U.S. Forms Joint Trade Committee with Gulf Region Group
The U.S. and the Gulf Cooperation Council will establish a Joint Committee to discuss opportunities for enhancing economic, commercial, investment and technical cooperation, fostering their economic relations and increasing the volume of trade and investment between them, said U.S. Trade Representative Ron Kirk. The Framework Agreement for Trade, Economic, Investment and Technical Cooperation was signed in New York this week.
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Total two-way trade between the U.S. and the GCC totaled almost $100 billion last year, and the combined GCC countries ranked tenth as an export market for the U.S. in 2011, with exports to the region totaling nearly $38 billion. The GCC region was the sixth largest supplier of imports to the U.S. in 2011, with U.S. goods imported from the region totaling nearly $62 billion. The U.S. has bilateral trade agreements with all six of the individual countries of the GCC.