Saudi Arabia to resume FTA negotiations with SL

The Kingdom of Saudi Arabia is reportedly resuming free trade agreement (FTA) negotiations with 11 countries including Sri Lanka, Arab News reported.

Accordingly, KSA is looking for trading partners in India, Sri Lanka, Bangladesh, Pakistan, Australia, New Zealand, China, the United Kingdom, Indonesia, the Philippines and the United States aiming at increasing non-oil exports share in the Kingdom’s gross domestic product (GDP).

“The Kingdom aims to export services including transport, distribution, professional and financial services, communication services, postal services as well as express mail, media, hotel, construction and contracting, education and training, travel and tourism, environmental, and entertainment,” Arab News said.

The Saudi Exports Development Authority (SEDA) has announced on Wednesday (25), it will identify over 120 international tendering opportunities in a number of target countries, mainly covering construction and industrial supplies and infrastructure projects.

The Kingdom is resuming negotiations for free trade agreements with 11 countries, following a circular by the Federal of Saudi Chambers (FSC) to all chambers of commerce operating in the Kingdom, based on the directions of the General Authority for Foreign Trade (GAFT).