The Joint Saudi-Russian Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation agreed to continuing work on expanding trade, economic, industrial and investment cooperation between the two countries within the framework of bilateral cooperation formats.
The two co-chairs exchanged views on Saudi-Russian cooperation in various fields, and stressed the importance of the committee’s role as an effective element in promoting bilateral relations between the two countries.
“We are working with the Kingdom on the global stability of the oil market,” said Alexander Novak, the former Russsian oil minister who is now the country’s deputy prime minister.
They welcomed the results of the visit of His Excellency President Vladimir Putin; The President of the Russian Federation, to Riyadh, and the talks he held with the Custodian of the Two Holy Mosques; King Salman bin Abdulaziz Al Saud, in October 2019.
The co-chairs reviewed the current progress of the 6th Session of the Commission, which was hosted in Moscow, June 20, 2019, and discussed the preparation for the 7th Session of the Commission.
The Saudi Energy Minister, Prince Abdul Aziz bin Salman, said: “The forthcoming 7th commission meeting will consolidate this progress, but also set us on the path to new areas of co-operation in finance and banking, infrastructure and urban development, the digital economy and smart cities, transportation and logistics, SMEs and sports.
“The new road map for 2020-2023 will be even more ambitious in its aims — the number of new projects will be tripled, as an indication of the sincere desire for greater collaboration between Saudi Arabia and Russia.
“What we have is an addition of 72 new initiatives. When we hold that meeting at the end of March, we will show everybody what has been achieved. That’s the beauty of our work, is that we are KPI-ing our work.”
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Novak said mutual visits between the two countries had enhanced cooperation, and the volume of bilateral trade had increased by more than 60 percent.
Cooperation will be enhanced across the full range of economic and social activity, from the high-tech sectors such as space, information technology and telecommunications, to collaboration in education, knowledge exchange and cultural activities.
There will also be greater cooperation in industry, space, information and communication technologies, urban development, finance and banking, transport, education and culture.
Prince Abdul Aziz renewed his criticism of oil market speculators, ahead of a meeting of the OPEC+ alliance on Jan. 4 to discuss oil output levels.
“We were discussing how to make speculation a type of ballet dance,” he said. “Speculators will not just be on their toes, but also on their nails.
“No one will know what we will do on the 4th except on the 4th. That has always been approach and always will be our approach.
“You are well aware there are many countries in the agreement, but, as has always been the case, we get a common view before the decision and we will work on a common view.”
With Russia, Prince Abdul Aziz said, “we are on the same page in our bilateral relationship and making sure that the market is stable and sustainable. Continuous sustainability and stability is the pillar.”
