Saudi Arabia sec­ond coun­try to en­dorse WTO treaty

Pakistan Observer - - INTERNATIONAL -

RIYADH: Saudi Arabia has com­pleted the process for en­dors­ing the WTO Trade Fa­cil­i­ta­tion Agree­ment.

The King­dom is the sec­ond coun­try to en­dorse the treaty, ac­cord­ing to the Min­istry of Com­merce and In­vest­ment, lo­cal me­dia re­ported on Wed­nes­day.

Min­is­ter of Com­merce and In­vest­ment Ma­jed AlQass­abi said on Tues­day that the agree­ment is one of the most im­por­tant trade ac­cords with the WTO.

The agree­ment seeks to ease the pro­ce­dures and doc­u­men­ta­tion de­mands that are re­quired by au­thor­i­ties and gov­ern­ment par­ties con­cerned with ex­port­ing and im­port­ing to bring them in line with world stan­dards with­out com­pro­mis­ing gov­ern­ment-es­tab­lished mon­i­tor­ing sys­tems.

This will in­clude the re­moval of ob­sta­cles to com­mer­cial move­ments across bor­ders.

He said that this will ben­e­fit small and medi­um­size en­ter­prises that Saudi Arabia is very keen to pro­mote in light of Vi­sion 2030, adding that this will also in­crease trans­parency in the mar­ket.—AN

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