Zawya | 30 October 2023
Saudi Arabia intends to sign more free trade agreements – report
Saudi Arabia plans to sign more free trade agreements (FTAs), Minister of Economy and Planning Faisal Al Ibrahim told Bloomberg.
Authorities are actively exploring trade deals with an “ambitious” list of countries, the report said, citing the minister.
In addition, the government wants to renegotiate some existing pacts to “unlock some challenges,” the news agency said.
Although exports were rising, Al Ibrahim expressed concerns over the shortfall in meeting non-oil exports.
The trade talks will be negotiated through the six-nation GCC bloc, consisting of Saudi Arabia, the UAE, Oman, Qatar, Bahrain and Kuwait, the report stated.
Al Ibrahim disclosed that the GCC is negotiating an FTA with the UK and wants to reach a deal soon.
Moreover, the bloc is looking to resume talks for a trade deal with the European Union, the report noted.