US, UAE look to strengthen trade, investment ties

The US and the UAE held their 10th Economic Policy Dialogue on Wednesday to discuss bolstering trade and investment ties.

The dialogue was co-chaired by US Under-Secretary of State for Economic Growth, Energy and the Environment Jose Fernandez and UAE Assistant Minister for Economic and Trade Affairs at the Ministry of Foreign Affairs Saeed Al-Hajjeri.

Fernandez and Al-Hajjeri “celebrated the remarkable strength of bilateral trade and investment, highlighting that the UAE is the largest US trade partner in the MENA region, purchasing more than $20 billion in US exports in 2022 alone,” the State Department said in a statement.

Direct trade relations now reach all 50 US states and all seven Emirates, and supported more than 137,000 jobs in 2022.

Al-Hajjeri said the UAE’s total foreign direct investment in the US is now over $38 billion and supported American jobs in advanced industries including aviation and semiconductors.

Fernandez said that more than 1,500 US companies now have a presence in the UAE, ranging from heavy construction to energy and retail.

Throughout the dialogue, both sides highlighted the importance of climate change and its relevance to other shared goals and concerns, noting the upcoming UN Climate Change Conference, or COP28, in the UAE.

The delegations also held discussions on health, women’s empowerment, food and energy security, and the digital economy.

The statement added: “The US government encouraged the UAE to sign the Joint Statement on Cooperation on Global Supply Chains and proposed the signing of a Science and Technology Agreement between the two countries. As part of bilateral cooperation in the fields of environment and climate, the UAE delegation encouraged the US government to join the Mangrove Alliance for Climate.”

Regarding the ongoing efforts to overcome trade barriers and advance economic relations, Al-Hajjeri said the UAE will host the 13th Ministerial Conference of the World Trade Organization in February 2024.

During the dialogue, the US-UAE Anti-Money Laundering/Countering the Financing of Terrorism Working Group met for a second time. The working group members discussed new and ongoing opportunities for further cooperation on financial compliance, international sanctions, and countering illicit finance.