US and GCC Sign Framework Agreement for Trade and Economic Cooperation

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.

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 $62 billion. Leading U.S. imports from the GCC include oil, aluminum, fertilizers, and organic chemicals. U.S. foreign direct investment (FDI) in GCC countries was $23.5 billion in 2010.

Press Release from The Office of the United States Trade Representative

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