The UAE and the US aim to enhance investments following a robust non-oil trade of $21.63B during the first half of the year.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, engaged in discussions with Gina Raimondo, the United States Secretary of Commerce, in Abu Dhabi, as the two nations continue to progress their bilateral trade and investment connections.
This meeting is a response to the growing non-oil trade between the two nations, which saw a 37% increase in the first half of 2023 compared to H1 2022, according to Arabian Business.
Strong Growth in UAE-US Trade
During the same period, non-oil exports from the UAE to the US amounted to $2.3B, while imports from the US reached $12.8B, marking a 28% increase. Re-exports also saw a significant surge of 62% in H1 2022, reaching $6.5B in the first half of 2023.
Given the upcoming United Nations Climate Conference (COP28) in Dubai, which will include discussions on global trade for the first time, the meeting addressed ways to accelerate cooperation in priority sectors like clean energy, sustainable industrial development, and advanced technology, where the UAE and US already have a successful track record.
In November 2022, the two nations signed the Partnership for Accelerating Clean Energy, a $100B investment program aiming to generate 100 gigawatts of clean energy by 2035.
Al Zeyoudi said: “The US is a long-standing trade and investment partner for the UAE – and remains a key ally in advancing socioeconomic progress through global trade and economic cooperation.”
“More recently, we have been working in unison to develop clean energy solutions, which is a critical component of not only our energy transition agenda but our commitment to the energy needs of emerging economies across Asia, Africa and the Middle East.”
“I look forward to working closely with Ms Raimondo to continue this growth trajectory, and to continue to pursue policies that promote the seamless flow of goods, services and capital needed to secure a sustainable future for generations to come.”
During the meeting, both sides emphasized the significance of reaching mutual agreement on issues affecting global trade, such as market-distorting subsidies and their impact on the developing world, ahead of the World Trade Organisation’s 13th Ministerial Conference (MC13) scheduled for Abu Dhabi in February 2024.
