The United States and the United Arab Emirates convened for their tenth session of the Economic Policy Dialogue. The event was presided over by Jose W. Fernandez, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment, and H.E. Saeed Al Hajeri, UAE Assistant Minister for Economic and Trade Affairs at the Ministry of Foreign Affairs.
Celebrating a decade of economic discussions, officials from both countries recognized the substantial growth in trade and investment. The UAE has emerged as the predominant trade partner for the U.S. within the MENA region, with U.S. exports to the UAE exceeding $20 billion in 2022. These direct trade links support jobs across all U.S. states and Emirates, with the UAE’s investments in the U.S. amounting to over $38 billion, particularly benefiting sectors such as aviation and semiconductors. Furthermore, the presence of over 1,500 U.S. firms in the UAE showcases the diversity and depth of this bilateral economic relationship.
Addressing global challenges, the dialogue emphasized the significance of climate change, with both parties looking ahead to the 28th United Nations Climate Change Conference (COP 28) set to take place in the UAE. The discussions reaffirmed the strategic vision for continued robust economic ties and the role of the Economic Policy Dialogue in fostering cooperation. The dialogue also served as a platform for extensive discussions on various strategic issues including investment, health security, aerospace, women’s economic empowerment, food and energy security, digital economy, and collaborative initiatives for a balanced global energy transition. The discussions further extended to cooperation in multilateral settings.
The United States proposed enhanced collaboration on global supply chains and suggested the establishment of a Science and Technology Agreement. The UAE delegation, focusing on environmental and climate cooperation, invited the U.S. to participate in the Mangrove Alliance for Climate. Assistant Minister Al Hajeri pointed to the UAE’s role in global economic governance, as it prepares to host the Thirteenth Ministerial Conference of the World Trade Organization in February 2024, aiming to contribute to the reduction of trade barriers and the enhancement of economic relations.
Concurrently, the U.S.-UAE Anti-Money Laundering/Countering the Financing of Terrorism Working Group held its second meeting, underscoring the successful outcomes of capacity-building workshops held previously. The group engaged in dialogues on continued and new opportunities for cooperation in financial compliance and the fight against illicit finance, agreeing to maintain momentum on the dialogue’s topics.
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