The Saudi Arabia approved on Tuesday the formation of a Saudi-Kuwait coordination council.
The decision was announced during a cabinet session in Jeddah that was chaired by Custodian of the Two Holy Mosques King Salman bin Abdulaziz.
Saudi Foreign Minister Adel al-Jubeir traveled to Kuwait on Tuesday to sign the agreement that would establish the council.
The agreement means that Saudi and Kuwait economic ties are headed towards a new phase of development and growth.
Coordination councils established between Saudi Arabia and a number of Gulf, Arab and world countries set an example to follow in terms of joint cooperation and development of trade relations.
On the Saudi and Kuwaiti economic levels, statistics reveal that they have been witnessing remarkable trade growth in recent years.
In 2001, trade exchange between them reached SR1.9 billion (USD506 million). In 2015, it grew significantly to reached SR8.2 billion (USD2.2 million), at a rate of 33.15 percent.
The Saudi and Kuwaiti chambers of trade had in late April expressed their complete keenness on bolstering trade and investment relations through the establishment of joint projects.
Kuwait’s Chamber of Commerce and Industry had hosted the Kuwaiti-Saudi economic forum that saw the participation of businessmen from both countries.
Tuesday’s announcement came at a time when the Saudi economy, the largest in the Middle East, witnessed positive growth of 1.2 percent in the first quarter of 2018 in reflection of the efficiency of economic reforms aimed at diversifying the economy and steering the Kingdom away from oil dependence.
