Egypt, Saudi Arabia agree to bolster cooperation in various fields

The meeting was chaired by Egyptian Minister of Trade and Industry Nevine Gamea and Saudi Minister of Trade Majid Bin Abdullah Al-Qasabi.

The Egyptian-Saudi working group concerned with following up on the implementation of the recommendations issued by the 17th session of the Egyptian-Saudi Joint Committee concluded its meetings on Wednesday.
The meeting was chaired by Egyptian Minister of Trade and Industry Nevine Gamea and Saudi Minister of Trade Majid Bin Abdullah Al-Qasabi.
The two sides agreed to bolster cooperation in a large number of economic fields, including trade cooperation by solving challenges facing bilateral trade and investors in the two countries.
This is in addition to increasing the volume of trade exchange to achieve the interests of the two countries, especially during the coronavirus pandemic, and adhering to the provisions of the Greater Arab Free Trade Area and the decisions of the Economic and Social Council.
Moreover, they agreed to remove all obstacles to the development of trade exchange and the continuation of existing coordination in international and regional positions and forums, especially within the framework of the World Trade Organisation, the Arab League, and the Organisation of Islamic Cooperation.
In terms of industrial cooperation, it was agreed to study the signing of a memorandum of understanding (MoU) to enhance cooperation between the Industrial Development Authority and the Saudi Authority for Industrial Cities and Technology Zones as well as for the Council of Saudi Chambers to generalise industrial investment opportunities.
In the field of exhibitions, it was agreed to overcome all obstacles facing the establishment of exhibitions and conferences in both countries and to invite the Saudi side to participate periodically and annually in the activities of the Cairo International Fair. Egypt's participation in the Jeddah International Fair was also discussed.
Concerning SMEs, the two parties agreed to quickly reach the final version of the draft MoU regarding technical support and transfer of expertise and to enhance cooperation in the field of developing the SME sector in several areas, including strengthening demand, ease of doing business, innovation and adoption technology, finance, entrepreneurship support, education, skills development, and capacity development.
Regarding export development, the two sides agreed on the importance of reaching the final version of the draft MoU to enhance cooperation in the field of developing intra-trade movement between the two countries.
In terms of the financial and banking field, the Egyptian side welcomed the issuance of the Saudi Council of Ministers' decision regarding opening branches of Banque Misr in the kingdom as well as approving the opening of a branch of the National Bank of Egypt (NBE). It was also agreed to complete procedures for signing an MoU between the Central Bank of Egypt and the Saudi Central Bank in the field of banking supervision.
Regarding agriculture, food, and drugs, it was agreed to cooperate and facilitate export and trade exchange between the two countries for shipments of fresh fruits and vegetables. Furthermore, the parties will activate the role of the Animal Resources Risk Assessment Division on the Saudi side and the Central Administration of Plant Quarantining on the Egyptian side to exchange all notifications, information, special legislation, rules of import and export, as well as internal legislation, sampling, and examination procedures for agricultural quarantine.
Above all, the two sides will continue to coordinate to facilitate the entry of Egyptian agricultural exports to the Saudi market, especially in light of the visit made by the Saudi side to Egyptian vegetable and fruit export facilities and to inform them of the coding and tracking system for farms and export entities.