US And Kuwait Discuss Bilateral Trade

by Leroy Baker, Tax-News.com, New York

07 September 2006

The second meeting of the United States-Kuwait Trade and Investment Framework Agreement (TIFA) Council took place on Tuesday in Washington DC to discuss ways of deepening bilateral trade and investment between the two countries.

The TIFA Council meeting was co-chaired by Assistant US Trade Representative Shaun Donnelly and Kuwait’s Trade Minister, Falah al-Hajiri, and included representatives from a broad range of US Government agencies and Kuwaiti ministries.

Commenting on the meeting, Ambassador Susan Schwab, the United States Trade Representative, observed:

"We hope Kuwait’s commitment to continued trade liberalization and foreign investment will set the stage for deeper economic engagement between our two countries. Our economic relationship with Kuwait is an important part of President Bush’s long-term vision for creating a free trade area covering the entire Middle East region by 2013."

Since it was signed by both governments in 2004, the TIFA has established a formal ministerial dialogue between the United States and Kuwait that allows the two countries to jointly identify concrete steps for deepening trade and investment relations.

"This meeting of the US-Kuwait TIFA Council demonstrates our commitment to working progressively to deepen even more our economic and trade ties with Kuwait," noted Donnelly.

"The TIFA Council gives us a forum to discuss the full range of trade and investment issues between our countries and to look together for ways to improve economic and commercial relations. Kuwait is an important ally and partner of the United States and our economic relationship is a critical focus of our partnership," he added.

The two delegations discussed a number of areas of mutual interest, including their respective climates for foreign investment, legislative and regulatory issues affecting international trade, and the protection of intellectual property rights. The parties agreed to continue discussions on these and other topics at the expert level and, when appropriate, at the level of the TIFA Council.

Since the inception of the agreement in 2004, two-way trade has increased substantially. US goods exports to Kuwait in 2005 were $2.0 billion, an increase of 30% from the previous year. Corresponding US imports from Kuwait were $4.3 billion, an increase of 34.2% from 2004.

Kuwait is currently the 47th largest export market for US goods.

Recommended