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Saudi Arabia, Egypt Agree to Cooperate to Promote Trade, Exports

Saudi Arabia, Egypt Agree to Cooperate to Promote Trade, Exports

Tuesday, 15 June, 2021 - 10:30
The Saudi Minister of Commerce with the Egyptian Minister of Trade and Industry during the signing of the minutes of the joint committee meeting. (SPA)

Egypt and Saudi Arabia agreed on Monday to develop and enhance joint cooperation in a wide range of productive and service sectors, especially trade, industry, investment and mineral wealth.

In this regard, Saudi Minister of Commerce Dr. Majid Al-Qasabi affirmed the Kingdom’s keenness to enhance cooperation with Egypt, in light of the well-established relations between the two countries.

During a meeting of the Saudi-Egyptian Joint Business Council, Al-Qasabi underlined the keenness of Saudi and Egyptian businessmen to strengthen relations and promote joint investments.

Egypt’s Minister of Trade and Industry Nivine Gamea said that the committee’s meetings reflected the close fraternal ties between the Kingdom and Egypt, and the importance of activating joint action to move bilateral cooperation forward.

On Monday, the two sides agreed to abide by the provisions of the Greater Arab Free Trade Area and the resolutions of the Economic and Social Council, to remove obstacles that hinder the development of trade exchange, and to maintain the existing coordination in international and regional forums, especially within the framework of the World Trade Organization (WTO), the Arab League and the Organization of Islamic Cooperation (OIC).

The two countries stressed the need for a draft memorandum of understanding between the Egyptian Industrial Development Authority and the Saudi Authority for Industrial Cities and Technology Zones and agreed on opening a branch of Banque Misr in Saudi Arabia.

Saudi Arabia and Egypt also agreed to cooperate and facilitate the export and trade exchange of fresh fruits and vegetables, in addition to activating the role of liaison officers from both sides, namely the Saudi Department of Livestock Risk Assessment and the Egyptian Central Department of Agricultural Quarantine for the exchange of information and legislation on import and export rules.

The two countries called for the importance of finalizing a memorandum of understanding in the field of water resources, irrigation and sewage treatment between the Ministry of Environment, Water and Agriculture in the Kingdom and the Egyptian Ministry of Water Resources and Irrigation.

Saudi Arabia and Egypt also decided, according to the minutes of the meeting, to hold technical talks between representatives of the Ministry of Manpower in Egypt and the Ministry of Human Resources and Social Development in the Kingdom to discuss issues of common interest, including training, skills development and exchange of experiences for specialists in all petroleum industry activities, and to enhance cooperation in the field of petroleum and energy refining.

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