17th Egyptian-Saudi Joint Committee commits to developing trade cooperation

The 17th Egyptian-Saudi Joint Committee was held in Cairo and chaired by Egyptian Minister of Trade and Industry Nevine Gamea and Saudi Minister of Trade and Investment Majid bin Abdullah Al-Qasabi.

Gamea said that she and her Saudi counterpart have signed an agreement that will see joint cooperation between the two countries strengthened in a large number of areas.

This includes: a commitment to the Greater Arab Free Trade Area (GAFTA) and resolutions of the Economic and Social Council; and coordination between the Saudi Ministry of Investment, the Council of Saudi Chambers and the Egyptian General Authority for Investment and Free Zones (FATF), to prepare for the holding of an investment forum in Riyadh.

The Saudi side would also be invited to participate periodically and annually in the activities of the Cairo International Fair (CIF), which is the largest trade and economic event organized by the Egyptian government.

The Egyptian side suggested establishing joint logistics zones specializing in the storage, packaging, manufacture and export of dates from the two countries. This is in addition to the establishment of a common entity to market the dates in order to benefit from international agreements in both countries.

During the meeting, the focus was on cooperation and facilitation of the movement of exports and trade between the two countries for shipments of fresh fruits and vegetables.

This would take place on the condition that each party provides the other with shipments that are rejected at the port of arrival in order to take corrective action against the offending companies.

In addition, cooperation would take place in the fields of energy, industry and mineral wealth, while also strengthening cooperation in the field of petroleum and refining energy between the two sides.

Egypt and Saudi Arabia also agreed to cooperate on electricity and energy, in addition to hosting the ninth meeting and the sixth workshop of the Egypt-Saudi Electricity Cooperation Team. in Cairo.

The agreement urged the relevant authorities of the two countries to complete the procedures for signing contracts for the power interconnection project, on schedule.

Another agreement was reached on the early completion of the final version of the MoU between the Egyptian National Telecommunications Regulatory Authority (NTRA) and the Communications and Information Technology Commission of Saudi Arabia.

At the same time, discussions took place during the committee meeting on the possibility of developing common tourism products between the two countries, and of facilitating entry visa procedures and approvals from the authorities concerned.




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