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HomeBusinessRenewed Saudi-Canadian Commercial Relations: A New Chapter Begins

Renewed Saudi-Canadian Commercial Relations: A New Chapter Begins

Trade Delegations to Resume After Five-Year Hiatus

January 12, 2024
in Business
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In a significant development, Saudi Arabia’s state television reported that the kingdom has reached an understanding with Canada to recommence the exchange of trade delegations, resuming a practice that had been dormant for five years. This move comes in the wake of the restoration of full diplomatic relations between the two nations in the previous year.

An accord was struck, formalizing the establishment of a Saudi-Canadian business council. This agreement was signed by the Federation of Saudi Chambers of Commerce alongside their Canadian counterparts, setting the stage for enhanced bilateral business collaboration.

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Statistics underscore the importance of the relationship; in 2021, Saudi Arabia emerged as Canada’s most significant export destination within the region. The trade volume between the two countries reached a substantial C$2.2 billion (approximately $1.65 billion), according to official figures.

Tags: business councilCanadacommercesaudi arabiatrade relations
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