U.S, Saudi Commerce Departments plan to boost cooperation
At a time when the two countries’ trade relations are deepening, the US and Saudi commerce departments launched a joint action plan for the US-Kingdom trade partnership on Wednesday, intending to deepen bilateral cooperation in four areas chosen based on shared goals of creating open and prosperous markets and achieving inclusive growth.
The four sectors include “the green economy, strengthening the role of women and small and medium firms, fostering innovation, and expanding bi-directional investments,” according to a joint statement by US Commerce Secretary Gina Raimundo and Saudi Arabia’s Majed Al-Qasabi.
The Action Plan outlines many planned collaboration activities between the two ministries to develop “deeper cooperation and enhanced business relations” between the US and Saudi Arabia.
“Establishing an administrative-led clean technology trade mission to the Kingdom of Saudi Arabia, as well as building the US-Saudi Connector Incubator and Accelerator Program with the Office of Commercial Services, Department of International Trade, in San Francisco,” according to the statement.
The goal of this series of events is to “increase Saudi entrepreneurs’ awareness of US-based incubators and accelerators, and to finish with Saudi SMEs’ offerings to US-based incubators and accelerators.”
Holding a series of webinars to unify standards in developing technological areas such as cyber security, smart cities, renewable energy, waste management, energy storage, and smart grids are also among the activities. These courses will be prepared by standard-setting organizations and government authorities in the US. Concerned Americans, with the help of the Saudi Standards Authority and the Gulf Standards Organization.
Continued collaboration with the Saudi Data and Artificial Intelligence Authority, as well as American industry representatives, to provide information on Saudi regulations affecting American businesses in areas like cloud computing, financial services, e-commerce, cross-border data flow, and interoperability.
