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TOP ALLIES: On the US-GCC business relationship

Separated by thousands of miles, countries in the Gulf region have been successful in strengthening trade relations with economic powerhouse, the United States, says Mas Meghji

May 22, 2012 2:27 by

For its part, Emirates has invested significantly in American equipment and human capital. In fact, the airline em­ploys more than 700 Americans globally and its ledger includes a record-breaking $24 billion order for 50 Boeing 777-300ERs, placed at the Dubai Air Show in November last year. This historic order complements Emirates’ impressive fleet of Boeing aircraft already supporting its global operations; including flights to its five other US destinations.

In the GCC, the cake of the trade with the US goes to Saudi Arabia. Ac­cording to data recently released by the US Census Bureau, trade between the US and Saudi Arabia reached $61.29 billion in 2011. This marks a 42.5 percent in­crease over the value of bilateral trade in 2010, with only 2008 recording a higher amount: $67.3 billion. Exports from the US were $13.82 billion, while imports from Saudi Arabia rose to $47.48 billion. The large increase in overall trade is evi­dence of the strong partnership between the US and Saudi Arabia, and the contin­uing improvement of the global economy.

Transportation equipment contin­ued to account for the largest share of US exports and constituted 35.8 percent of goods and services exported. Other top commodities included machinery, chemicals, and computer and electron­ic products. Agriculture products and primary metal manufactures had some of the largest year-on-year gains, in­creasing by 103.9 percent and 130.3 percent, respectively.

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