Key agenda items at the council included discussions on trade and investment policies…reports Asian Lite News
The eighth meeting of the Saudi-US Trade and Investment Framework Agreement (TIFA) Council in the United States kicked off on Sunday in Washington DC.
The delegation, headed by General Authority of Foreign Trade (GAFT) Deputy Governor for International Relations, Abdulaziz bin Omar Al-Sukran, included representatives from 20 government entities.
The TIFA Council, a pivotal platform for enhancing bilateral trade and investment, focuses on expanding economic cooperation and addressing barriers to trade flows between Saudi Arabia and the United States. It aims to create a conducive environment for economic growth and development.
Key agenda items at the council included discussions on trade and investment policies, market access facilitation, intellectual property rights protection, data governance, and capacity building initiatives.
Alongside the main sessions, the Saudi delegation participated in various meetings and workshops. Highlights included a workshop titled “Trade Opportunities between the Middle East and the United States,” featuring U.S. ambassadors from Gulf countries. Additionally, they attended the opening session of the Select USA Investment Summit, chaired by U.S. Secretary of Commerce Gina Raimondo.
Further engagements included the fifth GCC-U.S. Trade and Investment Dialogue Forum, focusing on Saudi investments in technology, and the U.S.-Saudi Forum themed “Investing in Our Shared Future.” The delegation also participated in the GCC-U.S. Roundtable and the Saudi-U.S. Roundtable, engaging private sector representatives from both nations.
In 2023, bilateral trade between Saudi Arabia and the United States reached approximately $34 billion. Saudi Arabia’s exports primarily included mineral products and fertilizers, while imports from the U.S. featured machinery, mechanical appliances, spare parts, and automobiles.
The TIFA Council meeting underscores Saudi Arabia’s commitment to fostering robust economic ties with the United States, promoting mutual prosperity and sustainable economic growth.
ALSO READ: Trump, Biden to clash in first presidential debate
