Saudi Arabia to launch joint trade council with Iraq

August 15, 2017 Off By Web Desk

Riyadh (IINA) – Saudi Arabia and Iraq will launch a joint trade commission, the Saudi Press Agency reported. The Cabinet has decided to approve the establishment of the Saudi-Iraqi Coordinating Commission and to delegate the Saudi minister of commerce and investments to sign on behalf of the kingdom, read a statement carried by SPA.

The weekly session of the Cabinet, chaired by Crown Prince Muhammad bin Salman, deputy premier and minister of defense, decided on Monday to set up the General Authority for Military Industries, which enjoys legal status as well as financial and administrative independence.

The agency aims to regulate the military industry in the Kingdom, develop and monitor its performance, and do everything necessary to achieve its objectives, Arab News reported.

The Cabinet decided that the authority shall have a board of directors chaired by the deputy prime minister and comprising the minister of energy, industry and mineral resources, the minister of finance, the minister of commerce and investment, and the chairman of the board of directors of the Saudi Military Industries Co.

Last Wednesday, the state-owned Saudi Public Investment Fund (PIF) announced the launch of a national state company for arms manufacturing to produce thousands of jobs in the Kingdom. The new company, Saudi Arabian Military Industries (SAMI), is part of the Kingdom’s Vision 2030, the sovereign wealth fund PIF said in a statement.

On the global front, the Cabinet expressed the Kingdom’s strong condemnation of terrorist acts in Egypt, Afghanistan, Pakistan, Burkina Faso and France, and its sympathy with the governments and peoples of these countries against all forms of terrorism and extremism.

Source: International Islamic News Agency