(MENAFN- Brazil-Arab News Agency (ANBA))
São Paulo – Saudi Arabia has increased the import tariffs on 99 products, including a range of livestock, fish, and vegetables. Saudi newspaper Arab News reported that the measure is in line with World Trade Organization (WTO) rules and is aimed at promoting domestic industries and products.
Among the changes are tariffs on sheep and goats rising from zero to 7%. Twelve types of fish and shrimp have also seen a raise in customs duties, with a minimum of 6% and a maximum of 15% respectively. A number of vegetables including onions, cucumbers, carrots, eggplant and zucchini, now have import tariffs of 5%, up from zero.
The decision came into force on June 12, according to minister of Finance Mohammed Al-Jadaan. The announcement came just days after the Saudi government revealed that a previous round of import tariff rises, in June 2020, led to an investment increase in goods production and more jobs in the country.
The rise on 575 commodities two years ago saw rates increase from zero to 25% on some food and beverage products. Following the rise, investments in relevant factories in the country increased by 2% by the end of 2021 — reaching SAR 374 billion (USD 99.7 billion).
The Saudi government is hoping to use customs tariff increases to improve the balance of payments, increase exports, and bring the private sector's contribution to the gross domestic product (GDP) to 65%.
Translated by Guilherme Miranda
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