Saudi Arabia is one of the United States’ largest trading partners in the Middle East - Foodex Saudi
Published 2017-05-18 09:36:48
Saudi Arabia – United States Trade Relations
Bilateral relations between the Kingdom of Saudi Arabia and the United States began in 1933 when full diplomatic relations were established. Despite the differences between the two countries - an ultraconservative Islamic absolute monarchy, and a secular, democratic republic - the two countries have been allies. In recent years, the two countries have occasionally been described as having a "Special Relationship" with one another.
Bilateral Economic Relations
The United States and Saudi Arabia enjoy a strong economic relationship, as the United States is Saudi Arabia's largest trading partner, and Saudi Arabia is one of the United States’ largest trading partners in the Middle East. Saudi Arabia is the second leading source of imported oil for the United States, providing more than one million barrels per day of oil to the U.S. market. The United States and Saudi Arabia have signed a Trade Investment Framework Agreement. Saudi Arabia launched its Vision 2030 program in April 2016, laying out plans to diversify the economy, including through increased trade and investment with the United States and other countries.
Source: Central Authority for Statistics.