The United States on Thursday said it has signed a framework agreement with Saudi Arabia and other members of the Gulf Cooperation Council to explore ways to boost trade and investment with the oil-rich region.
The GCC also includes Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates. Total two-way trade between the United States and the GCC totaled almost $100 billion last year, with the U.S. running about a $24 billion trade deficit.
"This important trade and investment agreement will help to grow and strengthen our economic ties with the Gulf Cooperation Council, which is a key strategic U.S. partner in the Middle East and North Africa region," U.S. Trade Representative Ron Kirk said in a statement.
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