The U.S.-Saudi Business Council (USSBC), in partnership with the National Competitiveness Center (NCC), U.S. Chamber of Commerce, the U.S. Embassy in Riyadh, and the American Chamber of Commerce Saudi Arabia (AmCham), gathered U.S. and Saudi private sector business leaders for a roundtable discussion on the sidelines of the U.S.-Saudi Trade Investment Framework Agreement (TIFA) in Riyadh between the Office of the U.S. Trade Representative (USTR) and the General Authority for Foreign Trade (GAFT). These meetings provided Saudi and U.S. companies an avenue to discuss challenges and opportunities to trade and investment and learn about the steps the Saudi Government has made in easing the barriers to doing business. The goal of these meetings was to promote positive U.S.-Saudi business dialogue and strengthen the U.S.-Saudi business relationship.
U.S. and Saudi representatives gave presentations on topics covering Vision 2030’s goals and achievements, details of the updated Saudi National Investment Strategy, investment opportunities in Saudi megaprojects, and the latest reforms to the Saudi investment ecosystem. The Saudi Standards, Metrology and Quality Organization (SASO) led a discussion on its overhaul of technical regulations and standards, including SASO’s adoption of over 4,500 U.S. product standards and regulations. The Saudi Food and Drug Authority (SFDA) provided a presentation on licensing establishments, product registration, import and export guidelines for food and agricultural products, and the SFDA’s adoption of the U.S. Department of Agriculture’s standards.
Other presentations were given by the Saudi Authority for Intellectual Property, the Saudi Data and AI Authority, and the Ministry of Human Resources and Social Development, covering topics of interest to U.S. companies with a presence in the Kingdom such as progress on previously identified barriers to trade, improved standards, and streamlined regulations and approval processes.
USSBC Saudi Co-Chairman Abdallah Jum’ah gave the welcoming remarks alongside H.E. Abdulaziz Alsakran, Deputy Governor of International Relations, GAFT. The team from the USTR was headed by Mr. Mark Mowry, Deputy Assistant USTR for Eurasia and the Middle East. The TIFA negotiations are a continuing effort by both governments to work together to remove impediments to trade and investment and to promote an attractive climate for enhancing cross-border transactions.
To learn more about the progress being made on reducing U.S.-Saudi barriers to trade, or to reach the NCC to for help with your own issues, please contact Ana Carmen Neboisa at anacarmen@ussaudi.org.
U.S. and Saudi business representatives, Riyadh, March 2023.