After a five-year hiatus, Saudi Arabia and Canada have renewed trade delegation exchanges. The Federation of Saudi Chambers of Commerce and its Canadian counterpart have signed a memorandum to establish a joint Saudi-Canadian Business Council.
This development follows the restoration of full diplomatic relations between Riyadh and Ottawa last year.
Hassan Al-Huwaizi, president of the Chambers of Commerce, expressed optimism about the joint council, anticipating it will strengthen trade and business relations between the two nations.
Al-Huwaizi and Jean-Philippe Linteau, the Canadian ambassador to Saudi Arabia, discussed enhancing economic ties and boosting trade and investment during a meeting on Thursday.
Al-Huwaizi highlighted that the business council will serve as a conduit for businessmen from both countries to expand their operations and form partnerships.
The council aims to facilitate ongoing interactions between business leaders and provide information about market opportunities.
Last year, the two countries announced restoring full diplomatic relations following a 2018 dispute over human rights that saw Riyadh expel Ottawa’s ambassador and freeze new trade.
“It has been decided to restore the level of diplomatic relations with Canada to its previous state,” Saudi’s foreign ministry said in a statement.
Canadian Foreign Minister Melanie Joly pointed out that the two countries will “appoint new ambassadors”. A Canadian foreign ministry statement named Jean-Phillipe Linteau as Ottawa’s new envoy to Saudi Arabia.
In 2021, Saudi Arabia was Canada’s largest export destination in the region, with exports totaling $1.65 billion. On the other hand, Canadian exports to Saudi Arabia amounted to $2.2 billion and imports represented $2.4 billion, according to official figures from the Canadian government.
