The Saudi-American Trade and Investment Framework Agreement (TIFA) holds the 5th session at MCI headquarters in Riyadh. Four meetings were held, attended by a number of government authorities and the private sector to discuss boosting trade and investment cooperation and increasing the volume of trade and investment exchange.
The two sides discussed enhancing the volume of trade, and the exchange of information about the size of licensed investments in both countries, as well as the investment opportunities in the technical and scientific fields, beside stimulating the major US companies to establish value-added industries in the Kingdom, especially in areas that are contained in the Kingdom's Vision 2030 and the National Transformation Program 2020.
The two sides discussed as well ways of technical cooperation, exchange of expertise relevant to trade and investment, consumer protection, examining consumer goods, certificate of conformity, cooperation related to trademark protection, technical cooperation, training related to recalling center for defective vehicles or consumer products, customs, protection of intellectual and cultural property, media, environmental and agricultural cooperation, food and drug.
It is worth mentioning that the trade exchange between Saudi Arabia and the United States amounted to SR 115 billion in 2016 (excluding crude oil) , and exports from Saudi Arabia to the United States amounted to SR 3.1 billion riyals, while imports from the United States amounted to SR 111 billion.