Al-Assaf highlights the signing of a free duty zone agreement between GCC and EU

Dr. Ibrahim bin Abdulaziz Al-Assaf, Minister of Finance, today disclosed that the Gulf Cooperation Council (GCC) and European Union (EU) have gone a long way towards signing a free duty zone agreement between the two economic blocs, a move Al-Assaf expected to boost trade and investment between Saudi Arabia and France on one hand and Saudi Arabia and other EU members on the other. In a statement on the sidelines of meeting of President François Hollande of France with Saudi businessmen and businesswomen at the headquarters of the Council of the Saudi Chambers of Commerce and Industry in Riyadh, Al-Assaf reminded that France was the first to sign an agreement with the Kingdom of Saudi Arabia to evade tax dualism agreement several years ago. "We assume that the amended agreement between the two countries would help increase trade and investment between Saudi Arabia and France" Assaf said, noting that there obviously are huge investments between the two countries but their leaderships and peoples still gear forward to see more. In addition to the agreements signed between the two in the past, yesterday an arrangement to promote cooperation between the two countries in the field of health was signed in the presence of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud and the French president in Riyadh yesterday, noting that there is also a partnership between Saudi ARAMCO and French conglomerate of TOTAL, he said, citing a joint refinery and petrochemicals plant in Jubail which has already kicked off production.