Saudi Arabia has sanctioned a series of significant economic and energy agreements with multiple nations including Jordan, Brazil, and Japan, based on the outcomes of a recent Cabinet assembly.
In a move to strengthen financial ties, the Kingdom’s central bank has also ratified an accord with Qatar to collaborate in financing operations.
The assembly gave the nod to a collection of accords between the Saudi government and other sovereign states, such as Oman, Georgia, and Morocco, aimed at fortifying bilateral and collective endeavors across diverse domains.
Particular attention was given to energy agreements between Saudi Arabia and both Uzbekistan and Azerbaijan. These agreements are rooted in a commitment to the long-term viability and equilibrium of petroleum markets and are designed to foster collaboration in the domain of clean energy. The goal is to facilitate an orderly global energy shift and construct a more sustainable future internationally.
Minister of Media Salman Al-Dosari has underscored the Council’s endorsement of the outcomes of recent Arab summits in Riyadh that concentrated on environmental concerns. He emphasized the Cabinet’s dedication to working with regional and worldwide partners to enhance agriculture, food security, and water resources management, in line with Saudi Arabia’s sustainable development aspirations.
The Council also gave its approval to a variety of agreements, including an energy cooperation agreement with Jordan and a memorandum of understanding with Brazil’s Ministry of Mines and Energy. Further, two collaboration pacts in the mining sector were ratified between the Saudi Ministry of Industry and Mineral Resources and its counterparts in Morocco and Japan.
The assembly also confirmed Saudi Arabia’s entry into the Geneva Act of the Hague Agreement regarding the international registration of industrial designs.
Finally, the Cabinet sanctioned the implementation of a Gulf Cooperation Council resolution to exempt industrial inputs from fees, a decision that stemmed from the body’s 120th meeting in Muscat, Oman, in October 2023.