The Palestinian and US governments on Sunday announced the start of the US-Palestinian Economic Dialogue (USPED) to discuss current and future areas of economic cooperation.
The dialogue is scheduled to kick off on Monday. It is the fourth organized by the two sides since 2004 and the second under the current US administration.
USPED was interrupted under the Trump administration and then resumed in 2021 for the first time in five years.
A joint statement by the Palestinian and US governments said the economic dialogue is launched in light of US President Joe Biden’s commitment to achieving a two-state solution, including the existence of an independent, sovereign, and geographically connected state of Palestine, with freedom, security and prosperity for all.
USPED sessions will be chaired by Minister of National Economy Khaled al-Osaily on the Palestinian side, and Principal Deputy Assistant Secretary for the Bureau of Economic and Business Affairs at the State Department, Whitney Baird on the US side.
This senior-level dialogue will also bring together a wide range of agencies and ministries from the two governments.
Participants will discuss several crucial issues to advance the economic prosperity of the Palestinian people, increase the dynamism of the productive sectors, especially trade, industry, renewable energy, and financial issues.
They will also review the implementation of previous discussed key topics, including infrastructure development, access to US markets, US regulations, free trade, financial issues, renewable energy and environmental initiatives, connecting Palestinian and American businesses, and addressing obstacles to Palestinian economic development.
This year, the Palestinian government is going through its worst financial crisis since the establishment of the Palestinian Authority due to precipitous decline in foreign aid, Israel’s ongoing deduction of tax revenues, and the repercussions of confronting the COVID-19 pandemic.
In April 2021, Washington announced the Biden Administration's plan to resume various forms of aid to the Palestinians.
The administration provided more than $890 million in aid to the Palestinian people, including humanitarian aid and through UNRWA support.
As for the volume of trade exchange between Palestine and the US, it amounts to about $100 million.
