Ministry of Commerce and UNCITRAL review prospects for Saudi trade

Riyadh, Minister of Commerce Dr. Majid Al-Qasabi, who is also Chairman of the Board of Directors of the National Competitiveness Center, headed the Kingdom’s trade delegation to a two-day workshop organized by the United Nations Commission on International Trade Law "UNCITRAL", which was held in the Austrian capital Vienna, to discuss the Kingdom's internal and external trade policy.

The workshop, which was held in the presence of the Deputy Minister and CEO of the National Competitiveness Center Dr. Iman Al-Mutairi, and the Assistant Minister of Commerce Badr Al-Hadab, tackles the current status of the Kingdom in domestic and international trade, and the prospects for Saudi trade in the next three years. The workshop represents a cornerstone for strengthening the policy of the trade sector aimed at promoting the new trend to enter new sectors and benefiting from the experience of "UNCITRAL" in enacting foreign trade laws per best practices.

The discussions focused on the Kingdom’s benefiting from the long experience of UNCITRAL in drafting commercial regulations and laws, facilitating the flow of trade to global markets, in addition to settling commercial disputes, international contract practices, and prevailing practices of trade legislation, e-commerce, and digital transformation in commercial services to enhance the internal and external trade policy supervised by the Ministry of Commerce and its affiliated agencies, in addition to the National Competitiveness Center, through developing the trade sector, improving the business environment and the Kingdom’s competitiveness locally and globally.

The visit comes in light of the Cabinet's decision last year to approve a memorandum of cooperation between the Kingdom and the UN to create a legal environment conducive to international trade and investment.

Source: Saudi Press Agency