US signs key framework GCC accord

Washington, September 28, 2012

The US said it had signed a framework agreement with Saudi Arabia and other GCC members to explore ways to boost trade and investment with the region.

Two-way trade between the US and the GCC totalled almost $100 billion last year, with the US running about a $24bn deficit.

"This important trade and investment agreement will help grow and strengthen our economic ties with the GCC, which is a key strategic US partner in the Middle East and North Africa region," US Trade Representative Ron Kirk said.

US goods exports to the GCC totalled nearly $38 billion in 2011, led by vehicles, machinery, aircraft, electrical machinery and optical and medical instruments.

The US imported nearly $62 billion of oil, aluminium, fertilisers, organic chemicals and other goods from the region last year. US foreign direct investment in GCC countries was $23.5 billion in 2010.-TradeArabia News Service

Tags: Middle East | US | investment | GCC | Trade |