JEDDAH, 30 December 2003 — Saudi Arabia and Egypt will tackle between them the dumping issue that has bedeviled their relationship, Egyptian Commerce Minister Dr. Yousuf Boutros Ghali said yesterday.
“The issue of dumping of products, especially petrochemicals, is on the way to be solved. We have special bilateral committees to deal with it and hope the problem will be solved. In fact, there are laws and regulations that can deal with the problem. We are sure to find a final solution,” he said.
The Kingdom and Egypt have agreed on a joint mechanism including the formation of an official committee to provide technical workers. The ministries of the two countries will meet every month to discuss and find solutions to commercial problems, he said, adding that these measures are in addition to usual tasks undertaken by the two countries at official levels.
Boutros Ghali said the committee would meet in Egypt next month. “As a follow-up the commerce ministries in both countries will meet every six months. After all, the Kingdom is Egypt’s most valued and important partner,” Boutros Ghali added.
“Bureaucracy has a tendency to create barriers and complications that result in scaring away overseas investments. We must undertake joint or even multinational studies to overcome such problems,” he added.
Saudi investments in Egypt reached 5.7 billion Egyptian pounds in 580 companies, including 81 in the tourism sector. Saudi imports from Egypt rose from SR376 million in 1990 to SR502 million in 2003. Saudi exports to Egypt declined from SR3.05 billion in 1991 to SR1.29 billion in 2002.
