The technical working group meetings of the Saudi-U.S. Trade and Investment Council (TIFA) were launched today in the capital, Riyadh, under the theme “A Platform for Dialogue, Partnership, and Economic Growth.” The meetings were attended by H.E. Mr. Abdulaziz bin Omar Al-Sakran, deputy Governor of the General Authority for Foreign Trade for International Relations, and Mr. Bryant Trick, Assistant United States Trade Representative for Europe, and the Middle East, with the participation of 20 entities from both sides.

The Saudi-U.S. Trade and Investment Council chaired by the General Authority for Foreign Trade, aims to enhance economic cooperation between the two countries through the review of trade and investment policies addressing barriers, and supporting technical dialogue among relevant stakeholders.

The council focuses on five main objectives: developing trade and investment policies, facilitating trade, and addressing technical and regulatory barriers, supporting cooperation in sanitary and phytosanitary measures and agricultural products, strengthening intellectual property protection, and advancing digital trade, innovation, and emerging technologies.

Saudi government entities participating in the council work to develop initiatives and activities that enhance cooperation between the two countries and serve their mutual interests through five technical working groups, namely: technical barriers to trade and manufactured goods, sanitary and phytosanitary measures and agricultural products, intellectual property, digital trade and artificial intelligence, and trade and investment cooperation.

Trade exchange between the Kingdom of Saudi Arabia and the United States exceeded USD 500 billion over the past decade, making the United States the Kingdom’s second-largest import partner. Since 2020, bilateral trade has recorded a growth rate exceeding 50%, reflecting the depth and strength of economic relations between the two countries.

It is worth noting that the GAFT works to develop bilateral trade relations through coordination councils and joint government committees, in addition to enabling non-oil Saudi exports to access international markets and supporting efforts to overcome related challenges.