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Abu Dhabi, UAEWednesday 17 October 2018

UAE Economy Minister and US Commerce Secretary discuss boosting trade relations

Sultan Al Mansouri and Wilbur Ross emphasise growing importance of ties between to nations with bilateral trade at about $24bn last year

Sultan Al Mansouri, the UAE Minister of Economy, has met with the Canadian Minister of Transport, Marc Garneau, and discussed ways to develop joint cooperation in the air transport field, WAM reported on Saturday. Delores Johnson / The National
Sultan Al Mansouri, the UAE Minister of Economy, has met with the Canadian Minister of Transport, Marc Garneau, and discussed ways to develop joint cooperation in the air transport field, WAM reported on Saturday. Delores Johnson / The National

Sultan Al Mansouri, Minister of Economy, and US Commerce Secretary, Wilbur Ross, discussed ways to enhance economic and trade cooperation between the two countries at a meeting in Washington.

The talks came during the official visit of Mr Al Mansouri to take part in The SelectUSA Investment Summit, which ended on Friday.

Mr Al Mansouri emphasised the strong bilateral relations between the UAE and the US, with the Emirates one of the most important markets for US exports in the region, according to UAE state media agency WAM.

"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 $4bn UAE exports," he said.

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Mr Al Mansouri added that foreign trade between the two countries supports more than 119,000 jobs in the US, while Emirati investments in the US provide local jobs, and liquidity for the capital markets to boost innovation in a number of sectors.

The UAE's direct investments in the US market have reached about $27.5bn, representing about 12,800 jobs in the US, while the total value of UAE investments in the US is about $100bn, Mr Al Mansouri said.

Mr Ross emphasised that the UAE is a significant trade and investment partner for the US and said such meetings between the two sides were important to continuously review opportunities and find the most appropriate solutions to overcome any challenges they faced.