Saudi Arabia Amends Certain GCC-Related Import Rules
Saudi Arabia recently amended its import rules for goods from other members of the Gulf Cooperation Council, the Hong Kong Trade Development Council reported July 14. Saudi Arabia will exclude goods manufactured in GCC free zones from “preferential tariff concessions”…
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and all goods made in the free zones no longer will be considered “locally made.” The country will also not extend preferential tariffs to imported items from GCC companies with fewer than 25% local employees and less than 40% added value after their transformation process in the GCC country, HKTDC said. The changes “reflect the increasing commercial competition between” between Saudi Arabia and the United Arab Emirates as both countries pursue “similar non‑oil diversification activities.”