U.S.-GCC Sign Framework Agreement As Ex-Im OKs $5B Deal With Saudi Arabia

The Office of the U.S. Trade Representative Sept. 27 announced that the United States and the Gulf Cooperation Council (GCC) signed a framework agreement, while the same day the Export-Import Bank announced the approval of a record-breaking transaction of nearly $5 billion with GCC member Saudi Arabia.

The Framework Agreement for Trade, Economic, Investment and Technical Cooperation will establish a joint committee to increase the volume of trade and investment between the two parties, USTR said. The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

The agreement was signed in New York the week of ...