The Saudi Council of Ministers approves the merger of “Foreign Trade” and “Export Development” into one body

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The Saudi Council of Ministers decided today, Tuesday, to appoint the Minister of Industry and Mineral Resources as Chairman of the Board of Directors of the General Authority for Foreign Trade, with the Minister of Commerce as Vice Chairman of the Authority’s Board of Directors.

The Council also agreed, in its weekly meeting chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, to merge the General Authority for Foreign Trade and the Saudi Export Development Authority into one body under the name “General Authority for Foreign Trade and Export,” directing the preparation of what is necessary for the merger process, and removing what requires taking legal action within 180 days.

The decisions included the appointment of Abdullah bin Ahmed Al-Tuwaijri as a member of the Board of Directors of the Insurance Authority.

The Council agreed to authorize the Governor of the Saudi Central Bank - or his representative - to discuss and sign with the Egyptian side a draft memorandum of understanding between the Central Bank of Saudi Arabia and the Central Bank of Egypt regarding cooperation in the field of supervision and control of financial institutions subject to their supervision.

The Council also approved the food security strategy for the Gulf Cooperation Council countries as an indicative period for 3 years, in addition to approving the final accounts of the Diriyah Gate Development Authority for the previous fiscal year.

During the meeting, the Council praised the success achieved in restoring oil flows in the East-West pipeline. This rapid recovery represents the Kingdom’s energy system’s high operational flexibility and the ability to develop technical solutions and deal with emergency conditions in a way that enhances the reliability and continuity of supplies to international markets and supports the global economy.

The decisions included approving a memorandum of understanding in the field of research, development and innovation between the Research, Development and Innovation Development Authority in Saudi Arabia and the Scientific and Technological Research Council of the Republic of Turkey.