Saudi Arabia's Ministerial Provisioning Committee has approved the suspension of duty on steel export for two years and cut fees on cement export by 50 per cent.

This move is a part of the new mechanism to encourage local producers and national industries to compete externally, said a Ministry of Commerce and Investment (MCI) statement on its website.

The Ministerial Provisioning Committee was formed by the Ministries of Commerce and Investment, Finance, Energy, Industry and Mineral Resources, Environment, Water and Agriculture,
Meanwhile, the Export Development Authority shall submit a report to the Ministerial Provisioning Committee every six months to measure the impact of these measures on the volume of national exports and their effects on the exports sector, it said.

The MCI continues to issue export licenses to factories wishing to export their products after verifying the fulfillment of the requirements contained in the Royal Decree, including that the supply of cement and steel locally to meet the needs of the Saudi market, it said. - TradeArabia News Service