The fifth GCC-U.S. Summit officially kicked off today, Wednesday, in Riyadh. This summit coincides with U.S. President Donald Trump‘s visit to Saudi Arabia, focusing on key issues including economic, trade, investment, and regional security matters.
The summit, taking place at the King Abdulaziz International Conference Center, will address the current economic landscape both regionally and globally, as well as explore avenues for achieving peace in the region.
This summit is significant in light of the major changes that have recently unfolded in the region. The strategic partnership between the GCC countries and the United States is founded on robust relations and shared interests, driving collaboration across various fields, including political, economic, trade, and investment.
Saudi Arabia has previously hosted four summits, beginning with the inaugural meeting at Camp David in May 2015. Subsequent summits were held in April 2016, and again in May 2017 in Riyadh during Trump’s first term.
The fourth summit took place in July 2022, featuring participation from Arab nations, including Egypt, Jordan, and Iraq.
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Overview of GCC-U.S. trade relations
The GCC nations have established robust trade and investment relationships with the United States, with bilateral trade exceeding $180 billion in 2024. This significant economic partnership is underscored by various factors, particularly the GCC’s strategic importance as a trading partner and the mutual benefits derived from these ties. In 2023, the trade exchange between the GCC countries and the United States reached approximately $180 billion, highlighting the U.S. as a key trading partner for the Gulf region. The GCC exported goods worth $57.5 billion to the U.S., while imports from the U.S. amounted to $36.1 billion, demonstrating a substantial exchange of goods and services.
Additionally, the GCC’s outward foreign direct investment (FDI) to the U.S. has been steadily increasing, reaching around $30 billion by the end of 2022. However, this figure represents only a small percentage of the total outward FDI from the GCC, indicating potential areas for growth in investment relations.
The GCC and the U.S. have also developed a strategic partnership that encompasses various sectors, including political, economic, and cultural dimensions. This partnership has facilitated the establishment of joint working groups to enhance cooperation and follow up on implementation in specialized fields.
