Saudi Arabia is negotiating FTAs ​​with 11 countries, determined to reduce dependence on oil


Saudi Arabia is negotiating FTAs ​​with 11 countries, determined to reduce dependence on oil

Saudi Arabia is negotiating a free trade agreement (FTA) with 11 countries to boost exports and increase the share of non-petroleum exports in Gross Domestic Product.

Saudi Arabia wants to gradually reduce its dependence on oil revenue. (Photo: AFP/VNA)

Specifically, according to an announcement by the Federation of Saudi Chambers of Commerce (FSC), the country is negotiating FTAs ​​with the US, UK, China, India, Pakistan, Australia, New Zealand, Indonesia, Philippines, Bangladesh and Sri Lanka.

Saudi Arabia aims to export all kinds of services in transportation, finance, communication, postal, express delivery, hotel, construction, tourism, environment, entertainment, education and training.. .

In the near future, the Saudi Export Promotion Agency (SEDA) will evaluate and select more than 120 international bidding opportunities in some of the 11 countries mentioned above, mainly for projects. construction projects, supply of industrial materials and infrastructure.

Saudi Arabia wants to seek FTAs ​​with countries to diversify its exports, thereby reducing its dependence on oil revenues.

Saudi Arabia’s crude exports rose for a second straight month in June, to a year-to-date high of 5,965 million bpd, according to official data. The world economy is gradually recovering after the widespread implementation of potential COVID-19 vaccine programs.