THE AUSTRALIAN GOVERNMENT SAID HERE ON THURSDAY A MOVE BY SAUDI ARABIA TO CUT TARIFFS ON IMPORTED GOODS TO FIVE PERCENT FROM 12 PERCENT WOULD ASSIST THE KINGDOM'S BID TO JOIN THE WORLD TRADE ORGANIZATION (WTO).

TRADE MINISTER MARK VAILE SAID SAUDI ARABIA'S MOVE TO MORE THAN HALVE CUSTOMS TARIFFS ON IMPORTED ITEMS WAS A SIGN OF MAJOR PROGRESS IN INTERNATIONAL TRADE.

'THE TARIFF REDUCTIONS WILL BE OF CONSIDERABLE BENEFIT TO A RANGE OF AUSTRALIAN INDUSTRIES, INCLUDING MOTOR VEHICLES AND FOODSTUFFS,' VAILE SAID IN A STATEMENT.

 VAILE SAID 'REFORMS SUCH AS THIS CAN ONLY INCREASE THE ATTRACTIVENESS OF SAUDI ARABIA AS AN EXPORT AND INVESTMENT DESTINATION FOR AUSTRALIA.'

HE ADDED THAT AUSTRALIA'S EXPORTS TO SAUDI ARABIA INCREASED BY 40 PERCENT TO NEARLY $850 MILLION IN 2000.

VAILE SAID AUSTRALIA STRONGLY SUPPORTED SAUDI ARABIA'S WTO ACCESSION ON APPROPRIATE TERMS AND WAS ONE OF THE FIRST COUNTRIES TO CONCLUDE A DEAL ON MARKET ACCESS IN MARCH 2000.

Source: SPA©

  
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