The US-Qatar Business Council (USQBC) has welcomed the Al-Ula solidarity agreement signed on the sidelines of the 41st session of the Supreme Council of the Co-operation Council for the Arab States of the Gulf (GCC) held in Al-Ula, Saudi Arabia.
The agreement, signed by Qatar, Saudi Arabia, the UAE, Bahrain, Kuwait, Oman, and later Egypt, signals the end of the Gulf crisis and blockade on Qatar.
According to a USQBC statement, the agreement will further strengthen co-operation among the Gulf nations and will create more stability in the region.
“The end of the blockade on Qatar will enhance the country's economic growth and recovery due to the challenges created by the Covid-19 pandemic, as well as increasing commercial and investment opportunities for US investors,” the statement further said.
In response to the signing of the agreement, US Secretary of State Mike Pompeo said: "We have long stressed that a truly united Gulf will bring added prosperity through the free flow of goods and services and more security to its people."
Building upon the sustained efforts between the two countries, USQBC said there was a recent flurry of diplomatic activity between US and Qatari officials, including a meeting between US Treasury Secretary Steve Mnuchin and His Highness the Amir Sheikh Tamim bin Hamad al-Thani, among others.
Central to enhancing the commercial and business relations, the US and Qatar signed an MoU to create a joint committee to operate and establish the 2021 Qatar-US Forum for Economy and Investment, USQBC added.