An agreement to found a free trade agreement between Syria, Saudi Arabia ratified
Saudi Arabia-Syria, Economics, 1/18/2002

The documents provided for the ratification of the agreement on founding the free trade organization between Syria and Saudi Arabia were exchanged on Wednesday at the headquarters of the Saudi foreign ministry in Riyadh. The agreement will be valid as after 15 days of the date of exchanging the documents.

This measure, however, comes to complete the measures of implementing the agreement which was ratified by President Bashar al-Assad and King Fahd Bin Abdul Aziz after it was signed during the meetings of the 9th session of the joint Syrian- Saudi committee held in February 2001 in Damascus.

The documents were exchanged between the Syrian charge de affairs in Riyadh and Youssef al-Sadoun, the Saudi foreign ministry secretary for economic and cultural affairs.

In a press statement al-Sadoun said that this agreement will contribute to developing and supporting trade and economic relations between the two states through immediate cancellation of all non- customs restrictions on exchanged national produce and commodities and exempting all exchanged commodities and agricultural products from other customs fees and taxes between the two states; to continue working according to exempts states by the trade and economic agreement signed in 1972 and to liberalize all Syrian and Saudi commodities directly reciprocated and of national origin from all customs fees as well as other fees and taxes of similar impact as from the first of January 2002.

The Saudi foreign ministry secretary added that the agreement also stated not to increase the standing customs fees or to impose new taxes, noting that according to this agreement exchanged commodities and products between the two states will receive the same treatment like national commodity regarding the principles of origin, standards and specifications, health, security and preventive conditions, fees and customs as well as providing all necessary facilities needed to expand bilateral trade.

Worthy mentioning that economic relations between Syria and Saudi Arabia and since the establishment of the joint committee on bilateral cooperation have been achieving qualitative and quantitative strides. Despite the fact the Syrian- Saudi relations have been continued to be good since long ages, yet these relations have been accelerated since the 1970s especially after the signing of the economic agreement between the two states in 1972.

Previous Stories:
  Syria ratifies the establishment of a free trade area with Saudi Arabia   (7/11/2001)
  Saudi - Syrian holding company at a capital of US $ 100 million   (7/15/2000)
  Syrian - Saudi free trade zone opened   (4/24/2000)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search