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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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China's Premier Vows to Expand Global 'Trade Pie'

Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
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China's Premier Vows to Expand Global 'Trade Pie'

Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)

China's number two leader Li Qiang said Sunday that his country was willing to help expand the global "trade pie" by further opening up, state media reported, while he slammed unilateralism from certain countries.

Many of China's key trading partners have increasingly called on Beijing to reduce its soaring trade surplus owing to its impact on local competition.

Its trade surged by a fifth in the first two months of the year, official data showed earlier this month, significantly outpacing forecasts.

China "will steadfastly advance high-level opening up, import more high-quality foreign goods, and work alongside all parties to promote the optimized and balanced development of trade", Premier Li Qiang told business executives in Beijing on Sunday, according to Xinhua.

Li was speaking at the opening of the annual China Development Forum, attended this year by prominent business leaders including Apple CEO Tim Cook, AFP reported.

The Chinese premier added that Beijing would work with other countries to "join forces to make the global economic and trade pie larger for everyone".

He slammed growing unilateralism and protectionism, which he said was "no panacea for resolving problems".

Beijing has been seeking to steer a shaky economy onto a more stable path since the end of the pandemic, particularly by boosting consumption.

It had been locked in a blistering trade war last year with Washington after President Donald Trump imposed tariffs on countries including China.

The recent trade boost is a lifeline for China, the world's second-largest economy, as domestic consumer activity has slumped, and adds to the record surplus achieved last year.

The China Development Forum convenes as the Middle East war, triggered by US and Israeli strikes on Iran, rages on.

Tehran has retaliated with strikes across the region and beyond in a conflict that has threatened global energy security as well as China's oil supplies.

Li told the Chinese officials and global business executives the international rules-based order was suffering "severe disruption" with power politics "running rampant".

Chinese Vice Premier He Lifeng met with senior representatives of multinational companies including HSBC, UBS, Schneider Electric and Standard Chartered on Saturday, Xinhua reported.

Business

EU Urges Reduced Gas-storage Target

Europe's largest gas storage facility in Rehden, Germany (Reuters)
Europe's largest gas storage facility in Rehden, Germany (Reuters)
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EU Urges Reduced Gas-storage Target

Europe's largest gas storage facility in Rehden, Germany (Reuters)
Europe's largest gas storage facility in Rehden, Germany (Reuters)

The European Commission on Saturday urged EU member countries to lower their target for filling natural gas storage in the coming months, to alleviate price pressures caused by the war in the Middle East.

EU energy commissioner Dan Jorgensen sent a letter asking to "consider reducing your filling target to 80 percent as early as possible in the filling season to provide certainty and reassurance to market participants", down from the usual 90 percent goal.

Iran's retaliation for the US-Israeli war launched against has included attacks on Gulf neighbors, effectively closing the strategic Strait of Hormuz to tankers.

Oil prices have soared more than 50 percent since the start of the war, which was triggered on February 28, and natural gas prices in the EU have risen by more than 30 percent.

The price shock is expected to lead to a higher pace of inflation, and dampen economic growth.

While Europe is entering its warmer months, this is the period its countries refill their gas storage in preparation for winter.

With higher gas prices, though, and elevated risk for supply, the EU is facing competition with Asia for supply.

"Developments in Iran and the wider region threaten regional and global security," Jorgensen said in his letter.

"When it comes to energy, this situation and the attacks on energy infrastructure are significantly impacting global oil and gas markets."

He said that the EU's gas supply "remains relatively protected at this stage", as it gets most of its liquefied natural gas from the United States.

"But, as a net energy importer on global markets, the resulting high and volatile global prices may also impact the EU gas storage projections."

Consequently, Jorgensen said, EU countries should look to refill stores early, and do so over a longer period, "to mitigate pressure on prices and avoid (an) end-of-summer rush".

He noted that, in case of "difficult conditions" and a commission assessment, the countries can deviate from the target by up to 20 percent.

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Refiners in India, Elsewhere in Asia Look to Buy Iranian Oil after US Waives Sanctions

FILE PHOTO: Tourists watch marine life, with the MT Desert Kite oil tanker carrying Russian oil in the background, at Narara Marine National Park in the Arabian Sea, Gujarat, India March 11 , 2026. REUTERS/Amit Dave/File Photo
FILE PHOTO: Tourists watch marine life, with the MT Desert Kite oil tanker carrying Russian oil in the background, at Narara Marine National Park in the Arabian Sea, Gujarat, India March 11 , 2026. REUTERS/Amit Dave/File Photo
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Refiners in India, Elsewhere in Asia Look to Buy Iranian Oil after US Waives Sanctions

FILE PHOTO: Tourists watch marine life, with the MT Desert Kite oil tanker carrying Russian oil in the background, at Narara Marine National Park in the Arabian Sea, Gujarat, India March 11 , 2026. REUTERS/Amit Dave/File Photo
FILE PHOTO: Tourists watch marine life, with the MT Desert Kite oil tanker carrying Russian oil in the background, at Narara Marine National Park in the Arabian Sea, Gujarat, India March 11 , 2026. REUTERS/Amit Dave/File Photo

Indian refiners plan to resume buying Iranian oil while refiners elsewhere in Asia are examining such a move after Washington temporarily removed sanctions to alleviate an energy crunch caused by the US-Israeli war on Iran, traders said on Saturday.

Three Indian refining sources said they will buy Iranian oil and are awaiting government directions and clarity from Washington on details such as payment terms.

Refiners in India, which has much smaller crude stockpiles than other big Asian oil importers, rushed to book Russian oil after the US recently lifted sanctions temporarily. The Indian government could not be immediately reached for comment outside office hours.

Other Asian refiners are making checks to see if they can purchase the oil, several ⁠people with knowledge ⁠of the matter said.

The Trump administration on Friday issued a 30-day sanctions waiver for the purchase of Iranian oil already at sea, US Treasury Secretary Scott Bessent said.

The waiver applies to oil loaded on any vessel, including sanctioned tankers, on or before March 20 and discharged by April 19, according to the Office of Foreign Assets Control. It is the third time the US has temporarily waived sanctions on oil since the start of the war.

About ⁠170 million barrels of Iranian crude are at sea, said Emmanuel Belostrino, Kpler’s senior manager for crude oil market data, on ships scattered from the Middle East Gulf to the waters near China.

Consultancy Energy Aspects on March 19 estimated 130 million to 140 million barrels of Iranian oil on water, equivalent to less than 14 days of current Middle East production losses.

Asia relies on the Middle East for 60% of its crude supply and the near-closure of the Strait of Hormuz this month is forcing refineries across the region to run at lower rates and cut fuel exports.

Trump re-imposed sanctions on Iran in 2018 over its nuclear program. Since then, China has become Iran's main client with its independent refiners buying 1.38 million barrels per day (bpd) ⁠last year, Kpler ⁠data showed, attracted by deep discounts as most countries shunned the crude due to the sanctions.

Potential complications for buying Iranian oil include uncertainty over how to pay for it and the fact that a large share of it is aboard aging shadow fleet ships, traders said.

Also, some former purchasers of Iranian oil were contractually obligated to buy from National Iranian Oil Co., two refining sources said. However, since the US re-imposed sanctions in late 2018, Iranian oil has been sold in significant part by third-party traders.

"It usually takes some time to work through compliance, administration and banking, etc., but I guess people will try to work ASAP," a Singapore-based trader said.

According to Reuters, the sources declined to be named due to company policy.

Other than China, major buyers of Iranian crude before sanctions were re-imposed included India, South Korea, Japan, Italy, Greece, Taiwan and Türkiye.