The Saudi Minister of Commerce and Industry and the Office of the United States Trade Representative (USTR) have recently concluded an agreement to develop trade and investment interactions between the Kingdom of Saudi Arabia and the United States. Amending such agreement is possible through exchanging memorandums between both parties via diplomatic channels.
The agreement incorporated 8 articles aimed at expanding trade of goods and services, promoting a suitable investment & trade environment between the two countries and facilitating communications between the private sectors in both countries.
According to the agreement, the two parties shall establish American-Saudi Council for trade & investment that is composed of representatives of the both parties. The Saudi party shall be chaired by Ministry of Commerce and Industry, and the American party shall be chaired by USTR. The establishment of such council aims at monitoring trade and investment interactions in order to expand opportunities of trade and investment in both countries. It also aims at eliminating obstacles that impede the flow of trade and investment.
On the other hand, the Minister of Commerce and the EU Trade Commissioner have also concluded an agreement in which the European Union has approved on the accession of Saudi Arabia to the World Trade Organization (WTO). Such step is of considerable significance for the Kingdom since the EU States constitute a momentous bloc on the national trade arena.