| Yemen faces serious economic challenges and although signs of commercial revival exist, progress has been uneven.
This trend shows recent signs of stabilization: Yemen’s GDP grew by 0.1 percent in 2012. In December 2013, Yemen concluded its accession to the World Trade Organization (WTO) and became a full member.
In 2004, the United States and Yemen signed a Trade and Investment Framework Agreement (TIFA), which serves as a primary forum for the discussion of trade issues. U.S. investment in Yemen lies primarily in the oil and gas sectors.
In 2012, U.S. goods exports to Yemen reached USD 469.4 million, a 20 percent increase over 2011. U.S. goods imports from Yemen totaled 87 million the same year, bringing two-way trade in goods, a U.S. surplus, to USD 382.3 million.
In addition, Yemen is a member of the Gulf Cooperation Council (GCC) Standards Organization (GSO), a regional standards organization for countries in the Gulf region (United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar, Kuwait, and Yemen).
In 2012, the U.S. and the GCC signed a Framework Agreement for Trade, Economic, Investment, and Technical Cooperation.
The Standards Alliance expects to partner with the GSO to fulfill the dual priorities of facilitating Yemen’s successful implementation of WTO obligations, and supporting the important trade relationship between the U.S. and GCC |
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