Palestinians Welcome Saudi Tax Exemption of Imports

The Palestinian National Authority (PNA) welcomed on August 2, 2012 Saudi Arabia's decision to keep exempting Palestinian imported goods from taxes.

The Saudi Council of Ministers agreed to extend the exempt of Palestinian goods from custom duties for another year.

The Palestinian Minister of Economy Jawad Naji said the decision to free goods from custom duties will strengthen their economy and trade relations.

Naji added that the focus of the PNA is to open up new markets and promote trade. They are therefore developing new policy and legislative framework to allow for multilateral and bilateral trade agreements supporting sustainable growth in the economy.

Palestinians' economy has for years relied on using Israeli channels, with exports to Israel accounting for 80 percent, of which many products are re-exported to other countries. A number of Arab and EU countries also import Palestinian products accounting for 60 million U.S. dollars per month.