RIYADH: A trade remedies system for international trade is set to lure investment and boost the competitiveness of domestic products, said the Saudi Minister of Commerce Majid Bin Abdullah Al-Qasabi.
The trade remedies will also help curb potential damage subsequent to an increase in imports by imposing measures against these imports at the Kingdom’s customs borders, the minister highlighted.
Al-Qasabi who is also the Chairman of the Board of Directors of the General Authority for Foreign Trade stressed that the trade remedies system will play a crucial role in shielding the Kingdom’s national industry from the damage that comes as a result of the dumped as well as subsidized imports.
Moreover, the system will also ensure maintaining the Kingdom’s exports that are subject to trade remedies procedures, the minister emphasized.
The minister said the cabinet’s approval related to the system is also set to create new industries and generate job opportunities, all in line with the goals and objectives of Saudi Arabia’s Vision 2030, reported Saudi Press Agency.
Last month, the Saudi General Authority for Foreign Trade, in collaboration with the World Trade Organization, hosted a workshop in Riyadh from Oct. 25-27.
The workshop, titled “Market Access,” was held by a group of international experts at the WTO. It included a number of representatives from government agencies.
The event aimed to build the skills of specialists in government agencies through an understanding of market access, customs and non-tariff procedures, and the work of the WTO.
It also demonstrated how participants can benefit from WTO databases.
The workshop aimed to foster technical expertise and knowledge of the basic principles and rules of the WTO related to tariffs and concession schedules, ongoing issues being discussed at WTO, the Kingdom’s obligations toward other countries in trade agreements and the best practices of other countries.
Established in Jan. 2019, the General Authority of Foreign Trade is accountable for enhancing international commercial gains and investment activities in the Kingdom while defending its interests in the foreign trade field, thus contributing to the development of its national economy.