trade in our Islamic world and to facilitate the flow of capitals and investment among us, the ten-year work program has commissioned the Standing Committee for Economic and Commercial Cooperation / COMCEC / to increase the volume of trade between Member States, necessitating effective implementation of the Convention on the trade preferences of the organization and its plan to reduce customs tariffs and remove customs and semi-custom barriers. Let me assure you that the Kingdom of Saudi Arabia is in the process of finalizing the ratification procedures of this plan and hopes that all Members of the Organization follow suit to enable the organization to implement the plan as soon as possible to ensure the achievement of the desired goal. Your Majesties and Highnesses, Saudi Arabia participates in the global tireless efforts to preserve the environment and underscores the importance of the world community adopting appropriate measures to counter climate change according to the joint responsibility on one hand and differentiated responsibility between developed and developing countries on the other. It also confirms that continuation in energy usage technology development research and purifying it is an important field and will be the main entrance to confront the environment numerous problems but the efforts exerted are coping with the extent of this importance. In this concern, the Kingdom has initiated the establishment of a fund research on energy, environment and climate change, announced by OPEC during the third summit held in Riyadh and has donated $ 300 million dollars. Petroleum is a strategic commodity for the world economy. Its market stability is vital to ensuring the common interests of producers and consumers alike. Emanating from this, the Kingdom of Saudi Arabia was always keen to adopt an oil policy aiming at preserving the balance of this market. Moreover, the Kingdom was keen to extend bridges of dialogue between producers and consumers via the Riyadh-based World Energy Forum. In this regard, it deserves mentioning that the current volatility in the world oil market and the souring of oil prices are largely due to speculations, which have nothing to do with the foundations of a stable market. --More
