Eighth Saudi-US TIFA Council Meeting Begins in Washington DC
Washington DC, The Gulf Observer: The eighth meeting of the Saudi-US Trade and Investment Framework Agreement (TIFA) Council began on Sunday in Washington DC. Led by the General Authority of Foreign Trade (GAFT), the Saudi delegation comprised representatives from 20 government entities.
The council’s primary objective is to oversee trade and investment relations, identify expansion opportunities, eliminate trade and investment barriers, enhance the trade and investment environment, and promote economic development between Saudi Arabia and the United States.
The TIFA Council addresses a range of bilateral trade and investment issues, including market access, protection and enforcement of intellectual property rights, data and e-commerce management, capacity building, and policy reviews.
During the week-long meeting, which concludes on Friday, the Saudi delegation will participate in several key events and workshops. These include a workshop titled “Trade Opportunities between the Middle East and the United States,” attended by US ambassadors in Gulf countries, and the opening session of the Select USA Investment Summit, chaired by US Commerce Secretary Gina Raimondo.
Additionally, the delegation will engage in the fifth GCC-US Trade and Investment Dialogue Forum, a panel discussion titled “Saudi Investment in Technology,” the US-Saudi Forum titled “Investing in Our Shared Future,” the GCC-US Roundtable, and the Saudi-US Roundtable, all featuring private sector participation from both nations.
In 2023, the trade volume between Saudi Arabia and the United States was approximately $34 billion. Saudi Arabia’s most significant exports to the US included mineral products and fertilizers, while the top US imports were machinery, mechanical appliances and spare parts, and automobiles and spare parts.
This meeting underscores the continued commitment of Saudi Arabia and the United States to strengthening their trade and investment partnership, fostering mutual economic growth, and exploring new avenues for collaboration.
