Saudi Arabia Rejects Protective Trade Policies, Obstructions

Saudi Arabia yesterday rejected protective policies and obstructions to free flow of international trade as a solution to global financial crisis.

Addressing the Asia Cooperation Dialogue, Deputy Foreign Minister Prince Abdul Aziz bin Abdullah also emphasized the importance of cultural dialogue and cooperation among the Asian countries.

He stressed the need to find effective solutions to the global financial crisis and increase in prices of essential commodities. “Saudi Arabia has called for tackling the impact of the crisis on the developing countries.”

Referring to the Saudi efforts to ensure food security and to bring down food prices, the prince said the Kingdom had contributed $ 500 million to the World Food Program to support poor countries.

The minister highlighted Saudi efforts to stabilize world oil market by ensuring adequate supply in order to accelerate global economic growth.

Leaders and senior officials from Asia’s economic powers, including major oil exporters and importers, are attending the summit.