Saudi Arabia Participates in 3rd TNC Ministerial Meeting on Trade Preferential System in OIC

Istanbul, The Kingdom of Saudi Arabia has participated in the third Ministerial Meeting of the Trade Negotiations Committee (TNC) of the Trade Preferential System among the Organization of Islamic Cooperation (OIC) member states, held in Istanbul, Trkiye.

The Saudi delegation was headed by Deputy Governor of the General Authority for Foreign Trade (GAFT) for Agreements and International Organizations Farid bin Saeed Al-Asali, who was deputizing for Minister of Commerce and GAFT Chairman of the Board of Directors Dr. Majid bin Abdullah Al-Qasabi.

The Kingdom stressed its commitment to dialogue and cooperation with member states, to boost trade cooperation, as stipulated in the declarations and resolutions of the Islamic Summit Conferences, the Council of Foreign Ministers, and the ministerial sessions of the Standing Committee for Economic and Commercial Cooperation of the OIC (COMCEC), to achieve the goal of increasing intra-OIC trade by 25%, as specified in the OIC-2025 Program of Action.

The Kingdom comm
ended the diligent work of the COMCEC Coordination Office and the Islamic Center for Development of Trade, which are joint TNC secretaries.

The Kingdom’s participation in the event reflects its belief in the importance of improving the Trade Preferential System among OIC member states, which is a cornerstone of COMCEC projects. The system seeks to explore opportunities and stimulate intra-OIC trade to increase trade volume among member states and establish trade partnerships among OIC countries.

GAFT seeks to increase the Kingdom’s gains from international trade, boost its international presence, and ensure its participation in several international organizations to achieve common goals and sustainable development.

Source: Saudi Press Agency