The United States and the Gulf states agree to strengthen trade ties

9/27/2012(Voice of Iraq) - WASHINGTON (Reuters) The United States said on Thursday it had signed a framework agreement with Saudi Arabia and other members of the Gulf Cooperation Council to explore ways to strengthen trade and investment links with the oil-rich region. featuring Cooperation Council GCC also Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates. The total trade between the United States and the Cooperation Council about $ 100 billion last year with a trade deficit of the United States of $ 24 billion. said U.S. Trade Representative Ron Kirk said in a statement, "will contribute to this important Convention for trade and investment in the growth and strengthen our ties of economic relations with the Gulf Cooperation Council is a partner key strategic to the United States in the Middle East and North Africa. " The value of products exported by the United States to the Gulf Cooperation Council about $ 38 billion in 2011 led by motor vehicles and equipment, aircraft and electrical machinery, medical equipment and optical. amounted to U.S. imports about $ 62 billion and included oil and aluminum fertilizers and organic chemicals and other products from the region last year. Kirk said that foreign direct investment the U.S. in the GCC amounted to $ 23.5 billion in 2010. The United States has already free trade agreements with Oman, Bahrain and framework agreements of bilateral trade and investment with the other four members of the Cooperation Council. Kirk said that the new regional forum will be complementary to the existing bilateral agreements. (preparation Alaa Rushdi Bulletin - editor Mohamed Abdel Aal)

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