Latest news with #GeneralAuthorityofForeignTrade
Leaders
6 days ago
- Business
- Leaders
Saudi-Australian Business Council Launched to Strengthen Economic Cooperation
The Federation of Saudi Chambers of Commerce, with the approval of the General Authority of Foreign Trade, has officially launched the Saudi-Australian Business Council for the 1447–1451 term. Dr. Jaber Al-Fahhad has been appointed as the council's chairman. This initiative supports the objectives of Saudi Vision 2030 by enhancing international partnerships, attracting foreign investment, and enabling Saudi investors to expand into global markets. The council held its inaugural meeting in Riyadh with the participation of Australian delegates. During the session, members presented a strategic roadmap to boost trade and investment between Saudi Arabia and Australia, aiming to deepen bilateral economic ties. Dr. Al-Fahhad emphasized that the council represents a new chapter in Saudi-Australian economic collaboration. The council's agenda includes a focus on key sectors identified in Saudi Vision 2030, promotion of cross-market investment opportunities, and leveraging existing trade agreements. Additionally, efforts will be made to support Australian companies seeking to establish a presence in the Saudi market, one of the largest economies in the region. Related Topics: Saudi Arabia, Spain Bolster Economic Cooperation Finance Minister Leads Delegation at 122nd GCC Financial, Economic Cooperation Meeting Saudi Arabia, China Boost Economic Cooperation with 24 Deals Short link : Post Views: 8 Related Stories
Saudi Gazette
05-07-2025
- Business
- Saudi Gazette
GCC – Japan negotiations make progress in sealing free trade agreement
Saudi Gazette report TOKYO — The second round of negotiations for the Free Trade Agreement between the Gulf Cooperation Council (GCC) countries and Japan wrapped up in the Japanese capital Tokyo on Friday. The negotiations took place from June 30 to July 4, have been instrumental in working out major provisions of a free trade agreement between the two sides in the near future. A government delegation led by the General Authority of Foreign Trade attended the negotiations. The discussions covered several topics, including goods, technical barriers, terms of services, financial and telecommunications services, movement of natural persons, intellectual property, dispute settlement, general provisions, rules of origin, and trade facilitation. During this round, proposed texts were reviewed by both the Gulf and Japanese sides, with a focus on exploring trade opportunities, fostering trust and partnership, and identifying areas of cooperation and coordination. These efforts pave the way toward reaching a comprehensive final agreement in the upcoming rounds. Deputy Governor of the General Authority for International Organizations and Agreements and Head of the Saudi Negotiating Team Farid Al-Asali said that the discussions addressed several topics of mutual importance. He expressed optimism about completing the remaining negotiation rounds and reaching an ambitious agreement that provides preferential access to goods and services. This, he said, would help increase the volume of trade between the two sides, reflect the depth of economic ties, reinforce investment cooperation, and support the Kingdom's Vision 2030. During a meeting with the Saudi Ambassador to Japan Dr. Ghazi Binzagr, Al-Asali emphasized that the free trade negotiations with Japan align with the Kingdom's commitment—alongside other GCC countries—to strengthening trade relations with Japan and advancing the goals of the Saudi-Japanese Vision 2030. The Saudi delegation, headed by the General Authority of Foreign Trade, includes representatives from the Ministry of Energy, Ministry of Interior, Ministry of Industry and Mineral Resources, Ministry of Environment, Water and Agriculture, Ministry of Investment, Ministry of Economy and Planning, Saudi Food and Drug Authority, Saudi Authority for Intellectual Property, Saudi Standards, Metrology and Quality Organization, Saudi Export Development Authority, Communications, Space and Technology Commission, Zakat, Tax and Customs Authority, and the Saudi Central Bank. The General Authority of Foreign Trade works to enhance the Kingdom's international trade gains, increase its international presence, and its effective participation in a number of international organizations, to ensure the achievement of common goals and sustainable development.
