US, UAE discuss ways to boost ties


US, UAE discuss ways to boost ties
File photo

Dubai - The US-UAE economic relationship in promoting regional prosperity and stability.


Issac John

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Published: Tue 25 Jun 2019, 9:47 PM

Last updated: Tue 25 Jun 2019, 11:59 PM

The bilateral trade between the UAE and the US reached close to $25 billion in 2018, with imports by the UAE constituting almost 75 per cent of the total value, according to the latest official data released in Washington.
With the value of exports to the UAE far exceeding its imports value, the two-way trade signified the fourth largest trade surplus globally for the US in 2018, according to a joint statement issued by the two countries following their sixth Economic Policy Dialogue in Washington.
The United States is one of the UAE's most important global economic partners while over a decade the UAE has been the largest trading partner of the US in the Middle East and North Africa region.
In 2018, the UAE's non-oil foreign trade, including direct and free zone trade, and customs warehouses, reached a total of Dh1.628 trillion in 2018, according to the Federal Customs Authority. Dubai, the trade and business hub of the region accounted for a significant share of the total non-oil trade value in 2018 at Dh1.3 trillion.
While China maintained its position as Dubai's biggest trading partner in 2018, with Dh139 billion worth of trade. India came second with Dh116 billion and the US with Dh81 billion.
The US Deputy Assistant Secretary of State for Trade Policy and Negotiations David Meale co-chaired the meeting with Abdulnasser Al Shaali, Director of the UAE Ministry of Foreign Affairs and International Cooperation's Economic and Trade Affairs Department. The UAE Ambassador to the United States Yousef Al Otaiba also participated.
At the meeting, the two sides reaffirmed their ongoing commitment to further deepening ties and the importance of the US-UAE economic relationship in promoting regional prosperity and stability.
"The delegates emphasised the benefits of the Economic Policy Dialogue as a platform to further enhance bilateral ties and underlined their desire to regularly employ the Dialogue as a mechanism to pursue mutually beneficial economic, trade and commercial outcomes, overcome trade barriers, improve regional cooperation, and enhance investment interaction," the statement said.
Delegates discussed a range of economic policy issues and fields of cooperation, including in respect to space, food security, artificial intelligence, innovation, the digital economy, technology, and health. "It was underlined that there remains significant scope for the US and UAE to bolster their cooperation and explore new opportunities in these fields to the mutual interest of both sides," said the statement.
Delegations from both sides also discussed civil aviation matters at another meeting, during which both governments reaffirmed their strong support for the US-UAE Air Transport Agreement (ATA) of March 11, 2002, and the understandings reached in the May 11, 2018. As per the record of discussion, both governments reinforced the principle of a fair and equal opportunity to compete in providing international air transportation governed by the ATA. "They underscored the shared and ongoing commitment of the US and the UAE to fully maintain all aspects of their 'Open Skies' relationship established by the ATA," said the statement.

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