UAE and US renew strong economic, investment ties12 Jun 2019
UAE and US renew strong economic, investment ties
Al Mansoori holds meeting with US Trade Minister on the sidelines of 'SelectUSA Investment Summit'
• Agreement on follow up on the file of duties imposed on UAE's aluminum exports to the United States
Washington, 12 June 2019
H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, held a meeting with Wilbur Ross, the United States Secretary of Commerce, on the sidelines of 'SelectUSA Investment Summit', reaffirming the strength of the economic, investment and trade relations between the United Arab Emirates (UAE) and the USA. The meeting highlighted that the distinctive model of bilateral relations between the countries serves the common interests and benefits of both parties, as reflected by the continuous growth in intra-trade figures and huge investment flows in both directions. The meeting was held in the presence of H.E. Abdullah bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs; Saud Al Nowais, Commercial Counselor for the United Arab Emirates to the United States of America; and Marwan bin Jassim Al Sarkal, Executive Chairman, Sharjah Investment and Development Authority (Shurooq).
H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, emphasized that the economic relations between the UAE and the USA are built on solid foundations of friendship, mutual respect and common interests, and it is witnessing continuous growth, and has broad prospects for cooperation in various fields of trade and investment to meet the aspirations of the development of the two countries. He noted that the UAE's investment in the UD is the largest among investments by Arab countries in America.
The meeting reviewed a number of challenges and trade and investment issues and discussed ways to overcome them to elevate the prospects of bilateral cooperation to higher levels. Both sides discussed, in particular, the recent actions taken by the United States on the imports of iron and aluminum to their markets, as the UAE remains one of the leading exporters of aluminum to the US. Both sides discussed ways to avoid the negative impact of these measures and the new duties on the UAE's aluminum exports to the US. The US minister expressed his desire to follow up the matter with the concerned authorities in the US government in this regard.
Al Mansoori emphasized the strength of the bilateral relations between the UAE and the USA, especially on the economic and trade levels. The UAE is one of the important and largest markets for American exports in the region, while the United States is the fourth largest trading partner for the UAE.
The trade exchange figures between the two countries have doubled over the last decade, Al Mansoori added. Non-oil foreign trade reached about USD 24.5 billion (AED 90 billion) in 2018, pointing out that in terms of geographical scope, trade exchanges with the UAE extend to nearly all US states, especially Washington, California, Texas, Florida and New York.
The Minister highlighted the interest of the UAE companies in expanding their investments to various US states, adding that the accumulated balance of direct UAE investments in the US market amounts to more than USD 26.6 billion. This directly contributes to the creation of thousands of jobs in the United States, pointing out that the investments of UAE companies are diversified, experienced and are of high quality, while bilateral trade relations are built through cooperation in vital sectors such as aviation, healthcare, technology and construction. The UAE's airlines are among the largest buyers of Boeing aircrafts in the world.
Al Mansoori noted that there are many more promising opportunities for investments in the next phase, especially in light of the UAE's deliberate steps towards becoming an innovative knowledge-based economy. This offers many opportunities for US companies to expand in the UAE market.
Wilbur Ross, United States Secretary of Commerce, highlighted the importance of the bilateral relations that bind the two countries and expressed the United States' keenness to strengthen the existing partnership frameworks for mutual benefit, in ways that serve the development objectives of the two countries. He added that the UAE is an important trade and investment partner of the USA, pointing out the importance of periodic meetings between both parties in continuously reviewing emerging trade and investment opportunities and effectively addressing challenges.