Kingdom keen on fully utilizing WTO deals

Minister of Commerce and Industry Tawfiq Al-Rabiah yesterday stressed the Kingdom’s keenness to take full advantage of regional and international agreements under the framework of the World Trade Organization (WTO).
" Such agreements within the WTO framework contribute to the expansion of foreign markets for local products besides increasing trade with partners of the Kingdom," Al-Rabiah said while opening a two-day seminar organized by the Ministry of Commerce and Industry in collaboration with the World Trade Organization in Riyadh.
"The fall in the export of Saudi nonoil products in the first quarter of 2013 is not worrisome, because the ministry is looking at the total annual export, which ‘is growing excellently," Al-Rabiah said, adding that its average is considerably higher than the average of the country’s gross national product.
The minister hoped that the Saudi nonoil exports "will grow greatly in the next term" thanks to the great development that the Saudi industries and products will be making, especially with various incentives the ministry is keen to offer to industries with the aim of guaranteeing industrial growth in addition to creating an environment conducive to industrial growth, he said.
Commenting on the impact of the rise in the price of feedstock on the industrial products in the immediate future, the minister said the ministry is keen on the industry getting incentives so that they continue their growth. He added that the ministry wants Saudi industries to maintain the global competitiveness of their products.
The minister said that the countries and economic blocs around the world are seeking to hold free trade agreements or form customs unions aimed at opening a larger market for trade in goods and services.
"In its quest to attain a high economic status, the Kingdom has been striving to make agreements that would open up new markets for its exports apart from creating mutual trade exchange," the minister said.
It is with this aim that the Kingdom supported the Customs Union of the Gulf Cooperation Council (GCC) states, he added.
The minister said the agreement of the Greater Arab Free Trade resulted in the five-fold increase in the Kingdom’s exports to the member states.
He added that the forum aimed at increasing the participants’ awareness of the legal provisions of the regional trade agreements in general.