17th Egyptian-Saudi Joint Committee agrees to develop trade cooperation

Daily News Egypt
3 Min Read
Minister of Trade and Industry Nevine Gamea

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

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

This includes: a commitment to the Greater Arab Free Trade Area (GAFTA), and the resolutions of the Economic and Social Council; and coordination between the Saudi Ministry of Investment, the Council of Saudi Chambers, and Egypt’s General Authority for Investment and Free Zones (GAFI), to prepare for holding 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 commercial and economic event organised by the Egyptian Government.

The Egyptian side suggested establishing joint logistic areas specialised in storing, packaging, manufacturing, and exporting dates from both countries. This is in addition to establishing a joint entity to market dates to benefit from international agreements in both countries.

During the meeting, emphasis was placed on cooperation and facilitating the movement of export and trade exchange between the two countries for shipments of fresh fruits and vegetables.

This would take place provided that each side provides the other side with shipments that are rejected at the port of arrival to take corrective measures against the violating companies.

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

Egypt and Saudi Arabia have also agreed to cooperate on electricity and energy, in addition to arranging the ninth meeting and sixth workshop of the Egyptian-Saudi cooperation team in the field of electricity in Cairo.

The agreement urged the concerned authorities in the two countries to complete the procedures for signing contracts for the electrical interconnection project, according to the planned timetable.

Further agreement was made on the speedy completion of the final version of the Memorandum of Understanding between Egypt’s National Telecom Regulatory Authority (NTRA) and Saudi Arabia’s Communications and Information Technology Commission. 

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

Share This Article