Arab Today, arab today kuwaitus dollar trade exchanges reach 152bn
Last Updated : GMT 18:20:30
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Kuwait-US dollar trade exchanges reach $15.2bn

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Arab Today, arab today Kuwait-US dollar trade exchanges reach $15.2bn

Kuwait - KUNA

Commercial exchanges between Kuwait and the United States grew 167 last year, reaching USD 15.2 billion, announced the US ambassador to Kuwait.Addressing a ceremony organized by the American Business Council of Kuwait, marking its 29th anniversary, Matthew H. Tueller said volume of US exports to Kuwait, also in 2013, rose 33 percent, noting the bilateral relations have turned stronger since three years ago.The US has already reached many of its goals in Kuwait, he said, adding that commercial relations between the United States and Kuwait have expanded at an appreciable pace, with trade volumes growing by more than 167 percent from USD 5.7 billion in 2009 to USD 15.2 billion in 2013. Over the same period, U.S. exports have grown by 33 percent. "This contributes in a very real way to U.S. national security. It represents more than 13,000 American jobs. It represents better health care, infrastructure, and higher education opportunities for Kuwaitis. Most of all, it represents new and strengthened friendships between our two countries," he explained.Kuwait is the fifth importer from the US in the Arab world and the US is in the lead among the top exportation partners of Kuwait. Moreover, Kuwaitis view the US as a distinguished destination for tourism, health and education, he noted.Kuwait ranks as the United States' 13th fastest growing source of foreign direct investment Tueller stated The ambassador stated, "As I look back on the past year, I am especially proud of our collective achievements. Last year, I indicated that the Embassy would set out an ambitious agenda to deepen and widen our commercial engagement in education, infrastructure development and health. This was our strategy to directly support President Obama's National Export Initiative, which seeks to double U.S. exports by 2015 "Some highlights include the 30-member Cyber Security and Critical Infrastructure Protection Trade Delegation led by Commerce Under Secretary of Commerce Francisco Sanchez to Kuwait; the five-day Discover America Festival which showcased over 100 American entities in education, health, consumer products and tourism sectors; eight U.S. college and university fairs with representatives from more 120 American education institutions; and the first-ever Kuwaiti investor delegation to President Obama's Select USA Investment Summit, the largest GCC delegation. All of these have materially benefitted our countries by establishing and expanding the personal relationships that are a key to greater trade." Both sides will continue to work together in the World Trade Organization and through our Trade and Investment Framework Agreement, signed in 2004, to foster a business environment that is open, free, transparent, and fair.

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