24 Jun 2024
The General Authority of Foreign Trade (GAFT) led the Kingdom of Saudi Arabia’s delegation at the eighth meeting of the Saudi-US Trade and Investment Framework Agreement (TIFA) Council in the United States, held between June 23 and 28, 2024, in Washington. The delegation was headed by Deputy Governor of GAFT for International Relations Abdulaziz bin Omar Al-Sukran, with the participation of 20 government entities.
The council aims to monitor trade and investment relations to identify opportunities for expanding trade and investment, work on removing barriers to trade and investment flows, enhance a promising trade and investment environment, and foster economic development between the two countries.
The council addresses trade and investment issues between the two countries, facilitates market access, protects and enforces intellectual property rights, handles data and e-commerce, builds capacities, and reviews trade and investment policies.
On the sidelines of the meeting, the Saudi delegation is scheduled to participate in several meetings and workshops, including a workshop titled "Trade Opportunities between the Middle East and the United States," with the participation of U.S. ambassadors in Gulf countries, and the opening session of the Select USA Investment Summit, chaired by U.S. Secretary of Commerce Gina Raimondo.
The delegation will also take part in the fifth GCC-U.S. Trade and Investment Dialogue Forum, a panel discussion titled "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, with the participation of the private sector from both sides.
The trade exchange volume between Saudi Arabia and the United States in 2023 amounted to some $34 billion, with mineral products and fertilizers being the most prominent Saudi exports to the United States, while machinery, mechanical appliances and spare parts, and automobiles and spare parts were the top U.S. imports.