Greece and Saudi Arabia sign major maritime transport deal

Greece and Saudi Arabia have signed a major maritime agreement in London on Wednesday further enhancing their shipping collaboration.

The maritime transport agreement was signed by Greek Shipping & Island Policy Minister Yiannis Plakiotakis and Saudi Arabia's Transport Minister Saleh Al-Jasser and is expected to "significantly enhances maritime relations between the two countries, and is the springboard for deepening their strategic partnership in shipping," noted Plakiotakis.

Signing this agreement "has been a priority for both countries since 2013, and is a result of a strong political will to deepen their constructive cooperation," he added.

Earlier this year, the Council of Saudi Chambers signed a memorandum of understanding (MoU) to establish a Saudi-Greek Business Council to enhance bilateral trade and investment between the two countries, according to Arab News.

The body would aim to open new areas for economic cooperation, facilitate continuous interaction between the Saudi and Greek business sectors, and remove obstacles to doing business.

The new council would also exchange information on available markets and investment opportunities, enable commercial and investment partnerships, and provide recommendations to the relevant authorities in the two countries to improve economic relations.

The agreement stipulated that the joint business council would consist of representatives of Saudi and Greek business owners interested in investment and trade, and the council would hold periodic meetings in Riyadh and Athens to discuss opportunities for trade and investment cooperation between the two countries.

Greek exports to Saudi Arabia slumped to $339 million in 2020 from more than $800 million in 2019, according to the United Nations Comtrade database. Of that, $202.5 million was fuel and distillates and $18.6 million was vegetable, fruit and nut preparations.

Saudi Arabia exported $184.2 million of goods to Greece in 2019, $111.9 million of which was plastics, followed by $47.5 million of copper.
Source: Arab News