UAE, US discuss ways to increase trade exchange

UAE, US discuss ways to increase trade exchange

ABU DHABI, 30th January, 2020 (WAM) -- Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade Affairs, and Ian Steff, Assistant Secretary for Global Markets and Director-General of the United States and Foreign Commercial Service, discussed ways to increase trade exchange and enhance cooperation in vital sectors, including technology, innovation, digital transformation and a creative knowledge-based economy.

This came up during their recent meeting at the Ministry’s headquarters in Abu Dhabi, which was also attended by the accompanying delegation of the US official.

Al Saleh underlined the economic, investment and commercial relations between the UAE and the USA as reflected by the continuous growth of trade exchange figures and investment flows in both directions, which serve mutual interests and benefit both countries.

He further pointed out the importance of enhancing cooperation in the field of investment in light of key investment opportunities that are emerging in both countries, noting in this regard that the UAE’s investments in the US are the largest among the Arab countries. He also emphasised the importance of intensifying the exchange of visits by both countries’ businessmen and investors to discuss and exchange views on investments available in the US and UAE markets.

During the meeting, Al Saleh further elaborated on the ideal investment environment that the UAE provides to investors, in addition to highlighting promising investment opportunities in the country’s market.

The two sides also discussed joint cooperation in strengthening intellectual property protection; combating commercial fraud and discussed fees imposed by the United States on aluminium and iron imports. The arrangements for the participation of the UAE trade delegation headed by Sultan bin Saeed Al Mansouri, Minister of Economy, at ‘SelectUSA Investment Summit 2020’ in Washington, D.C., in June 2020, and their visit to a number of US states was also discussed during the meeting.

Ian Steff hailed the growing economic, trade and investment relations between the UAE and the USA, which are expected to further growth in light of the mutual desire and the existence of more opportunities for cooperation in various sectors and fields.

The US official praised the country’s business environment and its attractive investment climate, encouraging the American business community to expand its activities in the region.