Saudi Arabia And US Aim To Enhance Trade And Investment At 8th Council Meeting

The General Authority of Foreign Trade (GAFT) led Saudi Arabia’s delegation at the eighth meeting of the Saudi-US Trade and Investment Framework Agreement (TIFA) Council in Washington, D.C., from June 23 to 28, 2024. The delegation was headed by Deputy Governor of GAFT for International Relations Abdulaziz bin Omar Al-Sukran and included representatives from 20 government entities.

The TIFA Council aims to monitor trade and investment relations, identify opportunities for expansion, and work on removing barriers to trade and investment flows. It also seeks to enhance a promising trade and investment environment and foster economic development between Saudi Arabia and the United States.

The council addresses various issues, including market access, intellectual property rights protection, data and e-commerce management, capacity building, and policy reviews. These discussions are crucial for facilitating smoother trade and investment activities between the two nations.

On the sidelines of the TIFA meeting, the Saudi delegation participated in several workshops and meetings. One notable workshop was titled "Trade Opportunities between the Middle East and the United States," which included U.S. ambassadors in Gulf countries. Additionally, they attended the opening session of the Select USA Investment Summit, chaired by U.S. Secretary of Commerce Gina Raimondo.

The delegation also took part in the fifth GCC-U.S. Trade and Investment Dialogue Forum, a panel discussion on "Saudi Investment in Technology," the U.S.-Saudi Forum titled "Investing in Our Shared Future," the GCC-U.S. Roundtable, and the Saudi-U.S. Roundtable. These events featured participation from both public and private sectors.

Trade Exchange Volume

In 2023, the trade exchange volume between Saudi Arabia and the United States amounted to approximately $34 billion. Mineral products and fertilizers were among the most prominent Saudi exports to the United States. On the other hand, machinery, mechanical appliances and spare parts, as well as automobiles and spare parts, were the top U.S. imports into Saudi Arabia.

The ongoing collaboration through TIFA Council meetings underscores the commitment of both nations to strengthening their economic ties. By addressing key issues and exploring new opportunities, Saudi Arabia and the United States aim to create a more robust trade and investment environment that benefits both countries.

With inputs from SPA