The General Authority of Foreign Trade (GAFT) which is part of the Saudi Ministry of Commerce is leading Saudi Arabia’s delegation at the eighth meeting of the Saudi-US Trade and Investment Framework Agreement (TIFA) Council, held between June 23 and 28, 2024, in Washington, DC.
The Saudi delegation, headed by the Saudi General Authority of Foreign Trade’s Deputy Governor for International Relations, Abdulaziz Alsakran, includes 20 government agencies.
This is the 8th Saudi-US Trade and Investment Council Meeting and they are intended 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.”
The delegation will participate in a number of other meetings as well, including Middle East and USA: Investments & Opportunities” to include American ambassadors in the Gulf region, and the opening session of the SelectUSA Investment Summit, chaired by US Secretary of Commerce Gina Raimondo.
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.
According to a Saudi Gazette report, “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.”
