The king of Saudi Arabia called for the establishment of the FTA with Latin America

RIYADH, 11 Nov. The king of Saudi Arabia Salman bin Abdulaziz al Saud urged to consider the establishment of a free trade zone incorporating countries in the middle East and Latin America.

“We call upon… to consider signing the free trade agreement, for the avoidance of double taxation and on encouragement and protection of investments of countries in both regions. This agreement will provide a regulatory framework to strengthen trade relations between them,” said king, speaking at the opening ceremony of the IV Summit of Latin American and Arab countries in Riyadh.

The Saudi monarch stressed that the development of close economic relations will allow the States of the two regions to better address the financial difficulties that they face in the modern world.

In the two-day summit, the delegates from 22 Arab and 12 Latin American countries plan to discuss a number of issues regarding security and economic development of the two regions. In particular, it is expected a detailed consideration of issues such as the crisis in Syria, Yemen, Libya, as well as the territorial dispute between Argentina and Britain over the ownership of the Falkland Islands, with emphasis on the ways of their early political settlement.

Among the participants of the summit the President of Egypt Abdel Fattah al-Sisi, the leader of Iraq Fuad Masum, the President of Ecuador, Rafael Correa, the President of Venezuela Nicolas Maduro, President of the Palestinian national authority (PNA) Mahmoud Abbas, Prime Minister of Tunisia, Habib ESSID, as well as many other heads and high-ranking diplomats of the countries of the Arab world and Latin America.