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 Saudi delegation was led by the General Authority of Foreign Trade (GAFT), and it included 20 government entities.
The council’s goal is to monitor trade and investment relations in order to identify opportunities for expansion, work on removing trade and investment barriers, improve a promising trade and investment environment, and foster economic development between the two countries.
The council tackles bilateral trade and investment issues, promotes market access, protects and enforces intellectual property rights, manages data and e-commerce, builds capacity, and reviews trade and investment policies.
The Saudi delegation is scheduled to attend several meetings and workshops on the sidelines of the meeting, which will last until Friday.
These include a workshop titled “Trade Opportunities between the Middle East and the United States,” which will be attended by US ambassadors in Gulf countries, and the opening session of the Select USA Investment Summit, which will be chaired by US Commerce Secretary Gina Raimondo.
The delegation will also participate 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 of which will include private sector participation from both sides.
The trade volume between Saudi Arabia and the US in 2023 was approximately $34 billion, with mineral products and fertilizers being the most significant Saudi exports to the US, while machinery, mechanical appliances and spare parts, and automobiles and spare parts were the top US imports.