When two regional powers such as Egypt and Saudi Arabia join forces to strengthen trade cooperation, it does not go unnoticed. Indeed, a historic agreement was signed between these two countries, marking a significant step forward in their economic relations.
The agreement includes the mutual recognition of the Authorized Economic Operator Program between the Egyptian Customs Authority and the Saudi Zakat, Taxes and Customs Authority. This is the first such recognition between Egypt and other countries under the Authorized Economic Operator Program.
This collaboration represents a qualitative step forward in economic relations between Egypt and Saudi Arabia. Qualified companies from both countries will be able to benefit from significant customs and trade facilities, which will help reduce costs and increase the competitiveness of products.
The signing ceremony of the agreement took place in the presence of the Deputy Minister of Finance in charge of Fiscal Policies, Sherif al-Kilany, and the Supervisor of the Customs Authority. This occasion was part of the Zakat, Taxes and Customs Conference, themed “Shaping the Future for a Sustainable Economy and Strengthened Security”.
The edition of this conference, which was held from December 4 to 5 in Riyadh, saw a wide international participation through dialogue sessions and an exhibition comprising about 90 local, regional and international entities, as well as more than 70 workshops.
Experts and officials took part in the conference with the aim of strengthening economic cooperation between Egypt and Saudi Arabia. This collaboration promises to positively transform the economic landscape of the region by promoting the development of business between the two nations.
In conclusion, this trade agreement between Egypt and Saudi Arabia paves the way for an era of enhanced cooperation and shared prosperity. It illustrates the tangible benefits of mutually beneficial commercial collaboration, and underscores the importance of economic relations between the countries to stimulate growth and foster regional development.