- The General Authority of Foreign Trade (GAFT) led the Saudi Arabian delegation to the eighth meeting of the Trade and Investment Framework Agreement (TIFA) Council between the United States and Saudi Arabia in Washington.
- The goals of the council include uncovering opportunities for expansion, decreasing trade and investment barriers, improving the trade and investment climate, and stimulating economic development between the two countries.
- The Saudi delegation will participate in various meetings and workshops, including discussions on trade opportunities between the Middle East and the United States, Saudi investment in technology, and investing in the shared future between the two countries.
"Washington, June 24, 2024." The General Authority of Foreign Trade (GAFT) was in charge of leading the delegation from the Kingdom of Saudi Arabia to the eighth meeting of the Trade and Investment Framework Agreement (TIFA) Council between the United States and Saudi Arabia, which took place in Washington from June 23 to June 28, 2024. Abdulaziz bin Omar Al-Sukran, who serves as the Deputy Governor for International Relations at GAFT, was the leader of the group, which consisted of twenty government entities working together.
Aiming to uncover opportunities for expansion, focusing on decreasing trade and investment barriers, improving a promising trade and investment climate, and stimulating economic development between the two countries are the goals of the council, which is responsible for monitoring trade and investment relations.
As its major contributions to global trade and investment, The council deals with handling of issues involving two country’s economy and business; its activities include making global market accessible with little restriction as possible, protection against IP related issues and data as well as e-commerce management. In addition, council members aim at increasing their own capacities while focusing on analyzing trade policies of various countries
The Saudi delegation will participate in various meetings and workshops on the sidelines of the meeting. These include a workshop with the title "Trade Opportunities between the Middle East and the United States," which will be attended by US ambassadors in Gulf countries, as well as the opening session of the Select USA Investment Summit, which will be presided over by Gina Raimondo, the Secretary of Commerce for the United States of America.
The forum’s fifth session is the GCC-U.S Trade and Investment Dialogue Forum that the delegation will take part in too. This presentation will involve a panel discussion dubbed “Saudi Investment in Technology, “U.S.-Saudi Forum: Investing In Our Shared Future Roundtable, and the Saudi-U.S. Roundtable, all of which will involve private sector participation on both sides.
Mineral products and fertilizers were Saudi Arabia's most prominent exports to the United States in 2023, followed by machinery, mechanical appliances, and spare parts, as well as automobiles and spare parts. The total volume of trade between Saudi Arabia and the United States in 2023 was approximately $34 billion.
