Saudi finance minister authorized to amend customs duties, protect national industries

Saudi Minister of Finance Mohammed Al-Jadaan is pictured at the Saudi budget Forum in Riyadh. (File/AFP)

RIYADH: Saudi Arabia’s Cabinet authorized the Minister of Finance to amend the customs duties to protect and encourage the national industries and local agricultural products.
As per the decision posted on the official gazette, Clause 2 of the Royal Decree No. (M/9) has been amended to read as follows: “As per a decision issued from the Minister of Finance and Chairman of the Saudi Customs Authority, the customs duties may be amended to protect and encourage the national industries and local agricultural products, according to the ceilings the Kingdom was committed to in the World Trade Organization, based on a proposal from the General Customs Authority and after coordination with the General Authority for Foreign Trade, provided that a joint study is conducted from both sides, to clarify the expected economic impact before any amendment.”