the same degree of determination; the battle to eliminate terrorism from Arab territories and the quest for economic and social development and modernization.

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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.