Saudi delegation in US to explore expanding trade and investment opportunities

The Council aims to monitor trade and investment relations to identify opportunities to further expand trade and investment, as well as to work to remove barriers to trade and investment flows, foster a promising trade and investment environment, and promote economic development between the two countries

Staff Writer, Saudi Gazette

June 24, 2024

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RIYADH — A Saudi delegation, headed by the Saudi General Authority of Foreign Trade under the chairmanship of Deputy Governor of the Authority for International Relations Abdulaziz Alsakran, is participating in the 8th Saudi-US Trade and Investment Council Meeting (TIFA), which began in Washington, D.C., on Sunday. Officials from 20 government entities are participating in the event, which will conclude on June 28.

The Council aims to monitor trade and investment relations to identify opportunities to further expand trade and investment, as well as to work to remove barriers to trade and investment flows, foster a promising trade and investment environment, and promote economic development between the two countries.

On the sidelines of the council meeting, the Saudi delegation will participate in many meetings and workshops, such as Middle East and USA: Investments & Opportunities" with the participation of American ambassadors in the Gulf region, and the opening session of the SelectUSA Investment Summit, chaired by US Secretary of Commerce Gina Raimondo.

The delegation also participates in the fifth GCC-US Trade and Investment Dialogue, a discussion session on “Invest Saudi in Tech”, the United States-Saudi Forum titled “Investing in Our Shared Future", the GCC-US Roundtable meeting, and the Saudi-US Roundtable meeting with the participation of the private sector on both sides.

The Saudi delegation includes representatives of the Ministry of Commerce, Ministry of Energy, Ministry of Investment, Ministry of Environment, Water and Agriculture, Ministry of Education, Ministry of Tourism, Ministry of Economy and Planning, Ministry of Communications and Information Technology, Ministry of Industry and Mineral Resources, Ministry of Human Resources and Social Development, General Authority for Foreign Trade, Saudi Food and Drug Authority, Small and Medium Enterprises General Authority, General Authority for Military Industries, the Saudi Standards, Metrology and Quality Organization, Saudi Authority for Intellectual Property, Saudi Data and Artificial Intelligence Authority, Zakat, Tax and Customs Authority, Research, Development and Innovation Authority, Public Investment Fund, and Saudi Green Initiative.

It is noteworthy that the General Authority for Foreign Trade is developing bilateral trade relations through coordinating councils and joint government committees, and working to enable the Kingdom's non-oil exports to access foreign markets and address any challenges arising therefrom.

Trade between Saudi Arabia and the United States of America for 2023 reached about $34 billion, with mineral and fertilizer products being the most prominent Saudi goods exporting to the United States, and machinery, machine tools, parts, automobiles, and parts registered as the most distinguished imported goods in the United States.