Riyadh: Egypt and Saudi Arabia have formalized an agreement for the mutual recognition of authorized economic operator programs, in a move aimed at bolstering trade and enhancing supply chains between the two nations. This significant agreement was signed by Sherif el Kilani, Deputy Minister of Finance and supervisor of the Egyptian Customs Authority, and Suhail bin Mohammed Abanmi, Governor of the Saudi Zakat, Tax and Customs Authority (ZATCA).

According to State Information Service Egypt, the agreement is expected to provide substantial benefits to the private sector in both countries, facilitating smoother trade and economic interactions. The signing took place during the Zakat, Tax and Customs Conference hosted by Saudi Arabia, an event designed to bring together a global audience of business professionals, taxpayers, importers, exporters, experts, and researchers. The conference serves as a platform for collaboration and the exchange of insights on Zakat, tax, and customs issues.

The gathering aims to
emphasize the latest developments in customs operations and management, exploring the best practices in tax and Zakat collection. This is particularly relevant in the context of significant advancements due to new sustainable technologies and their integration into various sectors worldwide.