Free Trade Agreements Saudi Arabia

In 2004, the United States signed a Trade and Investment Framework Agreement (TIFA) with the United Arab Emirates (United Arab Emirates) to create a formal framework for dialogue on economic reform and trade liberalization. TTIFA promotes the introduction of legal protection for investors, improved protection of intellectual property rights, more transparent and efficient customs procedures, and greater transparency of national and trade regulations. This process allows the U.S. government to identify potential partners for further trade cooperation, such as for example. ? Free Trade Agreements (FTA). You have reached the limit of premium items that you can see for free. Saudi Arabia`s efforts to improve its trade infrastructure are also helping to improve its attractiveness as a foreign direct investment (FDI) site. One of the main goals of the 2030 vision is to increase foreign direct investment in the country from 3.8% of GDP to 5.7%. However, meeting this challenge requires reversing a negative trend in foreign investment that continues for several years. The Kingdom`s trade efforts are aimed at building on an already well-developed structure of bilateral and multilateral agreements. Saudi Arabia has been a member of the World Trade Organization since 2005 and, due to its position in the Largest Arab Free Trade Area, offers privileged market access in 17 MENA economies. As a member of the GCC, Saudi Arabia benefits from the customs union agreed by the bloc in 2003, as well as free trade agreements signed by the GCC with countries such as Syria and Singapore.

The United States currently has several bilateral free trade agreements with nations in the region. Saudi Arabia is a founding member of the Organization of the Petroleum Exporting Countries (OPEC). As a member of the GCC, Saudi Arabia participates in a series of free trade agreements (SAAs) and negotiations of the economic bloc`s FTA. The GCC has signed free trade agreements with Singapore and the European Free Trade Association. Saudi Arabia is also a member of the Greater Arab Free Trade Area (GAFTA). Saudi Arabia`s trading partners include the United States, China, Japan, South Korea and Germany. The United States began a free trade agreement (FTA) in March 2005. Under the GCC, the UAE has strong economic relations with Saudi Arabia, Kuwait, Bahrain and Oman, which means that the UAE shares a common market and customs union with these nations. Under the Greater Arab Free Trade Area Agreement (GAFTA), the United Arab Emirates has free access to trade with Kuwait, Bahrain, Qatar, Oman, Jordan, Egypt, Iraq, Lebanon, Morocco, Saudi Arabia, Tunisia, Palestine, Syria, Libya and Yemen.

The trip to Asia continued with a trip to China where discussions focused on China`s contribution to the 2030 vision and the investment opportunities of the Belt and Road Initiative, during which large volumes of trade transit through the Red Sea on their way to Europe. . . .

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