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Saudi Arabia, Qatar to Create Joint Commercial Agency

JEDDAH — Saudi Arabia and Qatar plan to set up a joint commercial agency to boost trade and investment links.

The move by the two countries that signed six landmark agreements on Tuesday, including a land and sea border treaty, is to set out a new vision of bilateral relationship in all sectors and also promote commercial activities between the two Gulf neighbours.

The step is significant keeping in view of the fact that on Wednesday Interior Minister Prince Nayef reaffirmed that all bilateral accords will be implemented immediately;, which will open a new era of Saudi-Qatari relations.

Ibrahim Al Assaf, finance minister, said that the Joint Saudi-Qatari Coordination Council (SQCC) also “discussed a range of bilateral economic issues including the possibility of establishing a joint commercial agency or investment body next year.

“The mandate, the composition and the functions of the proposed agency have not been spelled out so far, but it is expected to include a sizeable gamut of commercial activities,” said Al Assaf in a press statement released in the capital on Wednesday.

He said that the agreements signed by the kingdom and Qatar dealt with trade, economy and investment exchanges, while they predominantly include political, security, military, social, and cultural and information issues.

On the trade front, the two countries have reported closer ties especially following the formation of the SQCC.

The two-way trade exceeded SR5.5 billion last year.

Saudi Arabia is Qatar’s largest trading partner with the latter’s imports from the kingdom steadily rising over the years.

habib@khaleejtimes.com