The Kingdom of Saudi Arabia recently contributed to the third Ministerial Meeting of the Trade Negotiations Committee (TNC) of the Trade Preferential System among the Organization of Islamic Cooperation (OIC) member states, which took place in Istanbul, Türkiye.
Leading the Saudi delegation was Farid bin Saeed Al-Asali, serving as the Deputy Governor of the General Authority for Foreign Trade (GAFT) for Agreements and International Organizations, representing Dr. Majid bin Abdullah Al-Qasabi, the Minister of Commerce and GAFT Chairman.
Demonstrating its dedication to constructive dialogue and collaboration, the Kingdom underscored its aim to enhance trade cooperation in line with the directives from the Islamic Summit Conferences, the Council of Foreign Ministers, and the COMCEC ministerial sessions. An ambitious target has been set to escalate intra-OIC trade by 25% in accordance with the OIC-2025 Program of Action.
The Kingdom applauded the diligent efforts of the COMCEC Coordination Office and the Islamic Center for Development of Trade, who act as joint TNC secretaries, for their roles in facilitating these initiatives.
This engagement by the Kingdom highlights its belief in the significance of refining the Trade Preferential System among OIC member states, which serves as the foundation for COMCEC projects. The system’s goal is to uncover opportunities and invigorate intra-OIC trade, thereby increasing the trade volumes and establishing robust trade partnerships among OIC countries.
GAFT is actively working towards expanding the Kingdom’s benefits from global trade, enhancing its international stature, and ensuring its active participation in various international organizations, thereby working towards shared objectives and sustainable development.