Saudi Arabia Promotes Fair Trade with Mandatory ‘Metrological Verification’

Saudi Arabia promotes fair trade in establishment activity by verifying conformity with specifications and regulations (Asharq Al-Awsat)
Saudi Arabia promotes fair trade in establishment activity by verifying conformity with specifications and regulations (Asharq Al-Awsat)
TT
20

Saudi Arabia Promotes Fair Trade with Mandatory ‘Metrological Verification’

Saudi Arabia promotes fair trade in establishment activity by verifying conformity with specifications and regulations (Asharq Al-Awsat)
Saudi Arabia promotes fair trade in establishment activity by verifying conformity with specifications and regulations (Asharq Al-Awsat)

Gas stations, commercial stores, food and catering centers, and gold retailers in Saudi Arabia are now required to submit their metrological verification requests through the e-platform “Taqyees” to avoid violations, according to the Saudi Standards, Metrology and Quality Organization (SASO).

The move is aligned with a transformation plan that looks to elevate services and field inspections carried out by SASO agencies and ensure fair trade, revealed information obtained by Asharq Al-Awsat.

SASO informed the Saudi Investment and Commerce Ministry of the importance of implementing metrological checks on all relevant commercial institutions.

Metrological verification includes a field examination of measuring devices to ensure that they fit pre-approved models and that they work correctly and accurately according to regulations.

SASO, represented by the National Metrology Program (Taqyees), announced starting the process of qualifying the private sector to carry out metrological verification work, activating the role of legal calibration and control of measuring devices in the Kingdom.

With that being said, SASO called on private sector companies and institutions to cooperate in metrological checks on fuel pumps and non-automatic scales, apply controls for qualification verification and maintenance bodies, and issue a type approval certificate.

Entities wishing to obtain a qualification to conduct verification operations can access SASO’s website to view the technical regulations of the legal calibration system.

SASO stressed its keenness to consolidate the partnership with the private sector and work hard to provide a fair investment and commercial environment in the Kingdom.

Taqyees, a legal calibration program, is one of SASO’s initiatives within the National Transformation Program 2020.

The program aims to match legal measurement tools with standard specifications to ensure the validity of sold quantities by conducting technical tests and field verification for several measurement tools such as fuel pumps, water and electricity meters, and commercial scales.



European Shares Sink as Trump's Aggressive Tariffs Escalate Trade War

Representation photo: The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, February 15, 2018. REUTERS/Staff/Remote
Representation photo: The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, February 15, 2018. REUTERS/Staff/Remote
TT
20

European Shares Sink as Trump's Aggressive Tariffs Escalate Trade War

Representation photo: The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, February 15, 2018. REUTERS/Staff/Remote
Representation photo: The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, February 15, 2018. REUTERS/Staff/Remote

European shares slumped to a two-month low on Thursday, with trade-sensitive Germany hit the hardest, as a fresh round of aggressive US tariffs escalated a global trade war and stoked fears of an economic slowdown.

The pan-European STOXX 600 dropped 1.7% at 0712 GMT with German equities shedding 2.4%, the most among regional markets. Wall Street futures sank 3.1% as investors shed riskier assets in favor of safe-haven bonds and gold, reported Reuters.

US President Donald Trump's move to slap a 10% tariff on most goods imported to the United States effectively raised the rate of levies on the European Union to 20% and China to 54%, with both trading partners vowing countermeasures.

Euro zone banks, sensitive to the economic outlook, dropped 3.1% as traders ramped up bets of interest rate cuts from the European Central Bank, even as the trade war threatened to stoke inflation.

The bank-heavy indexes in Italy and Spain fell 1.7% and 1.4%, respectively.

Defensive sectors such as utilities, food and beverages sector, real estate and healthcare eked out gains.