On June 28, 2024, the U.S.-Saudi Business Council (USSBC) in partnership with the U.S. Chamber of Commerce hosted a Business Roundtable alongside the 8th U.S.-Saudi Trade and Investment Framework Agreement (TIFA) meeting between the U.S. and Saudi government delegations led by the United States Trade Representative (USTR) and the Saudi General Authority of Foreign Trade (GAFT), respectively.
The roundtable aimed to enhance bilateral economic ties between the United States and Saudi Arabia, serving as a platform to discuss business opportunities and challenges, foster collaboration, and overall contribute towards promoting trade and investment between the two countries’ business communities. It facilitated an open dialogue on strategies for enhancing economic growth, diversification, and partnership, especially in light of the Saudi Vision 2030’s emphasis on economic diversification and private sector development.
The event was attended by over 115 representatives of U.S. and Saudi private sector and government agencies. The U.S. delegation comprised participants from sectors including defense, engineering, pharmaceuticals, healthcare, food and beverages, aerospace, legal, technology, transport, and entrepreneurship, reflecting the multifaceted nature of U.S.-Saudi economic relations. The Saudi delegation included representatives from the following agencies:
- General Authority of Foreign Trade (GAFT)
- Saudi Standards, Metrology and Quality Organization (SASO)
- Saudi Authority for Intellectual Property (SAIP)
- Saudi Food and Drug Authority (SFDA)
- Saudi Authority for Data & Artificial Intelligence (SDAIA)
- Zakat, Tax and Customs Authority (ZATCA)
- Ministry of Communications & Information Technology (MCIT)
- Ministry of Economy & Planning (MEP)
- Small & Medium Enterprises Authority (Monsha’at)
- Ministry of Tourism (MT)
- Ministry of Human Resources and Social Development (MHRSD)
- General Authority for Military Industries (GAMI)
- Public Investment Fund (PIF)
- Ministry of Investment (MISA)
- Ministry of Environment, Water and Agriculture (MEWA)
- Research, Development & Innovation Authority (RDIA)
- Ministry of Education (ME)
- Ministry of Energy (MOE)
- Saudi Aramco (under Ministry of Energy)
- Saudi Green Initiative (SGI)
- Center for Vegetation Development and Combating Desertification (NCVC)
- Royal Commission for Riyadh
- Federation of Saudi Chambers
- Cultural Development Fund
- National Industrial Development and Logistics Program (NIDLP)
The program commenced with welcoming remarks by Steve Lutes, Vice President, Middle East, U.S. Chamber of Commerce, and USSBC Board Member Amb. Stu Jones, President, Regions and Corporate Relations, Bechtel Corporation. Opening remarks were then delivered by Abdulaziz Alsakran, Deputy Governor of International Relations at GAFT, and Bryant Trick, Assistant USTR for Europe and the Middle East. The session was moderated by Jason Buntin, Deputy Assistant United States Trade Representative for the Middle East and North Africa.
Mr. Lutes then led a moderated discussion on the current challenges and obstacles to trade and investment. This was followed by a focused discussion on bilateral trade and investment in key sectors for Saudi economic diversification, moderated by USSBC Board Member Charles Hallab, Founder and Principal of Barrington Global. The program concluded with closing remarks by Mr. Alsakran, reflecting on the key takeaways and future steps for enhancing U.S.-Saudi economic relations.
Topics and concerns raised during the Business Roundtable included data privacy and cross-border data flows, with U.S. participants highlighting challenges posed by local regulations. The lengthy visa wait times for Saudi executives traveling to the U.S. were also discussed, with assurances from U.S. officials about efforts to expedite processing. Additional topics included the status of the GCC Excise Tax and agricultural trade, U.S. export controls, concerns over the tendering process for complex projects, and the need for policy consistency and adaptability in Saudi Arabia. Emphasis on the importance of supporting innovation, participation of the private sector, the benefits of free trade and economic zones, and the crucial role of small and medium enterprises (SMEs) in economic growth were also key points of discussion, reflecting the broad spectrum of issues impacting U.S.-Saudi business relations.
Role of U.S.-Saudi TIFA
The U.S.-Saudi TIFA serves as a cornerstone for fostering and regulating trade relations between the United States and Saudi Arabia. TIFA is a formal mechanism to address trade and investment issues, resolve disputes, and promote bilateral cooperation. It aims to facilitate an open dialogue on enhancing market access, regulatory alignment, and investment protection. The framework supports both nations in creating a conducive environment for economic growth and development, paving the way for greater business opportunities and partnerships.
Role of the U.S.-Saudi Business Council
Given the unique composition of the USSBC, namely corporate representatives of both U.S. and Saudi private sectors, the Council plays a pivotal role in strengthening trade and investment relations between the United States and Saudi Arabia.
The USSBC has been organizing business roundtables on the sidelines of the U.S.-Saudi TIFA negotiations since 2006. They remain an important platform for private sector input and dialogue on challenges and avenues to overcome them. The Council has partnered with many organizations including the U.S. Chamber of Commerce, to broaden the awareness of this platform. They were held both in the U.S. and Saudi Arabia.
The Council’s role for over 30 years has been to facilitate discussions on trade and investment challenges, raise awareness of opportunities unveiled by the Saudi economic diversification for both large companies and SMEs, and thus contribute to the growth of the bilateral trade in alignment and diversification of the Saudi economy.
