Export Development Canada lifts ‘closed’ status on Saudi-related business

Canada’s export credit agency has lifted a “closed” status on Saudi Arabia-related activity after almost a year of frosty relations between the two countries, citing improved business conditions in the Middle Eastern kingdom.

The EDC changed its position on Saudi Arabia to “open on a restricted basis” from “closed,” a status it assigned in 2018.Saudi Arabia in August suspended new trade and investment with Canada after it urged Riyadh to release arrested civil rights activists, leading to a trade freeze and expulsion of diplomats.

The EDC said its position on a country is determined among other things, by the Canadian government’s assessment of “political, human rights and corruption risks.”Saudi Arabia is Canada’s largest Mideast trading partner. Canada imported C$2.6 billion of goods from Saudi Arabia, including mineral fuels and oils.

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