Saudi Arabia and Estonia have signed a memorandum of understanding (MoU) in the field of modern transportation methods.
The MoU was signed by Saleh bin Nasser Al-Jasser, Saudi minister of Transport and Logistics, and Kristin Michal, Estonian minister of climate.
The agreement aims to enhance cooperation and embody the strategic partnership between the two countries in the realm of modern transportation.
It also seeks to support and adopt the latest transportation methods through the use of advanced technologies, harmonize relevant policies and legislation, and facilitate the exchange of expertise to address challenges facing the transport and logistics sector.
The signing ceremony was attended by Nisreen bint Hamad Al-Shibel, Saudi ambassador to Estonia, along with an accompanying delegation.
Read more: Saudi Arabia’s non-oil exports surge by 4.4 percent to $5.82 billion in February
Bilateral trade relations
Saudi Arabia and Estonia enjoy notable bilateral trade relations. In 2022, Saudi Arabia exported $47 million worth of goods to Estonia. According to data from OEC World, The main products exported from Saudi Arabia to Estonia were Ethylene Polymers ($40.8 million), Titanium ($2.56 million), and Ethers ($2.26 million). Furthermore, over the past 27 years, Saudi Arabia’s exports to Estonia have increased at an annualized rate of 30.6 percent, rising from $35,000 in 1995 to $47 million in 2022.
Meanwhile, in 2022 Estonia exported $56 million worth of goods to Saudi Arabia. Additionally, the primary Estonian exports to Saudi Arabia were Wheat ($20.5 million), Barley ($19.8 million), and Sawn Wood ($2.68 million). Moreover, Estonia’s exports to Saudi Arabia have grown at an annualized rate of 18.3 percent over the last 27 years, increasing from $598,000 in 1995 to $56 million in 2022.
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