Saudi foreign trade sees rapid progress in goods, services sectors: Al-Qasabi

Minister of Commerce Majid Al-Qasabi said Saudi foreign trade has witnessed rapid progress in the goods and services sectors, backed by structural reforms under the Kingdom’s Vision 2030.

The trade attachés around the world contributed to enabling access to exports by launching 660 export opportunities, while also attracting investments to the Kingdom by defining 255 investment grabs. As many as 10 Saudi foreign business councils were also formed to develop local commercial and investment exchange with foreign partners, he said in the General Authority of Foreign Trade’s annual report for 2023.

Al-Qasabi also stated that Saudi Arabia was in talks last year to conclude free trade agreements with some GCC target countries and economic blocs. The Kingdom has already held fruitful technical and negotiating meetings with the UK, South Korea, Pakistan, China, and New Zealand.

He pointed out that the most prominent outcome of these efforts was the initiation of two free trade agreements between the General Secretariat of the Gulf Cooperation Council and Pakistan and South Korea.

Furthermore, the General Authority of Foreign Trade has adopted the executive regulations for the Trade Remedies Law and conducted anti-closure investigations against the Kingdom’s imports of a number of products to protect the local industry from practices potentially harming foreign trade.

This is in addition to launching the electronic platform for managing trade remedies issues. Moreover, 30 workshops were held for the government and private sectors to introduce the Trade Remedies Law and its executive regulations, according to the minister.