Saudi Arabia, Egypt to reduce customs fees

The Saudi secretary of the ministry of finance and the national economy Dr. Hamad al Bazai has expected the volume of reducing custom fees on commodity of national origin between Saudi Arabia and Egypt to 40% this year.

In a statement to the Saudi daily Okaz issued on Sunday al-Bazai said that his country has committed to the gradual reduction of customs fees as from January 1st, 1998 at 10% annually and reached 30% in the year 2000, adding " and now in this month this gradual reduction of fees will reach 40%, in the framework of the Arab free trade area."

He added that the establishment of the free trade area between the two countries which was initially signed is a step to accelerate this Arab program, rather than a new agreement.

He denied any impediments to this effect, especially as Saudi Arabia and Egypt are among the countries which signed the executive programs for the Greater Arab Trade region.

Worthy mentioning that meetings of the 10th session of the Saudi- Egyptian committee will start on Tuesday and it is expected that the committee will settle all matters relating to the free trade agreement between the two countries and to be enforced as from the beginning of next month.