Saudi-US Trade Volume Exceeds SR 2 Trillion, in 10 Years

Friday 1438/8/23 - 2017/05/19
  • Share on Google+

Riyadh, Sha'ban 23, 1438, May 19, 2017, SPA -- Saudi-US volume of trade has exceeded SR 2 Trillion, during the last decade, a fact that reflects the solidness of commercial relations binding the two countries, since the late leaders King Abdulaziz bin Abdulrahman Al Saud and President Franklin D. Roosevelt laid the foundations of this ongoing special relationship between the two countries.
King Salman bin Abdulaziz Al Saud landmark visit to the US, in Nov. 2015, witnessed the declaration of the Strategic Partnership for the 21th Century and establishing an office for the permanent strategic cooperation, in order to consolidate bilateral relations between the two nations.
Then came the visit of the Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, in 2016, to lay emphasis on the profound strategic relations between the two countries, especially, in terms of enhancing commercial relations, promoting investment opportunities, in the Kingdom, in tandem with the Kingdom Vision 2030, aiming, inter alia, to raise the rate of direct foreign investments (DFI) to the Saudi GDP from, currently rate at 3.8 per cent to the internationally recognized rate at 5.7 per cent.
The Kingdom and the US, In line with the trend, expressed interest in developing commerce and investment to best serve the two nations, henceforth they co-signed, in 2003, an accord to incept a joint council comprising representatives from the two countries and to be led by the Saudi Ministry of Commerce and Investment from the Saudi side and the Office of the United States Trade Representative (USTR), in addition to other representatives form government bodies.
The main goal of the council is to provide businessmen from the two countries with a formal umbrella and to overcome obstacles that might hinder fluidity of trade, from the two sides.
Up to now, the council, which is co-chaired by the two ministers of commerce, has held five sessions, the last one has taken place, in Riyadh, on Jan. 2017, which issued various recommendations, in regard of commerce, standards, measurements and quality, customs, investment, foods and drugs, consumer protection and intellectual property issues.
In parallel, there are there are the Saudi-US Business Council, founded in 1993, as a legal entity, in the US, and presided over by the former Head of Aramco Eng. Abdullah Jumma'ah, to head the Saudi side. The council aims to revamp bilateral relations, in terms of economic, trade and investment relations between the private sector companies, in the two countries, in addition to organizing forums to explore business opportunities.
Various royal orders, in this regard, have been issued, regarding visit exchange, at ministerial level, annually, to exchange views and visions, in order to promote economic and political relations, as well, to best serve the interests of the two friendly nations.
Coordination is going on to organize commercial delegations' visits, to explore investment opportunities, both in the Kingdom and the US, through a collaboration with the Saudi Commerce Chamber and Saudi-US Business Council.
-- SPA
20:25 LOCAL TIME 17:25 GMT