Leaders
01-07-2025
- Business
- Leaders
Saudi Arabia Leads 2nd Round of GCC-Japan Free Trade Agreement Negotiations in Tokyo
The General Authority of Foreign Trade, represented by Deputy Governor for International Organizations and Agreements Fareed Al-Asaly, is leading Saudi Arabia's delegation in the second round of negotiations for the Free Trade Agreement between the Gulf Cooperation Council (GCC) and Japan. The talks are taking place in Tokyo from June 30 to July 4. The Saudi negotiating team is responsible for overseeing the discussions, ensuring they align with the Kingdom's trade policies and strategic goals. The team also plays a direct role in shaping and presenting Saudi Arabia's positions during the negotiations. In 2024, trade between Saudi Arabia and Japan reached approximately $36 billion. Saudi exports—primarily mineral and organic chemical products—accounted for about $28 billion. Imports from Japan, valued at around $8 billion, were mainly composed of vehicles, machinery, and mechanical appliances. The General Authority of Foreign Trade continues to work toward strengthening Saudi Arabia's global trade presence, maximizing economic benefits, and enhancing its active role in international organizations in pursuit of shared growth and sustainable development. Related Topics : GAFT Leads Saudi Team at GCC-Turkey Free Trade Negotiations Saudi Arabia Participates in First Round of GCC-Japan FTA Talks Finance Minister Leads Delegation at 122nd GCC Financial, Economic Cooperation Meeting GCC, Indonesia Sign Joint Statement ahead of Free Trade Agreement Negotiations Short link : Post Views: 6 Related Stories
Saudi Gazette
01-07-2025
- Business
- Saudi Gazette
Foreign Trade Authority leads Saudi negotiating team in second round of GCC-Japan FTA Talks
Saudi Gazette report ALULA — The General Authority of Foreign Trade, represented by Deputy Governor for International Organizations and Agreements and Head of the Saudi Negotiating Team Fareed Al-Asaly, is heading Saudi Arabia's delegation in the second round of negotiations for the Free Trade Agreement between the Gulf Cooperation Council (GCC) and Japan, being held in Tokyo from June 30 to July 4. The negotiating team is tasked with overseeing and monitoring the progress of the trade negotiations to ensure alignment with the Kingdom's trade policies and goals. It also participates directly in incorporating Saudi negotiating positions. In 2024, the trade volume between Saudi Arabia and Japan reached around $36 billion. Saudi exports were led by mineral products and organic chemical products, while imports from Japan were dominated by vehicles and their parts, along with machinery and mechanical appliances and their parts. Saudi exports amounted to around $28 billion, while imports totaled around $8 billion. The General Authority of Foreign Trade seeks to enhance the Kingdom's international trade gains, global presence, and active participation in various international organizations to ensure the achievement of shared goals and sustainable development.
India.com
30-06-2025
- Business
- India.com
Bad news for two Asian countries as Saudi Arabia imposes final anti-dumping duties on imports of..., not India, Pakistan
New Delhi: Dr. Majed Al-Qasabi, the Saudi Minister of Commerce and Chairman of the Board of Directors of the General Authority of Foreign Trade (GAFT), has issued an order to impose final anti-dumping duties on imports of longitudinally welded circular cross-section pipes of stainless steel, originating or exported from China and Taiwan. What does the decision say? The news about the decision to impose the final duties was published in Umm Al-Qura newspaper, the official gazette, on June 29. It further says that the final duties will be applied to imports of this product for a period of five years starting Monday, June 30, 2025. The minister also directed the Zakat, Tax, and Customs Authority to impose and collect final anti-dumping duties on the product in question at rates ranging from 6.5 percent to 27.3 percent, according to the table included in this decision that contains details of the duties. What is the aim of this decision? The decision to levy the final anti-dumping duties has come in agreement with the Law of Trade Remedies in International Trade, which aims to protect the local industry from unfair trade practices in the Saudi market. Moreover, this decision is based on the final results of an investigation that was initiated on May 2, 2024, following a complaint filed by the local industry, in accordance with the regulations of the Law of Trade Remedies in International Trade. The objective of the law is to protect the domestic industry from the damage caused by dumped and subsidized imports, prevent a surge in imports, and protect the Kingdom's exports that are subject to trade-remedy measures.
