UAE and Saudi Arabia sign AEO agreement to facilitate trade

UAE and Saudi Arabia have signed an agreement to improve customs cooperations between the two GCC nations, in order to boost trade between the countries.

The agreement is expected to be the first step to increasing economic cooperation; which as signified by the World Economic Forum, is needed between all Arab countries to boost SME growth.

The move will prove to be advantageous for both countries; it expects to see increasing commercial exchange, reducing export and import costs, and better customs relations.

Trade between the two leading GCC nations was valued to be USD 29.8 billion in 2018 for non-oil trade. The UAE imports from Saudi alone were USD 7.6 billion; exports accounted for USD 8.6 billion, re-exports of which reached $13.2 million.

Read more about it here.