Saturday , September 22 2018

Kuwait, US trade relations show marked ‘betterment’

SAB, AGSA ink cooperation deal

Acting Chief of the Audit Bureau Adel Al-Sarawi

KUWAIT CITY, Sept 3, (KUNA): Kuwait and the United States have maintained a vibrant economic relationship over the last few decades, where nonoil bilateral trade reached $3.3 billion last year. Both nations have shown a mutual desire to take ties to new levels, with hopes that His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah’s visit to Washington on Wednesday would serve as another milestone in the illustrious relations. Meanwhile, offi cials from Kuwait and Washington have routinely exchanged visits over the years, case in point, the Kuwaiti Minister of Commerce and Industry Khaled Al-Roudhan’s meeting with his US counterpart Wilbur Ross in Washington last April.

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Last year, a first-of-its kind USKuwaiti economic forum was held in a testament to both countries’ collective eagerness to keep relations afl oat. Kuwait’s exports to the US, which hit KD 42 million ($141.6 million) last year, mainly include petroleum products, while American exports to the Gulf state are worth KD 1.044 billion ($3.3 billion).

According to official statistics, Kuwait’s exports to the US hit their highest yearly figure of KD 126 million ($415 million) back in 2008, while US exports to Kuwait reached their peak last year. Meanwhile, Kuwait’s State Audit Bureau (SAB) has signed a deal for cooperation with the Auditor-General of South Africa (AGSA) as part of efforts to improve bilateral ties. The agreement entails plans to develop professional skills through training courses and more interaction among audit specialists from both nations, the state audit body said in a statement. On the deal, the statement said it fits into Kuwait’s development strategy for the next two years, which focuses on overall growth and efficiency across the national spectrum.

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