Saudi Arabia approves trade concession system

The Saudi Council of Ministers decided Tuesday to approve thetrade concession system, after reviewing the recommendations made by theMinister of Commerce and Investment and the recommendations prepared by theEconomic and Development Council acceptingthe trade concession system.

The Saudi Council also approved the Minister of Transportand Chairman of the Board of Directors of the Public Transport Authority'sproposal to approve operating the public transport networks by buses as a firststage in some cities and provinces of Saudi Arabia.

In a related context, the Council of Ministers approved thedraft charter of cooperation between oil producing countries, and the signing bythe Minister of Energy, or his designee, of a draft charter of cooperationbetween oil producing countries with his Russian counterpart.

The Council decided to authorize the Minister of Energy, orhis designee, to discuss with the Russian side a draft protocol of cooperationbetween the Ministry of Energy in Saudi Arabia and the Ministry of Energy inthe Russian Federation.

The Council also decided to authorize him to discuss with the Russian side ondraft memorandums of understanding in several areas, including the promotionand protection of mutual investments, increasing the export of agricultural andfood products, tax administration, civil aviation security, and the media cooperation.