Saudi Arabia, Canada agree to resume joint trade delegations ‎after 5 years of suspension

The Federation of Saudi Chambers announced the reopening of economic cooperation and the resumption of commercial activities and events between the business sectors in the Kingdom and Canada, five years after the Federation suspended the activity of the Joint Business Council and trade missions and delegations.

President of the Federation, Hassan bin Mujab Al-Huwaizi, said that the Federation signed a memorandum of understanding to establish the Saudi-Canadian Business Council and activate its work, in a positive step that coincides with the opening of the horizon of relations between the Kingdom and Canada, adding that the memorandum will constitute a good beginning to support trade and investment relations between the two countries through its various activities in order to achieve the interests of the business sectors and benefit from the enormous opportunities available in the Saudi and Canadian economies.

Al-Huwaizi met today (Thursday) with the Canadian Ambassador to the Kingdom, Jean-Philippe Lento, and the Chairman of the Canadian-Saudi Business Council, Jeffrey Steiner, and discussed with them ways to support economic relations and raise the volume of trade and investment exchange between the two countries.

The Saudi-Canadian Business Council will provide a platform for Saudi and Canadian businessmen to introduce and promote their activities and establish business partnerships, as well as opening new qualitative areas of economic cooperation and facilitating continuous interaction between the business sectors of the two countries, exchanging information about opportunities and markets, organizing exhibitions and conferences, and visits by trade delegations.

It is worth noting that the volume of trade exchange between the Kingdom and Canada reached 16 billion riyals, achieving a growth of 8.3% in 2022.