Canada and Saudi Arabia have agreed to re-exchange trade delegations after it was suspended for five years.

The Federation of Saudi Chambers of Commerce said it signed a memorandum of understanding with the Canadian side to form a joint Saudi-Canadian Business Council.

The move came amid Riyadh and Ottawa resumed full diplomatic ties last year.

Hassan Al-Huwaizi, president of Saudi Chambers of Commerce, said the setting up a joint council is a positive step and it will help elevate trade and business ties between the two countries.

Al-Huwaizi, on Thursday, also met with Jean-Philippe Linteau, Canada’s ambassador to Saudi Arabia, and discussed ways to improve economic relations and increase trade and investment volume between the two sides.

He further noted that the business council will provide a platform for businessmen in both countries to promote their activities and engage in partnerships.

It is also expected to facilitate continuous interaction between business leaders among the two countries, along with exchanging information about opportunities and markets.

Saudi Arabia was the biggest export market for Canada in the region in 2021. Canadian exports amounted to $1.65 billion at that time.