- Greece and the Kingdom of Saudi Arabia
For information on bilateral economic relations, you can visit the AGORA internet portal.
Greek- Saudi Economic relations
The economic-commercial relationship between Greece and Saudi Arabia is governed by the Cooperation Agreement signed in 1988 between the EU and the GCC countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates).
On a bilateral level (Greece – Saudi Arabia) there is also the Agreement on Economic and Technological Cooperation which has been in effect since February 1988. This Agreement foresees the Convocation of Mixed Ministerial Committees (MMC) in order to deal with subjects of mutual interest. The said MMC have been in session three times in the past: November 1987 in Athens, February 1992 in Riyadh and May 1999 in Athens.
Within the framework of the cooperation agreement EU and GCC countries are committed to negotiation towards a Free Trade Agreement which was initiated in 1990 and gained momentum in 2007, after the accession of GCC countries to the WTO.
At the 2010 EU – GCC joint council, a Joint Action Programme for the years 2010-2013 was agreed for increased cooperation in an array of areas. This joint programme will be revised when it expires.
The Greek imports from Saudi Arabia consist mostly of unprocessed oil and derivatives. On the contrary the Greek exports to Saudi Arabia are diversified but the main weight remains on building materials, cotton seeds, foodstuffs and lastly processed fuels. It is to be noted that during the last few years Greek exports to Saudi Arabia have been strongly increasing.
Concerning the private sector, businessmen delegations visited both countries, in order to participate in business meetings and economic forums. These forums were organized by the Arab-Hellenic Chamber of Commerce and Development in Athens. The Greek businessmen seized the opportunity to inform their Saudis counterparts about the investment opportunities in Greece and to apprise them of the new attractive investment rules promulgated recently by the Greek Government.