Lebanon, Saudi Arabia Set up Business Council
Lebanon and its potential exporting market, Saudi Arabia, established a Lebanese-Saudi Business Council Wednesday, prior to Saudi plans for easing two-way trade, which reached $243 million last year, The Daily Star reported.
Saudi Arabia’s ambassador to Lebanon, Fouad Sadek Mufti was quoted by the paper as saying that “we want to remove all obstacles to trade between Saudi Arabia and Lebanon by slashing down tariffs on a selection of items, easing the entry of goods both ways, and other measures.”
Mufti said that Lebanon’s Finance Minister, Fouad Siniora, was currently studying the Saudi proposal that to enance the bilateral trading ties, easing all taxation on the entry of goods.
Last year Saudi exports to Lebanon reached $165 million, up nearly 61 percent from 1999, while Lebanese exports to the kingdom rose by 9.8 percent last year to $78 million from 1999.
Kassar said the council’s primary task would be to increase bilateral trade and Lebanese-Saudi joint ventures that do not meet the two countries aspirations – Albawaba.com