CARICOM and Saudi Arabia agree to strengthen ties and develop greater trade relations

CARICOM and Saudi Arabia agree to strengthen ties and develop greater trade relations

CARICOM Leaders and Officials of the CARICOM Secretariat have agreed to strengthen ties between CARICOM and Saudi Arabia in a number of areas, with particular focus on trade relations, the environment and infrastructure development.

In a communique, the two sides said they will join efforts to promote peace, security, stability and prosperity, through mutual respect and cooperation.

It was noted they will undertake consultations and explore cooperation on specific areas of common interest between both sides, namely education (scholarships), health, maritime cooperation, connectivity, logistics, food security, energy security, tourism economic and other possible areas of cooperation, where appropriate, including the Sustainable Development Goals (SDGs).

At the multilateral and bilateral levels, CARICOM and Saudi Arabia intend to pursue opportunities for sustainable development, peace, security and stability, tourism infrastructure development, as well as creating business opportunities in the ICT/Global Digital Services sector and boosting trade and investment.

They also intend to promote trade and investment relations with each other by enhancing public-private partnership and business-to-business relations between both regions, using available and new physical and online platforms, trade missions, exhibitions, seminars, conferences, and dialogue.

CARICOM has also agreed to support Saudi Arabia’s bid to host Expo 2030 in Riyadh, highlighting the importance of organizing regional and international exhibitions to reenergize economic and cultural exchanges between the Saudi Arabia and CARICOM, mindful that individual CARICOM Member States have pledged their support for Saudi Arabia’s candidature to host Expo 2030.

They have also stressed the importance and urgency of promoting joint action towards mitigating climate change and adapting to its impacts, protecting the environment and developing low carbon and clean energy technologies.

The CARICOM Leaders have also welcomed Saudi Arabia’s Middle East Green Initiative (MGI), and its announcement to establish and host a dedicated Middle East Green Initiative Secretariat and allocate US $2.5 billion to support MGI projects and governance.

The meeting, which took place in Saudi Arabia, was attended by President Irfaan Ali and the other CARICOM Leaders along with the CARICOM Secretary General and other officials of the regional body.

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