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Monday, Jan 30, 2023

Saudi Arabia allows exports of 11% of total restricted items

Saudi Arabia allows exports of 11% of total restricted items

Saudi Arabia decided to abolish restrictions imposed on exports by 11 percent of the total list of restricted items, and allow their export directly without the need to obtain any prior approvals, of which their value is estimated at about SR3.5 billion.
The decision was taken by the second meeting of the Committee for Organizing the Governance of Export Prohibition and Restriction Procedures. Minister of Industry and Mineral Resources and Chairman of the Board of Directors of the Saudi Exports Development Authority Bandar Alkhorayef presided over the meeting.

The meeting comes following a number of recommendations and decisions, and these included the governance and organization of export procedures for more than 1,481 customs items, in accordance with the Kingdom’s obligations toward international agreements, in addition to reducing prohibited customs items from 51 to only five items.

The meeting also decided to allow the export of products made from the locally produced potatoes, using water-restricted technologies.

The meeting was attended by representatives from the Ministry of Finance, Ministry of Energy, Ministry of Economy and Planning, Ministry of Commerce, Ministry of Industry and Mineral Resources, Ministry of Environment, Water and Agriculture, Ministry of Investment, the General Authority for Foreign Trade, Saudi Food and Drug Authority, the Zakat, Tax and Customs Authority, Saudi Export Development Authority, and the Local Content and Government Procurement Authority.

These proposals show the keenness of the government agencies that participated in the meeting on supporting and empowering exporters, enhancing their commercial competitiveness and expanding their export opportunities.

This is through addressing the challenges related to the export environment and working to provide appropriate solutions for them, in a way that contributes to encouraging Saudi local products and raising their competitiveness, and facilitating their access to regional and global markets, and that is in cooperation with the concerned authorities and in line with the objectives of the Kingdom’s Vision 2030.

It is noteworthy that the Committee for Organizing the Governance of Export Prohibition and Restriction Procedures was formed pursuant to Cabinet Resolution No. 296 dated Muharram 6, 1443 with the objective to ensure that the interests of the national economy are not harmed, and that the measures to prevent or restrict export are based on justified reasons.

This is in line with Saudi Arabia’s export-related policies, in accordance with the Kingdom’s obligations toward international agreements to which it is a party.
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