United States Trade Representative Ron Kirk announces agreement with GCC to strengthen economic ties, expand trade and investment relationship
- United Arab Emirates: Saturday, September 29 - 2012 at 11:55
- PRESS RELEASE
United States Trade Representative Ron Kirk today announced that the United States and the Gulf Cooperation Council (GCC) signed a Framework Agreement for Trade, Economic, Investment and Technical Cooperation. The Agreement will establish a Joint Committee to discuss areas where both the GCC and the United States share mutual interests, including considering opportunities for enhancing economic, commercial, investment and technical cooperation, fostering their economic relations and increasing the volume of trade and investment between them.
"This important trade and investment agreement will help to grow and strengthen our economic ties with the Gulf Cooperation Council - which is a key strategic U.S. partner in the Middle East and North Africa region," said Ambassador Kirk. "The United States greatly values its economic relationship with this group, which is a focus of our efforts to increase American jobs and U.S. exports under President Obama's National Export Initiative."
The GCC region collectively was the sixth largest supplier of imports to the United States in 2011 with U.S. goods imports from the region totaling nearly $62bn. Leading U.S. imports from the GCC include oil, aluminum, fertilizers, and organic chemicals. U.S. foreign direct investment (FDI) in GCC countries was $23.5bn in 2010.
The United States currently has bilateral trade agreements with all six of the individual member states that make up the GCC. This Framework Agreement will supplement and build upon - not replace - our engagement with individual member states on bilateral issues.
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