Thursday, Sep 23, 2021
International Finance
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The UAE and the US to strengthen their bilateral trade

UAE Minister of Economy holds meeting with US Ambassador to discuss mutual development opportunities

His Excellency Eng. Sultan bin Saeed Al Mansoori, Minister of Economy, recently met with H.E. Barbara Leaf, US Ambassador to the UAE at the Ministry’s headquarters in Abu Dhabi. During the meeting, Minister Al Mansoori expressed the UAE’s move to increase its efforts towards further reinforcing economic and trade cooperation with the US. The strong economic ties between the two countries are based on solid foundations of friendship and mutual respect. The UAE Minister also took note of achievements coming from mutual interests – driving in continuous growth and potential opportunities for cooperation across various fields of trade and investment.

The meeting was attended by Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade Affairs; Saud Al Nowais, UAE Commercial Counsellor to the US; and Khalfan Al Suwaidi, Director, International Center for Patent Registration at the Ministry. Also present at the event was Ambassador Leaf’s accompanying delegation.

During the meeting, both parties discussed ways on how to further enhance economic cooperation between the UAE and the US, particularly in how to benefit from mutual development opportunities.

Minister Al Mansoori revealed that the trade exchange between the two countries has witnessed remarkable growth over the last few years due to strong UAE – US bilateral economic relations. In 2016, total foreign non-oil trade between the two countries amounted to AED 111.1 billion (USD 30.3 billion) –including trade in free zones and reflecting a USD 2.5 billion increase from 2015.

H.E. added that US investments in the UAE are also seeing growth, which has reached USD 7 billion in 2015. Over the same period, the UAE reported the presence of 305 American companies – excluding free zone companies, 676 commercial agencies and 38,290 trademarks.

H.E. Al Mansoori expressed the UAE’s keenness in facilitating more trade activity with the US and encouraged companies and investors to take advantage of the potential investment opportunities offered by the UAE.

In response, Ambassador Leaf conveyed her country’s interest in strengthening cooperation with the UAE. She lauded the UAE’s development model along with its economic achievements, which has become key drivers in attracting investments from the US.

The US Ambassador also presented significant opportunities that can help enhance trade and investment exchange with the UAE. She also stressed on the importance of cooperation and coordination and how the two countries can benefit from mutual opportunities while also overcoming any challenges that come their way.

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