Riyadh: Technical team meetings of the Saudi-US Trade and Investment Council (TIFA) began in Riyadh today, featuring participation from Deputy Governor of the General Authority of Foreign Trade (GAFT) for International Relations Abdulaziz Alsakran and Assistant United States Trade Representative for Europe and the Middle East Bryant Trick. The event saw involvement from 20 entities from both nations.
According to Saudi Press Agency, the council, chaired by GAFT, aims to bolster economic cooperation between Saudi Arabia and the United States. It seeks to review trade and investment policies, address barriers, and support technical dialogue among relevant entities. The council's main objectives include developing trade and investment policies, facilitating trade by addressing technical and regulatory barriers, supporting cooperation on sanitary and phytosanitary measures, enhancing intellectual property protection, and advancing digital trade, innovation, and emerging technologies.
Saudi government entities participating in the council focus on developing initiatives and activities to elevate cooperation between the two countries, aiming to achieve the council's objectives and serve mutual interests.
Over the past decade, trade exchange between Saudi Arabia and the United States has reached $500 billion, establishing the United States as the Kingdom's second-largest import partner. Trade exchange since 2020 has recorded a growth rate exceeding 50%, underscoring the depth and strength of economic relations between the two countries.