Saudi Arabia Minister of Economy and Planning notes Riyadh’s interest in concluding free trade agreements with several countries
The country is considering an invitation to BRICS from the point of view of strengthening its economy
Saudi Arabia Minister of Economy and Planning Faisal bin Fadl al-Ibrahim noted Riyadh’s interest in concluding free trade agreements with several countries, as reported by
“We evaluate the invitation and consider it from an economic point of view. We pay attention to everything that will help make the transformation of our economy more stable and smoother, and will also contribute to the fight against global economic crises,” he said.
In addition, Saudi Arabia is interested in concluding free trade agreements with several countries, but the minister did not say which ones. “Exports are growing in areas that do not relate to oil trade, but not as fast as we would like. We want to achieve higher rates,” he added.
As the agency notes, such measures are aimed at diversifying the kingdom’s economy and reducing its dependence on the raw materials sector. In particular, Saudi Arabia plans to develop the production of electric vehicles and pharmaceuticals.
As a result of 15th summit for 6 countries was made an invitation to join the BRICS: Argentina, Ethiopia, Saudi Arabia, Egypt, Iran and the United Arab Emirates. It is expected that these countries will join the bloc on January 1, 2024.