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GCC, US ink agreement to enhance bilateral trade

28 Sep 2012

(MENAFN) The US Trade Representative, Ron Kirk, announced that his country has inked a new framework pact with several GCC countries, including Saudi Arabia, to enhance bilateral trade and investment ties, reported Arabian Business.

In 2011, total mutual trade between the Gulf Cooperation Council (GCC) and the US reached around USD100 billion, with the US posting a trade gap of USD24 billion.

The US exported USD38 billion worth of goods to the GCC in the year, with main exports including vehicles, machinery, aircraft, electrical machinery, and optical and medical instruments.

On the other hand, the GCC exported around USD62 billion worth of oil, aluminum, fertilizers, organic chemicals and other goods to the US in 2011.

It is worth noting that in 2010, the US foreign direct investment (FDI) in GCC countries reached USD23.5 billion.

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