The bilateral trade between the United States and Qatar has totalled $6bn in 2018
Qatar’s foreign direct investments (FDI) in the US has been “steadily growing,” increasing over 10% in the last few years, according to the second edition of the ‘US Business Outlook in Qatar Report’.
With over 120 American companies operating in Qatar, the country is currently the US’ 57th largest goods trading partner with $6bn in total two-way goods trade during 2018. US exports to Qatar have grown 63% since 2008 and totalled $4.4bn in 2018, the US Chamber of Commerce report noted.
Read also: What would a Biden presidency look like for Qatar, GCC region?
American exports primarily include aircraft, electrical machinery, machinery, vehicles, and arms and ammunition, while also being a major equipment supplier for Qatar’s oil and gas industry and playing a significant role in the development of the sector.
“Qataris have also entered the US market in growing numbers. US goods imports from Qatar totalled $1.6bn in 2018, an increase of 225% since 2008. Primary imports include mineral fuels, fertilisers, aluminium, and chemicals,” the report stated.
“We applaud both governments for continuing to elevate the commercial and trade relationship between the US and Qatar, and we hope this report helps to inform the strategic dialogue and deepen understanding of one of the world’s most vibrant and rapidly growing markets,” according to Khush Choksy, the chamber’s Senior Vice President, Middle East, Turkey, Central Asia Affairs.
Read also: Foreign ownership rules loosened as Qatar opens up to global investors
The US and Qatar signed a trade and investment framework agreement (TIFA) in 2004 to establish a framework for expanding trade between the two and resolving trade disputes, the report added.
The publication of the report coincided with the third “US-Qatar Strategic Dialogue” held in September.
Follow Doha News on Twitter, Instagram, Facebook and Youtube