- July 5, 2021
- Posted by: Stratford Team
- Category: Business
Saudi Arabia has announced the latest rule changes despite the fact that UAE is its second-biggest trade partner after China in terms of import value, based on recent Saudi trade data.
Saudi Arabia has amended its rules on imports from other Gulf Cooperation Council (GCC) countries to exclude goods made in free zones or using Israeli input from preferential tariff concessions – in a challenge to the United Arab Emirates (UAE) as the region’s trade and business hub.
Despite being close allies, Saudi Arabia and the neighbouring UAE are competing to attract investors and businesses. Their national interests have also increasingly diverged, such as in their relations with Israel and Turkey.
Furthermore, Saudi Arabia – the biggest importer in the region – is trying to diversify its economy and reduce its dependence on oil, while providing more jobs for its own citizens, a point also covered by the rule changes announced over the weekend.
Saudi Arabia…
