The Saudi-Egyptian Joint Committee Concludes its 16th Session in Riyadh

03 May 2018
Both Sides Discussed Enhancing Trade and Investment Cooperation and Coordinating Common Positions
The Saudi-Egyptian Joint Committee concluded its three-day session in Riyadh under the chairmanship of His Excellency the Minister of Commerce and Investment Dr. Majid bin Abdullah Al-Qasabi. The Egyptian side was headed by H.E. the Minister of Commerce and Industry, Engr. Tareq Qabeel, and attended by officials from different sectors of both countries.

During the meeting, H.E. the Minister of Commerce and Investment stressed the serious efforts exerted by the governments of Saudi Arabia and the Arab Republic of Egypt to improve trade relations, also to exploit the investment opportunities, as well as to overcome the obstacles and difficulties that prevent the flow of bilateral investments and to increase the volume of trade exchange between the two brotherly countries.

H. E. Dr. Al Qasabi explained that the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and His Royal Highness the Crown Prince Mohammed bin Salman are keen to strengthen the Saudi-Egyptian partnership in various fields, especially in view of the availability of all success factors. H.E. pointed out that there are multiple possibilities, trading and investment opportunities for investors in both sides. The two countries will endeavor to continue developing the business environment to be more attractive and stimulating to the Saudi and Egyptian investors alike.

For his part, Engr. Tareq Qabeel, the Egyptian Minister of Trade and Industry expressed his thanks and appreciation to the Government of the Kingdom for the constant communication to push forward the Saudi-Egyptian joint relations at all levels, in particular the trade relations, to be promoted and boosted to higher level, as well as to promote growth rates and the economic development. H.E. Stressed that the on-going coordination and negotiation between the two countries have reflected positively on the volume of trade exchange, which is witnessing continuous growth and increasing steadily year after year, where the total value of trade volume between the two countries during 2016 reached about $ 6 billion.

Engr. Qabeel revealed that the two sides agreed to take all necessary measures to remove any obstacles or barriers that may encounter the trade and investment exchange between the two countries, as well as to determine the mechanisms for the activation of industrial and economic cooperation between the two sides.

After a series of bilateral meetings between the technical teams in both sides, the minutes of meeting has been signed. Consequently, five working groups were formed to discuss various topics in the field of economic, commercial, investment, energy industry , Culture, education and training.

The two sides stressed the importance of having common positions in the  international and regional forums, especially within the framework of the World Trade Organization, Arab States League and the Organization of Islamic Cooperation.

The two sides also stressed the importance of enhancing cooperation in the intra-regional trade between the two countries, as well as enhancing the cooperation among small and medium enterprises in the field of managing the technological incubators and entrepreneurship, also discussing the memorandum of understanding for cooperation in the field of consumer protection, besides following up the implementation of the recommendations of the technical teams in the field of standard specifications and the agreement of custom cooperation.

It is noteworthy that the volume of trade exchange between the Kingdom of Saudi Arabia and Egypt in 2016 amounted to $(5.841) million. The Kingdom's exports to Egypt during the same year reached $ (3.726) million and the imports $ (2,841). The commercial balance is in favor of the Kingdom by $ 1.611 million.

Last Modified 25 Dec 2018