UAE, US Discuss Stronger Economic Cooperation
Faizan Hashmi Published June 23, 2018 | 06:45 PM
Sultan bin Saeed Al Mansouri, Minister of Economy, and U.S Commerce Secretary, Wilbur Ross, have discussed ways to enhance cooperation in the economic and trade fields between the two countries.
WASHINGTON, (UrduPoint / Pakistan Point News / WAM - 23rd Jun, 2018) Sultan bin Saeed Al Mansouri, Minister of Economy, and U.S Commerce Secretary, Wilbur Ross, have discussed ways to enhance cooperation in the economic and trade fields between the two countries.
This came during a meeting held in Washington during the official visit of Al Mansouri to take part in The SelectUSA Investment Summit held from 20th to 22nd June, 2018.
The meeting was attended by Yousef Mana'a Saeed Al Otaiba, UAE Ambassador to the United States, US, Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade Affairs, Abdullah Kalban, Managing Director and Chief Executive Officer of Emirates Global Aluminium, EGA, and Saud Al Nowais, Commercial Attache for the UAE to the US.
During the meeting, the two sides discussed the current level of economic and trade relations and the areas of their development during the next phase in light of the promising investment opportunities offered in the two markets as well as ways of benefiting from the cooperation and partnership agreements signed in a number of vital sectors.
They also discussed the recent procedures adopted by the US on imports of iron and aluminium, as the UAE is one of the most important exporters of aluminium to the US.
Al Mansouri emphasised the strong bilateral relations between the UAE and the US, especially on the economic and trade levels as the UAE is one of the most important markets for US exports in the region.
"Given the figures of trade exchange between the two countries, we find that they doubled during the last decade after non-oil foreign trade amounted to about $24 billion in 2017, including $4 billion UAE exports," he said.
He also noted the geographical scope of the UAE's trade exchanges with all the US States, especially Washington, California, Texas, Florida and New York.
Al Mansour added that the joint economic relations are based on a mutually beneficial model as the foreign trade between the two countries supports more than 119,000 jobs in the US, while the Emirati investments in the US contribute to the provision of local jobs and liquidity for the capital markets to enhance the possibilities of innovation and progress in a number of sectors.
The minister also indicated that the UAE's direct investments in the US market reached about $27.5 billion, representing about 12,800 jobs in the US, while the total value of UAE investments in the US is about $100 billion.
Ross stressed the importance of bilateral relations between the two countries and their keenness on enhancing frameworks of the existing partnership in the best interests of the two countries.
He emphasised that the UAE is an important trade and investment partner for the US. He also pointed out the importance of periodic meetings between the two sides to continuously review the most important trade and investment opportunities as well as discuss various challenges to find the most appropriate solutions to overcome them.
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago