The volume of trade exchange between Saudi Arabia and Egypt has registered significant increase reaching SR117.5 billion ($ 31.3 billion) in the last 10 years (2004-2013), according to a financial report.
The report, compiled by Al-Eqtisadiyah daily, says the trade balance was in favor of the Saudi side at an estimated surplus of SR46.2 billion ($12.3 billion), or 39 percent of trade between the two countries in the above period.
In 2013, trade exchange between the two countries stood at SR20 billion ($5.3 billion) where Saudi exports to Egypt stood at nearly SR12.1 billion ($3.2 billion) whereas its imports from Egypt amounted to SR7.9 billion ($2.1 billion), the report said quoting data released by the Central Department of Statistics and Information (CDSI).
The trade balance between the two countries registered a surplus of SR4.2 billion ($1.1 billion) in favor of Saudi Arabia in 2013, or 21 percent of the trade volume in the same year, the report said.
Over the past five moths of the 2014, Saudi Arabia has been on top of countries receiving Egyptian exports at 6.4 billion Egyptian pounds (SR3.4 billion, or $900 million).
Egyptian exports to the Kingdom, however, registered different values in the past five months of the current year as follows: at EP1.240 billion (Jan.), EP1.285 billion (Feb), EP1.280 billion (March), EP1.261 billion (April), and EP 1.312 billion (May), according to figures released by the Import and Export Agency, an affiliate of the Egyptian Ministry of Industry and Foreign Trade.
Building materials topped Egyptian exports to the Kingdom in the five-month period (Jan.-May) at EP1.234 billion, followed by engineering and electronic commodities (EP1.231 billion), food industries (EP1.044 billion), agro products (EP732 million), chemicals and fertilizer (EP452 million), and furniture (EP367 million), the report said.
In 2013, Saudi Arabia imported a series of commodities from Egypt, dominated by iron and steel products at SR1.6 billion, followed by orange (SR361.3 million), copper wire (SR270.3 million), onion (SR 264.2 million), cheese products (SR188 million), wooden seats (SR154.5 million), Portland cement (SR122.4 million), tiles and cubes (SR105.3 million), wooden furniture (SR91 million), watermelon seeds (SR 84.5 million), electric connectors (SR84.3 million), ceramics (SR81.7 million), cooking ovens (SR79.5 million), and other commodities at SR4.3 billion, thus bringing the total Saudi imports from Egypt to SR7.9 billion, the report said.
KSA-Egypt trade volume grows to SR117.5 billion in 10 years
KSA-Egypt trade volume grows to SR117.5 billion in 10 years
Free trade negotiations between GCC, India mark new phase of partnership, says sec-gen
RIYADH: The Gulf Cooperation Council’s secretary-general affirmed that the negotiations for a free trade agreement between the GCC and India, and the signing of the joint statement, represents a new phase of strategic partnership.
Jasem Mohamed Al-Budaiwi said that this contributes to enhancing close cooperation and strengthening economic and trade ties, according to the Saudi Press Agency.
This came during the signing ceremony of the joint statement on launching the free trade agreement negotiations between the Al-Budaiwi and India’s Minister of Commerce and Industry, Piyush Goyal, which took place in New Delhi, on Tuesday.
During the signing ceremony, Al-Budaiwi said that the Terms of Reference, signed on Feb. 5, provide a comprehensive and clear framework for these negotiations. The two nations agreed to discuss enhancing cooperation in vital strategic areas, including trade in goods, customs procedures, and services.
Additionally, the framework covers Sanitary and Phytosanitary measures, intellectual property rights, cooperation on Micro, Small, and Medium Enterprises, along with other topics of mutual interest. This reflects the comprehensive nature of the agreement and its ability to keep pace with the future economy.
Al-Budaiwi expressed hope that these negotiations would lead to a comprehensive and ambitious free trade agreement that works to remove customs and non-customs barriers, enhance the flow of quality investments in both directions, and achieve further liberalization in trade and investment cooperation between the GCC and India for mutual benefit.
This would provide a stimulating economic environment and an investment climate that opens broad horizons for the business sector, supports supply chains, and accelerates the pace of economic growth in line with the ambitious developmental visions of the GCC states.
The top official affirmed the full readiness of the General Secretariat to host the first round of negotiations at its headquarters in Riyadh during the second half of this year.
The two sides held a meeting during which they reviewed the existing cooperation relations between the GCC and India and discussed ways to develop and elevate them to broader horizons, serving mutual interests and enhancing opportunities for strategic partnership between the two sides, particularly in the economic, investment, and trade fields.
They praised the role undertaken by the negotiating teams from both sides, appreciating the efforts contributing to reaching a comprehensive agreement that enhances economic integration and supports the smooth flow of trade between the two nations.
