Saudi Arabia and Egypt will announce soon a 40 percent reduction on custom fees on goods and materials in the year 2001, reported ArabicNews.com, quoting a Saudi finance ministry official as saying Monday.
The official said that the two countries signed in 1998 an agreement upon which they agreed to reduce 10 percent of the customs fees annually till the year 2001.
"The agreement is aimed at facilitating the establishment of an Arab free trade area between the two countries," the official said.
Meanwhile, ArabicNews said that meetings of the 10th session of the Saudi- Egyptian committee will start on Tuesday, adding that the committee is due to discuss ways of setting up the free trade area.
Egypt online reported that the free area is expected to increase the volume of Egyptian exports to Saudi Arabia, which were estimated at approximately 140$m in 1998 -- Albawaba.com
