ABU DHABI, 2nd November, 2023 (WAM) — The United States and the United Arab Emirates held their tenth Economic Policy Dialogue on 1st November 2023.
The Dialogue was co-chaired by U.S. Under-Secretary of State for Economic Growth, Energy, and the Environment Jose W. Fernandez, and UAE Assistant Minister for Economic and Trade Affairs at the Ministry of Foreign Affairs Saeed Al Hajeri.
On the occasion of the 10th anniversary of the Economic Policy Dialogue, Under-Secretary Fernandez and Assistant Minister Al Hajeri celebrated the remarkable strength of bilateral trade and investment, highlighting that throughout this period the UAE has been the largest U.S. trade partner in the MENA region, purchasing more than US$ 20 billion in U.S. exports in 2022 alone. Direct trade relations now reach all 50 U.S. states and all seven Emirates, supporting more than 137,000 jobs in 2022.
Assistant Minister Al Hajeri stressed that by 2022 the total stock of FDI from the UAE to the U.S. surpassed US$ 38 billion and supported American jobs in advanced industries such as aviation and semiconductors. Under-Secretary Fernandez noted that more than 1,500 U.S. companies now have a presence in the UAE, ranging from heavy construction to energy and retail.
Throughout the Dialogue, both sides highlighted the importance of climate change and its relevance to other shared goals and concerns, noting the upcoming 28th Conference of Parties to the United Nations Framework Convention on Climate Change (COP28) in the UAE.
The two delegations confirmed the strategic vision underpinning the close and constructive economic relations between the United States and the UAE. They also recognised the important role of the Economic Policy Dialogue in maintaining strong cooperation and constructive discussions to further advance economic relations and partnerships.
The delegations continued critical discussions on investment, health security, aerospace, women’s economic empowerment, food and energy security, digital economy, energy security, as well as joint efforts to promote an effective, inclusive and balanced energy transition globally. Discussions also covered cooperation between the two countries in multilateral fora.
The U.S. government encouraged the UAE to sign the Joint Statement on Cooperation on Global Supply Chains and proposed the signing of a Science and Technology Agreement between the two countries. As part of bilateral cooperation in the fields of environment and climate, the UAE delegation encouraged the U.S. government to join the Mangrove Alliance for Climate.
Reflecting ongoing efforts to overcome trade barriers and advance economic relations, Assistant Minister Al Hajeri noted the UAE will host the Thirteenth Ministerial Conference of the World Trade Organisation in February 2024, further underscoring the UAE’s emerging leadership on the global stage.
During the Dialogue, the U.S.-UAE Anti-Money Laundering/Countering the Financing of Terrorism Working Group met for a second time. During the meeting, both sides highlighted successful cooperation during multiple capacity-building workshops and exchanges held over the past year. The working group discussed new and ongoing opportunities for further cooperation on financial compliance, international sanctions, and countering illicit finance. The working group committed to follow-up on items discussed during the Dialogue.