The U.S. Department of the Treasury and the kingdom of Saudi Arabia signed two new frameworks for enhanced cooperation on Monday.
The documents are part of the Strategic Economic Partnership with Saudi Arabia announced in May.
The Financial and Economic Partnership Arrangement will continue cooperation on anti-money laundering and counter-terrorist financing issues and also solidifies cooperation and advances key priorities at the World Bank, International Monetary Fund and G20.
The Arrangement Regarding Capital Markets Collaboration will improve the efficiency and effectiveness of capital markets activity with a focus on capital markets technology, standards and regulations.
“Efficiently moving capital for investments between our economies is a key catalyst to realize the full economic potential of the relationship between our countries,” the agency said in a statement. “We are working to leverage our financial assets to drive growth that benefits the American people. The Treasury Department will lead this engagement for the United States, working in close coordination with key regulators.”
In addition, the Treasury and Saudi Arabia’s Zakat, Tax and Customs Authority have come to an agreement on the text of a Tax Information Exchange Agreement.
The Treasury champions the Strategic Framework for Cooperation on Securing Uranium, Metals, Permanent Magnets, and Critical Minerals Supply Chains.