Saudi Arabia’s Governor of the Zakat, Tax and Customs Authority (ZTA), Suhail bin Mohammed Abanmi, and Louise Ho, Commissioner of the Customs and Indirect Tax Department in Hong Kong, China, have signed a memorandum of understanding (MoU) on cooperation and mutual administrative assistance in customs matters between the Kingdom and Hong Kong.
The MoU between Saudi Arabia and China in the customs field marks a significant milestone in their growing bilateral trade and economic relations. This deal is part of a broader effort to enhance cooperation and streamline the movement of goods between the two nations, ensuring smoother trade flows and fostering economic integration.
The MoU between Saudi Arabia and China plays a pivotal role in supporting the objectives of Saudi Vision 2030, particularly in the areas of logistics, trade, and sustainable economic development.
This directly supports Saudi Arabia’s goal of increasing trade volume with international partners, which is a fundamental element of Vision 2030. Simplified customs processes reduce trade barriers, making Saudi Arabia an even more attractive destination for international businesses.
The key areas of cooperation include coordinating customs procedures to expedite the clearance of goods, exchanging best practices and expertise to improve institutional capabilities, and leveraging advanced technologies to modernize customs operations.
The deal also emphasizes the exchange of expertise and the adoption of cutting-edge technologies to further enhance the effectiveness of customs operations in both countries. These provisions will help develop the institutional capabilities of both customs administrations, ensuring they remain competitive and efficient in an increasingly complex global trade environment.
