UAE and US officials discuss ways to strengthen economic cooperation

As part of the Ministry of Finance’s efforts to strengthen relations and develop financial and economic cooperation frameworks with other countries, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, recently met with Steven Mnuchin, US Treasury Secretary, at the St. Regis Corniche Hotel in Abu Dhabi.

Mubarak Rashed Al Mansoori, Governor of the Central Bank of the UAE, and a number of specialists and officials from both the Ministry of Finance and the US Treasury attended the meeting, which discussed economic, financial and commercial cooperation and ways to strengthen and activate them in the future, in a way that is mutually beneficial for both sides.

Obaid Humaid Al Tayer reiterated the strong strategic relations that the UAE and the United States enjoy, especially in light of the growth in bilateral relations in various economic sectors. He said: “The Ministry of Finance is keen to exchange experiences and joint coordination with the United States in various areas of common interest, in order to discuss and identify potential opportunities, and economic, trade and investment projects in the two countries that would promote sustainable economic growth between them.”

The meeting reviewed the rapid growth witnessed by the various economic and financial sectors in the UAE along with its promising potential for growth, and the latest developments related to the local, regional and global financial and monetary markets. They also discussed efforts to improve the investment environment between the two countries, and highlighted the UAE’s leading legislative and legal structure that has been adopted in accordance with the best international standards and practices, which plays a pivotal role in promoting sustainable economic and social development at the international level.

Obaid Humaid Al Tayer had previously met with Steven Mnuchin alongside the annual the International Monetary Fund and the World Bank Group meetings, which recently took place in Washington, DC, from 14 to 20 October.

Obaid Humaid Al Tayer recently met with Ueli Maurer, President of the Swiss Confederation and Minister of Finance, and his accompanying delegation at the St. Regis Abu Dhabi. The meeting took place alongside the Swiss delegation’s official visit to the UAE, which was headed by Maurer and aimed at deepening the UAE-Swiss ties and dialogue.

Ahmed Ali Al Sayegh, Minister of State in the UAE and Executive Chairman of Abu Dhabi Global Market (ADGM), Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, Younis Haji Al Khoori, Undersecretary of MoF, Saif Hadef Al-Shamsi, Assistant Governor of the Central Bank, Bryan Stirewalt, Chief Executive of Dubai Financial Services Authority (DFSA), and a number of representatives of the Ministry of Foreign Affairs and International Cooperation attended the meeting.

The Swiss delegation included Massimo Baggi Ambassador of Switzerland to the UAE, Daniela Stoffel Delprete, State Secretariat for International Financial Matters, Federal Department of Finance of Switzerland, Maya Tissafi, Ambassador, Assistant State Secretary, Middle East and North Africa Division, Ministry of Foreign Affairs, Peter Minder, Head of Communication, Federal Department of Finance, Switzerland, and Vincent Pasquier, Counselor and Deputy Head of Mission, Embassy of Switzerland to the UAE.

Obaid Humaid Al Tayer praised the bilateral relations, stressing the need to develop and consolidate them in all fields, especially the economic and financial sector. He said: “The Ministry of Finance is keen to strengthen bilateral cooperation and strategic partnership with Switzerland, which has witnessed growth over the past years at various levels, especially economic, financial and trade. With its attractive investment structure, the UAE is an important regional hub for many Swiss banks and financial institutions.”

The meeting dealt with means of enhancing opportunities and areas of cooperation between the two countries and reviewing the latest developments with regards to economic and financial relations, including discussing tax matters, cross-border financial services.

Within the UAE’s efforts to develop its international relations network and promote constructive communication with various countries of the world, Obaid Humaid Al Tayer also met with Senator Ian Gorst, External Relations Minister of Jersey last month, alongside the annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG).

The two sides discussed opportunities of future cooperation and means of strengthening them, especially in relation to the exchange of information for tax purposes. The latest developments related to the signing of an agreement to protect and encourage investments that would stimulate and increase the trade and investment activity between the two countries were also discussed.

Agencies