Ministry of Economy Steps up Efforts to Further Reinforce Economic and Trade Cooperation with US

Government

Ministry of Economy Steps up Efforts to Further Reinforce Economic and Trade Cooperation with US

His Excellency Eng. Sultan bin Saeed Al Mansoori, Minister of Economy, recently met H.E. Barbara Leaf, United States Ambassador to the UAE at the Ministry's head office in Abu Dhabi. Throughout the meeting, Minister Al Mansoori expressed the UAE's transfer to boost its efforts towards additional strengthening financial and trade teamwork with the US. The strong economic ties between the two nations are based upon solid foundations of friendship and common respect. The UAE Minister additionally kept in mind of success coming from common interests - owning in continual growth and potential chances for cooperation throughout various fields of trade and financial investment.

The conference was participated in 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 License Enrollment at the Ministry. Likewise existing at the occasion was Ambassador Leaf's accompanying delegation.

During the meeting, both events discussed methods on how to further boost economic cooperation in between the UAE and the US, particularly in how to benefit from common development chances.

Minister Al Mansoori exposed that the trade exchange in between the two nations has observed exceptional development over the last few years because of strong UAE - US bilateral financial connections. In 2016, complete international non-oil trade in between the two nations totaled up to AED 111.1 billion (USD 30.3 billion) - including sell cost-free areas and mirroring a USD 2.5 billion increase from 2015.

H.E. included that United States investments in the UAE are also seeing growth, which has actually gotten to USD 7 billion in 2015. Over the very same duration, the UAE reported the presence of 305 American firms - excluding cost-free area firms, 676 commercial companies and 38,290 trademarks.

H.E. Al Mansoori shared the UAE's keenness in promoting more trade activity with the United States and encouraged companies and financiers to take advantage of the potential financial investment chances provided by the UAE.

In feedback, Ambassador Leaf communicated her country's passion in strengthening participation with the UAE. She admired the UAE's growth version together with its economic success, which has come to be key drivers in drawing in investments from the United States.

The US Ambassador also presented substantial possibilities that can aid improve trade and financial investment exchange with the UAE. She additionally emphasized on the relevance of teamwork and sychronisation and exactly how both countries can take advantage of common opportunities while likewise conquering any type of difficulties that come their method.