RIYADH: The fourth meeting of the joint commission between the Kingdom and Azerbaijan held here on Tuesday sought to bolster bilateral cooperation when delegations from both sides exchanged views and information on the current economic situation in respective countries and reviewed the current status of cooperation.
Saudi Arabian General Investment Authority (SAGIA) Gov. Abdullatif Al-Othman, who represented the Saudi side at the joint commission, and Shahin Mustafayev, Azerbaijan’s minister of economy and industry, jointly chaired the session during which the two sides explored strategies to deepen the economic and commercial relationship between the two countries. They noted the religious, cultural and intellectual histories shared by both the countries.
Speaking at the joint commission meeting, Al-Othman said: “I am very pleased to welcome our friends from Azerbaijan as our two countries continue to expand our cooperation in a number of areas, including trade and investment."
He pointed that the input from the private sector and the Organization for Islamic Cooperation (OIC) has given a road-map for increasing the bilateral commercial activity.
"I believe the determination shown from both sides to implement these recommendations heralds a closer and mutually beneficial future for both Azerbaijan and the Kingdom,” he noted.
In an exclusive talk with Arab News, the SAGIA governor said that the meeting was very positive and both sides agreed on the need to increase the volume of bilateral trade exchanges in terms of quantity as well as quality, and work for better coordination in order to facilitate the procedure for the entry of goods and products.
He said: "A very high representation from Azerbaijan came for the joint commission meeting where we discussed specific action plans and key issues of mutual benefits to further bolster cooperation. There is a need for us to take advantage of what our economies offer."
He added: "There are opportunities for us to collaborate in petrochemicals, agriculture, tourism, education, health care and culture. We have a historic relationship with Azerbaijan and the entire central Asian countries," he maintained.
In a reply, he said the joint business council is one of the specific plans in the agenda.
Addressing the joint session, Mustafayev said: “I am very pleased to co-chair this year’s joint committee focused on increasing bilateral exports, strengthening investment channels and removing barriers to further enhance cooperation that help in the creation of a joint working group on oil, gas and mining and enhance joint investments."
He added that the session will build upon the work of the last meeting of the committee where “we made progress on eliminating double taxation and improved the linkages for bilateral investment. Despite starting at a low level, commercial exchanges between our countries have been on the rise, reaching almost $ 400 million to date invested in Azerbaijan by Saudi enterprises. We look forward to strengthening this relationship to build more bridges between the countries of the Islamic world,” he underlined.
Notably, the two sides at this 4th joint commission agreed to organize mutual business forums, exchange of information on exhibitions, conferences and business events in both countries and invite each business community from both the countries in order to help expand trade relations, increase the volume of trade, increase visits between businessmen from the two countries and explore the feasibility and benefits of establishing a Saudi-Azerbaijan joint business council.
Moreover, the two sides noted the importance of the current cooperation level between the security organs of the two countries and agreed on organizing mutual business visits of the heads of the services, and reviewing matters for ensuring security of the big economic projects to be held in the region and international events of OIC countries.
Furthermore, the Saudi Fund for Development (SDF) would like to extend cooperation between Saudi export program and the central bank of Azerbaijani federation for exchange, information and access to credit reports for Azerbaijani banks and companies and with Azerbaijani Chamber of Commerce to introduce the financing facilities provided by the Saudi export program in order to achieve the contribution toward bilateral trade development.
At the conclusion of the meeting, the SAGIA governor and the visiting minister signed the minutes of the joint commission meeting.
Saudi-Azerbaijan Joint Commission seeks to bolster bilateral links
Saudi-Azerbaijan Joint Commission seeks to bolster bilateral links
GCC chambers plan Gulf Guarantee project to boost intra-regional trade
DAMMAM: The Federation of GCC Chambers, in cooperation with the Customs Union Authority, intends to launch the Gulf Guarantee Project to provide a unified mechanism for exports and trade transactions and to enhance the efficiency of intra-GCC trade, which reached about $146 billion by the end of 2024, Saleh Al-Sharqi, Secretary-General of the federation, told Al-Eqtisadiah.
Al-Sharqi said, on the sidelines of his meeting with media representatives at the federation’s headquarters in Dammam, that the initiative represents a qualitative leap in supporting intra-GCC trade by facilitating transit movement through a single point, contributing to cost reduction, accelerating the flow of goods, and enhancing the reliability of trade operations among Gulf markets.
He explained that the federation recently launched a package of strategic initiatives, including the Tawasul initiative aimed at strengthening communication among Gulf business owners and supporting the building of trade and investment partnerships, in addition to the Gulf Business Facilitation initiative, which seeks to address challenges facing Gulf investors and traders, simplify procedures, and improve the business environment across member states.
He noted that these initiatives fall within an integrated vision to address obstacles hindering investment and intra-regional trade flows by developing regulatory frameworks, activating communication channels between the public and private sectors, and supporting Gulf economic integration in line with the objectives of the Gulf Common Market.
In a related context, the Secretary-General affirmed the direction of GCC countries to leverage artificial intelligence technologies to support trade and investment flows, stressing the importance of establishing a unified Gulf committee for artificial intelligence to coordinate efforts and exchange expertise among member states. He said the federation will support this direction in the coming phase, drawing on leading international experiences, particularly the Chinese experience in this field.
Regarding the recently announced electric railway project between Riyadh and Doha, Al-Sharqi revealed that technical and advisory committees are working to complete the necessary studies for the project, confirming that it will positively impact passenger and freight movement between the two countries, enhance Gulf logistical integration, and support regional supply chains.
On investment opportunities available to Gulf nationals in the Syrian market, he said the federation is coordinating with private sector representatives in Syria to overcome obstacles that may face the flow of Gulf investments, in addition to working to provide adequate guarantees to protect these investments and ensure a stable and attractive investment environment.
In response to a question from Al-Eqtisadiah about the impact of tariffs imposed by the US on imports of iron, steel, and aluminum, he said that economic and technical committees in GCC countries are continuously monitoring the repercussions of these tariffs on the Gulf private sector, assessing their effects, and taking the necessary measures to protect it from any potential negative impacts.
Al-Sharqi also pointed to the launch of two specialized committees in the transport and logistics sectors and in real estate activities, given their pivotal role and active contribution to Gulf gross domestic product, stressing that developing these two sectors is a fundamental pillar for enhancing economic diversification and increasing the competitiveness of GCC economies.
He added that during the past year the federation held more than 40 meetings and official engagements with Gulf and international entities, participated in nine regional and international events to strengthen the presence of the Gulf private sector on the global stage, and signed 12 agreements and memoranda of understanding with Gulf, regional, and international entities to open new horizons for economic and investment cooperation.
During the same year, the federation launched four digital platforms to support the Gulf private sector, bringing the total number of its digital platforms to eight serving the business community across member states.
The Secretary-General affirmed that the federation will continue working with relevant economic entities to unify procedures and regulations, reduce non-tariff barriers, and accelerate mutual recognition of products and standard specifications, in a way that enhances the competitiveness of the Gulf economy and supports the growth of intra-GCC trade.
