Saudi Arabia, Kuwait sign minutes to establish coordination council

Minister of Foreign Affairs Adel Bin Ahmed Al-Jubeir and Kuwait's Deputy Premier and Foreign Minister Sheikh Sabah Al-Khalid Al-Sabah signed the minutes for establishing a coordination council between the Kingdom and Kuwait, Saudi Press Agency (SPA) said.

During the meeting on Wednesday, they reviewed the historical relations between the two friendly countries, discussed regional and international issues as well as subjects of mutual interest. The meeting was attended by a number of senior officials.

Earlier, the Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah received Al-Jubeir here on Wednesday.

At the outset of the meeting, Al-Jubeir conveyed the greetings of Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, to the Emir, wishing his friendly people steady progress and prosperity.

During the meeting, they affirmed the strong relations between the two brotherly countries and discussed the regional and international issues of common concern.

The meeting was attended by Saudi Ambassador to Kuwait Prince Sultan Bin Saad Bin Khalid, undersecretary of the ministry of foreign affairs for political and economic affairs Ambassador Dr. Adel Bin Siraj Mirdad and Director General of the office of the Minister of Foreign Affairs Ambassador Khaled Bin Musaed Al-Angari.

Earlier, local media reported that Saudi Arabia approved on Tuesday the formation of Saudi-Kuwaiti Coordination Council. The decision was announced during a Cabinet session in Jeddah chaired by King Salman.

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 other countries set an example to follow in terms of joint cooperation and development of trade relations.

Statistics reveal that the Saudi-Kuwaiti economic ties have been witnessing remarkable trade growth in recent years.

In 2001, trade exchange between them reached SR1.9 billion ($506 million). In 2015, it grew significantly to reach SR8.2 billion ($2.2 million), at a rate of 33.15 percent.

The Saudi and Kuwaiti chambers of commerce had in late April expressed their 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.